If the licence is approved by the Financial Services Commission, then the licensee must pay an annual fee of USD 2,500 to the government immediately on acceptance, and annually thereafter. Application Process and FeesīELIZE INITIAL LICENCE APPLICATION FEE (per licence): USD 7,995ĪNNUAL REGISTERED AGENT AND REGISTERED OFFICE FEE (second year onwards): USD 5,000 In some cases we may be able to help with drafting the business plan, but this service is chargeable extra depending on the work involved and is not included in the fee we charge for handling the licence application.
It will also save you money if you prepare your business plan. We prefer that this business plan is prepared by you the client, since you are the one who knows your business best and can therefore describe it best. The application form (that we will provide) must therefore be accompanied by a detailed and well-presented business plan in English including information on the principals and their experience, the technology platform to be used, professionals retained by the company such as accountants and auditors, the marketing plan, financial projections and all other relevant information. They only consider applications in writing. They will review each application on its merits and will licence only serious and professionally managed businesses. Business Planīelize’s International Financial Services Commission is naturally keen to protect the jurisdiction’s reputation. No interview is required and there is no need to travel to Belize, although licensees should expect to visit the Financial Services Commissioner at least once a year once business is commenced. Once the IBC is formed and the bank account is opened and funded with the capital, we can start the licence application process. These services are chargeable at our normal fees for Belize companies and bank accounts. The first stage of the process is therefore to form a Belize IBC and open a Belize bank account. The licence application must be submitted in the name of a Belize company that has the appropriate share capital registered. Note: The capital should be deposited in a bank in Belize.
#Parallels pro payment license
(Click here to see the standard Payment Processing Services license terms and conditions) (Click here to see the standard Money Transmission Services license terms and conditions)
The following licence categories are available: Minimum capital required: Best of all it has tailored legislation specifically for these different types of payment services provider business activities. We recommend Belize as it is a respected and well regulated jurisdiction, where costs remain reasonable and the regulators will review applications relatively speedily. A licence from a reputable jurisdiction will enhance credibility and make it easier to deal with international banks where accounts will be required to move funds.
This includes services such as electronic money institutions, IPSPs, virtual money, e-wallets, prepaid services, money brokers, virtual currency exchanges etc as well as more traditional remittance and payment processing services. We frequently receive requests from companies wishing to set up money transmission or payment processing businesses.
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