Key takeaways
- Every regulator follows a similar path: company, application, review, approval.
- The business plan and compliance manuals carry most of the weight.
- Owners and officers must pass fit-and-proper checks.
- Banking and payments should run in parallel with the application.
The typical steps
- Choose the jurisdiction and licence category for your model and clients.
- Form the company with the right objects, directors and shareholders.
- Prepare the application: business plan with financial projections, AML/CFT manual, compliance and risk policies, organisational chart.
- Fit-and-proper documents for owners, directors and key staff.
- Submit and answer questions; some regulators interview key persons.
- Meet conditions: capital, office, officers, insurance where required.
- Licence granted; open bank and PSP accounts, connect the platform and launch.
Common mistakes
- A generic business plan that does not match the actual model.
- Officers who cannot demonstrate relevant experience.
- Unclear source of funds for the owners.
- Leaving banking until after the licence.
How we help
We coordinate the whole path with licensed local partners. See our services and process.