To open an EMI/PSP company, and later to apply for and obtain a EMI/PSP license in Belize, investors follow a series of key steps for incorporation and licensing. Our team can help you open a company in Belize and meet the licensing requirements that apply in your situation, and in the case of financial services providers, those imposed by the Central Bank of Belize.
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The EMI/PSP company in Belize
An electronic money institution, or EMI company, is a legal entity that offers services of all types related to a very specific niche, e-money (a digital alternative to cash).
The payment service provider, or the PSP company, is a business that focuses on providing solutions related to electronic payment, secure payments, currency conversion, and more.
Investors who open an EMI/PSP company in Belize will offer one or both services (most commonly a combination thereof) and will be conditioned by the proper licensing requirements that are in place in the country.
Before you can start the process to obtain an EMI/PSP license in Belize, you are required to follow the general steps for company formation in Belize, which observe the same principles for e-money or payment service companies, as for other business forms.
Below, our team that specializes in company incorporation in Belize lists the most important stages for business creation:
- Select the business form;
- Decide on the company’s characteristics;
- Prepare the documents;
- Register the new business: to finalize, investors who want to open an EMI/PSP company in Belize will register the new legal entity with the Companies and Corporate Affairs Registry. Our team can provide full assistance during this stage.
How to obtain an EMI/PSP license in Belize
Once company registration in Belize is duly handled, the new financial services company can focus on its application to obtain an EMI/PSP license in Belize. The license for a payment service provider in Belize, and that for an e-money company, as well as for businesses that offer other financial services, is granted by the Central Bank of Belize.
A financial services company, such as a PSP or EMI company in Belize, will be required to meet certain specific requirements, given the fact that it will manage assets for clients. Below, our team highlights the main steps followed by those who submit an application to the Central Bank to obtain an EMI/PSP license in Belize:
- Fill in the EMI or PSP application form;
- Provide personal information in a separate form;
- Fill in any authorization forms for the company in Belize (may not be required in all cases);
- Provide the required supporting documentation (such as the company’s annual return, and copies of its constitutive documents, among others);
- Pay the corresponding fees and submit the application.
The Central Bank of Belize, through its Licensing Unit, evaluates the applications for the PSP license in Belize, or those for the EMI license, and issues its response on a case-by-case basis.
For those who apply for an EMI license in Belize, or a PSP license for a Belizean company, the following fees are relevant:
- The non-refundable application fee of $500;
- The initial license fee in quantum of $5,000;
- The annual license fee, amounting to $40,000.
Please keep in mind that the amounts above only include the licensing fees and do not refer to the costs required to open a company in Belize that will provide PSP or e-money services.
A payment service provider license in Belize, or a license for an electronic money institution, will only be granted if the applicant submits all of the ongoing requirements.
Discussing the conditions beforehand with one of our agents who specializes in the local laws is useful for investors who open a PSP company or an electronic money institution.
Contact us for more details on the PSP or EMI license.