How to obtain a Malta Payment Service Provider License?

Malta, a member of the European Union offers the opportunity to obtain a Malta Payment Service Provider License, also called a Malta PSP license which can be used to offer services in Malta and across the EU, based on compliance with the license conditions. The licenses are issued under the provisions of the Financial Institutions Rules and the Financial Institutions Act by the Malta Financial Services Authority also called the MFSA.

The definition of payment services is quite wide under Maltese law and includes most forms of payments that can be made electronically. A Malta Payment Service Provider License can be applied to a company registered in the country with two key managing persons for the Malta Payment Service Provider residing in Malta. The process of the application commences with the formation of the Company and by fulfilling the minimum initial capital requirements.

The Company will also have to provide information about the shareholders, beneficial owners and members of the Company along with business plans and anti-money laundering procedures. An application fee of 3500 euros and an annual fee of 0.0002 multiplied by the Total Assets but not less than 2,500 euros has to be paid to the MFSA. The entire process of application and licensing can take between 3- 6 months.

If you are interested in learning more about a Malta Payment Service Provider License and how it can help your business get in touch with us and one of our dedicated team of experienced professionals will assist you through the entire process of obtaining a Malta Payment Service Provider License.

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