Everyone in Nevada who is engaged in the business of selling or issuing checks and transmitting money or credits should obtain a Money Transmitter License, as per Nevada statute. Nevada Department of Business and Industry – State of Nevada is the Licensing Authority in charge of Nevada Money Transmitter License (NVMTL).
What are the requirements to apply for a Nevada Money Transmitter License?
In order to obtain a Nevada Money Transmitter License, the following documents are required:
- Personal History for each Owner, Officer, Director, every member of a firm or partnership, or any person authorized to initiate transactions to the trust account with 3 complete sets of fingerprints and personal financial questionnaire
- Nevada State Business License
- Primary Contact employees
- Bank Account information
- Lease Agreement
- A copy of appropriate municipal (city/county) business license for business location address or Home State Banking
- Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year end for the last 2 years. Financial statements should show that Applicants net worth exceeds $100,000
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- Cash flow statement
- Company Formation documents
- Affidavit of American Citizenship for a sole proprietorship
- Registration with FinCEN as a Money Services Business
- Surety bonds
Please note that the required documentation will vary from applicant to applicant.
What is the process for obtaining a Nevada Money Transmitter License?
Once when the documents are prepared, the application has to be made to the Dept. of Business and Industry. Documents have to be sent on the Address mentioned in the form.
Important requirement are 1) Signatures at all required places; 2) Notarization of the application form; 3) Required filing fee, and 4) All enclosures and financial statements as stated in the form. It is important to note that the license expires on 30 June every year and has to be renewed by 30 April before it expires.
How much does it cost to obtain a Nevada Money Transmitter License?
During the whole process of obtaining a Money Transmitter License in Nevada, several costs should be taken into consideration. Such are: Initial Application Fee ($375), Initial Licensing Fee ($300), and Renewal Fee ($300), Annual assessment fee of $300. The minimum Net worth of $100,000 according to GAAP is required. Surety Bond should be minimum $10,000 plus $5,000 for each branch location where the business is conducted through an agent. Legal Fees vary between $8,000 and 12,000 USD.
Empire Global has a team of experienced professionals who will assist you through the entire process of Nevada Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Nevada Money Transmitter License.