Obtaining a payment license in Belize

The modern world is increasingly moving to work with electronic payment systems. In the process of this interaction, three parties participate: the issuing bank, the acquirer and the user of the payment system.

In order for activity in the field of payment services to be legal, the first two parties (issuing bank and acquirer) need a PSP (Payment Service Provider) license. This is a license confirming the legal activity of the payment service provider. Such a license is issued by the state according to the jurisdiction of the company.

As for the jurisdiction, you need to choose one that can work with the financial system of many countries. One such country is Belize. If you compare Belize with other countries for such activities, then the choice is definitely Belize, since the requirements for authorized capital to obtain a license are quite optimal.

Benefits of obtaining a payment system license in Belize

In Belize, there are not as many requirements for companies aiming to obtain PSP licenses compared to countries in the European Union and the United States. Belize has a great platform for doing business related to payments. In recent years, local authorities have made significant concessions to enable financial services to actively develop.

Another advantage of obtaining a PSP license is the short period of obtaining it. Belize’s national regime and its judicial system ensure that business assets are well protected. And the recipient of the license has the opportunity to engage in various types of financial activities, including money transfers.

How to apply for a license?

1. Register companies in Belize. But it is worth paying attention that the company should not be ordinary, but one that will deal with MOA
2. Prepare an application for registration
3. Collect a package of documents, including personal information about the company’s management, its shareholders, officials, as well as documents that can confirm the company’s financial capacity
4. The presence of a local office of the company, which can receive all necessary correspondence. Such an office can even be virtual
5. Making a cash deposit. The size of the deposit depends on the type of activity the company will be engaged in. If the company refuses to obtain a license, the deposit is non-refundable.
6. Pay the license fee. This can be done after prior approval of the application.

The license is issued by the International Financial Services Commission (IFSC). The duties of the commission also include control over the activities of financial institutions located on the territory of Belize. After obtaining a license, the Commission checks compliance with the legislation governing activities related to obtaining a license.

License issuance period

After submitting an application with all the necessary documents to the IFSC, the license is issued within 3-5 months. Every year, the IFSC, after checking the company’s financial condition, extends its validity.

Areas of activity with a PSP license

When submitting an application to the Commission for a PSP license, you can choose one or more areas of activity with which the company will work. In particular, it is:

1. Services are related to placing money on the account and withdrawing it from it
2. Conducting operations using payment cards
3. Implementation of credit transfers
4. Money transfer
5. Intermediary services between the user of the payment service and the supplier of the product.

Basic requirements for obtaining a license:

• At least two company directors, one of whom must be local
• Qualified personnel of the company
• Professional activity insurance
• Obligation to submit financial statements audited by an auditor
• The country’s physical office must be located in Belize

So, before getting a PSP license, you should understand how the financial services market works and what the company will do. It is worth noting that when issuing a license, the Commission has the full right to request and receive documentary confirmation of the professional qualities of the company’s management.

And also to understand that in case of additional questions about obtaining a PSP license in Belize, do not neglect the professional help of professionals.