Why is Ireland: Europe’s Top Hub for PSPs with Fast Approvals? Ireland is now the premier destination in Europe for Payment Service Providers (PSPs) and Electronic Money Institutions (EMIs), thanks to its numerous advantages and quick processing times. Do not hesitate to contact us at connect@swissfintechpro.com for more information on this matter.
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The country offers seamless access to the European Single Market, a favorable 12.5% corporate tax rate, and a robust regulatory framework overseen by the Central Bank of Ireland. Additionally, Ireland boasts a highly skilled workforce, a thriving tech ecosystem, and supportive government policies. With efficient business processes and strong global connectivity, Ireland provides an optimal environment for financial service providers to flourish.
To establish a Payment Institution in Ireland, you need to fulfill the following:
Have a minimum initial capital of €125,000 depending on the services offered.
Maintain a professional indemnity insurance policy.
Implement adequate governance arrangements.
We shall assist you with the production of all the deliverable supporting documents mentioned below:
Submit a comprehensive business plan and 3 years profit and losses.
Provide details on organizational structure and internal controls.
Demonstrate compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
Ensure directors and key management possess relevant expertise and integrity.
We shall assist with all the following steps
Preparation: Gather all necessary documents and information.
Application: Submit the application to the Central Bank of Ireland (CBI)
Review: The CBI reviews the application, possibly requesting additional information if any.
Decision: The CBI grants or denies the application within 90 days of receiving all required information.
Document Requirements
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| Document Type | Description |
|---|---|
| Identification | Valid passport or national ID card |
| Proof of Address | Recent utility bill or bank statement (dated within last 3 months) |
| CV/Resume | Detailed professional history |
| Reference Letters | Professional reference letters from previous employers |
| Police Clearance | Criminal record check from country of residence |
| Director Declaration | Declaration of fitness and propriety |
| Tax Clearance | Evidence of tax compliance |
| Personal Financial Statement | Statement detailing financial status and assets |
Relevant experience in financial services, especially in payment services.
Demonstrated expertise in governance, risk management, and compliance.
Proven track record in senior management roles.
| Document Type | Description |
|---|---|
| Identification | Valid passport or national ID card |
| Proof of Address | Recent utility bill or bank statement (dated within last 3 months) |
| Source of Funds | Documentation proving the legal origin of investment funds |
| Shareholder Declaration | Declaration of shareholding intention and beneficial ownership |
| Police Clearance | Criminal record check from country of residence |
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| Document Type | Description |
|---|---|
| Certificate of Incorporation | Legal proof of company registration |
| Memorandum & Articles of Association | Foundational company documents outlining structure and purpose |
| Register of Directors and Shareholders | Current list of company directors and shareholders |
| Identification of Ultimate Beneficial Owners | Valid passport or national ID for beneficial owners |
| Proof of Address for Ultimate Beneficial Owners | Recent utility bill or bank statement for beneficial owners (dated within last 3 months) |
| Source of Funds | Documentation proving the legal origin of investment funds |
| Corporate Resolution | Resolution authorizing the investment and identifying signatories |
| Financial Statements | Recent audited financial statements |
Individual shareholders are not typically required to have specific experience.
Corporate shareholders should have a background in financial services or relevant industry experience to support the business objectives of the PSP.
EU Membership: Access to the European Single Market allows PSPs to operate across all EU member states without needing separate licenses.
Favorable Tax Regime: Ireland has a competitive corporate tax rate of 12.5%, with various tax incentives and reliefs for businesses.
Strong Regulatory Environment: The Central Bank of Ireland provides a robust regulatory framework that ensures financial stability and consumer protection, enhancing trust in the market.
Skilled Workforce: Ireland has a highly educated and skilled workforce, particularly in financial services and technology sectors.
Tech Hub: Dublin is a major technology hub, attracting numerous fintech companies and offering a supportive ecosystem for innovation and growth.
Business-Friendly Environment: Ireland ranks highly in ease of doing business, with efficient processes for company registration, licensing, and operations.
Stable Economy: Ireland boasts a strong and stable economy, providing a secure environment for business operations.
Language: English is the primary business language, facilitating communication and operations for international companies.
Supportive Government Policies: The Irish government offers various supports and grants for businesses, especially in technology and innovation sectors.
Global Connectivity: Ireland has excellent connectivity with major global financial centers, making it an attractive location for international business operations.
Do not hesitate to contact us at connect@swissfintechpro.com for more information on this matter.
