UK business licence

UK Business License - Legal Aid

Obtaining an asset management license in Great Britain is available to citizens of any country. The permission to operate in the financial sphere is granted by the regulator FCA (Financial Conduct Authority). This independent state body has significant powers among both local and foreign residents. Great Britain is considered one of the leading jurisdictions in the world due to its stability and high level of investor protection.

Overview of the main requirements for obtaining an asset management license in the UK

The FCA grants licenses to various types of legal entities, including banks, insurance companies, mortgage institutions, funds, brokers, financial advisers and other participants in the securities market. In order to obtain a license for asset management, it is necessary to provide complete and accurate information about the company's activities, as well as about the owners and shareholders. The FCA imposes strict requirements on applicants.

The procedure involves setting up a company in Great Britain, the cost of which can be found in the price list on our website or checked with lawyers. After registering the company, it is necessary to pay a contribution to a British bank, the amount of which is determined individually depending on the type of activity and the scale of the company. Government costs include application and license renewal fees, and tax liabilities are calculated separately.

Why register a company in Great Britain

Registration of a company in Great Britain offers a number of advantages:

• International reach: As one of the leading global business centres, the UK offers opportunities for international business and global networking.
• Tax benefits: The UK tax system can be beneficial for businesses thanks to low corporate rates.
• Flexibility and protection: Companies registered in the UK enjoy flexible business management conditions, and UK law reliably protects the rights of owners.

It should be noted that the benefits of registering a company in the UK may vary depending on the nature of the business.

Requirements for obtaining a license

To obtain a payment service provider license in the UK, the applicant must submit an application to the regulatory authority, which will check the company's compliance with the requirements for obtaining a license and decide whether to grant or refuse it.

Basic requirements for payment service providers include:

• ensuring the protection of clients' funds through the opening of separate accounts or the availability of insurance policies;
• impeccable reputation of the company and its founders;
• availability of qualified personnel capable of effectively managing the financial activities of the company;
• availability of additional financial reserves from shareholders in case of delay in project profitability.

In addition to the basic requirements, to increase the chances of success, you should provide additional documents, such as:

• confirmation of opening a legal entity and absence of bankruptcy;
• the existence of a parallel business in Great Britain, which demonstrates loyalty to the local market;
• mechanisms for monitoring the activities of employees;
• developed business plan for several years;
• document describing measures to protect clients' funds;
• lack of criminal records for employees in the field of finance;
• presence of an office in Great Britain;
• previous contracts with clients.

These additional documents are not mandatory, but their presence can speed up the application review process and increase the chances of a positive decision by the regulator.

The procedure for obtaining a license

The process for obtaining a non-offshore PSP license in the UK may differ depending on the county where it is issued, as each territorial unit has its own rules. However, in most cases, the procedure goes through several main stages:

• evaluation of the application;
• preliminary compliance check;
• registration of a legal entity;
• license application;
• issuing the document and starting work under the license.

At the initial stage, the founders have to choose the form of ownership for their company. This choice depends on the speed of starting payments, as well as the correspondence of the form of ownership to the amount of initial capital.

At the second stage, regulatory bodies check founders and shareholders for criminal records, relevant experience and qualifications, as well as reputation. If there are no claims against individuals, you can proceed to company registration.

Next comes the direct registration of a legal entity, which usually takes up to a month, but sometimes it is faster. After registration, the company appears in electronic registers, which speeds up the application process.

When submitting an application, the regulator informs which type of license is suitable for a specific type of activity and requests the appropriate package of documents for verification. The review process may take several months.

After verification, the organization receives a license or a refusal, with the possibility of correcting errors in the documents. After the license is issued, the company can start its activities.

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