Register your Payment Service Company with Michalaki, Pitsillidou & Co Law Firm
According to the Payment Services Law, 2009-2010 payment services in the Republic of Cyprus may only be provided by a payment service company which has been authorized by the Central Bank of Cyprus. Authorization is granted only to legal entities which have their offices in the Republic of Cyprus.
Registration of payment service companies
The Central Bank of Cyprus, acting in accordance with the provisions of the article 8 of the Law, maintains a public register which includes:
- the names of the payment service companies to which it has authorized to offer payment services, the addresses of their branches as well as the names and addresses of their agents
- the names and addresses of the payment service companies which have been authorised in other EU member states and which have exercised the right of establishment or the right of freedom to provide services in the Republic of Cyprus, under the provisions of article 23 of the Law.
The authorized payment service company can be established and operate payment services in other member states through passporting. Furthermore payment institutions authorized by other member states can establish payment services business in the Republic of Cyprus
iMPK Global business Law firm can assist you in all the procedure of establishing a payment service company to meet your needs. Our specialized team can safeguard the step by step procedure. te