Bulgaria is currently one of the best places to obtain various licenses such as Forex License (Financial Service Provider License), Gaming License (Poker only or Casino. Another type of license that may be obtained in Bulgaria that is to say the Payments Service Provider License.
The license for Payment Service Provider business is different from other financial services provider licenses as it is under the supervision of Bulgarian National Bank pursuant to Section 12 paragraph 1 of the Law on Payment Services.
- The license will require a paid up capital of 250,000 Levs or 125,000 Euros
- The license is granted for an unlimited period of time
- The license will cover the following PSP services.
Services related to placement of cash on a payment account, as well as the related operations of servicing of a payment account;
Services related to cash withdrawals from a payment account, as well as the operations of servicing of a payment account;
Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
- execution of direct debits, including one-off direct debits;
- execution of payment transactions through a payment card or other similar instruments;
- execution of credit transfers, including standing orders;
Execution of payment transactions where the funds are covered by a credit line for a payment service user: execution of direct debits, including one-off direct issuing and/or acquiring of payment instruments;
Advantages of Bulgaria Payment Service Provider
- Operating Business in Bulgaria is Cheaper for foreign Entrepreneurs
- Simplifies payments and saves time
Why Valsen Fiduciaries
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of legal structures in all major jurisdictions. (Securities, Banking, Insurance, Investment Management, Gaming and many more)
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- Valsen will assist in preparation of winning business plans based on our superior understanding of regulator expectations and requirements
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We can provide you with fit and proper directors in case you need. We have a wide network of qualified and experienced lawyers, chartered accountants, chartered financial analysts, wealth managers, FX experts, Investment advisors etc. of international pedigree.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
- Through our extensive network, we provide sign up services with major service providers including but not limited to; Liquidity providers, technology providers, custodians, prime brokers, legal advisors, auditors, and others.