Cape Verde Electronic Money Institutions/Money Transfer/Payment Service Provider / Money Transfer related licenses

The Superintendence Policy, published by the Banco de Cabo Verde, on June 2017, provides the legal framework for provision of payment services in Cape Verde.

Permitted Activities

As per the Policy, A payment system consists of a set of instruments, rules and procedures that allow a safe and efficient transfer of funds between the various economic agents, including participants, payment service providers, support systems and systems, and entities responsible for processing and settlement agreements.

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application is an Cape Verde company;

Company includes:

  1. A company,
  2. Limited partnerships,
  3. Co-operative
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Local Office The applicant must have premises acceptable to the Banco de Cabo Verde (BCV). The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee must have an international Auditor or Outsource depending with the Company demands.
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Banco de Cabo Verde (BCV).
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

The prescribed minimum paid-up capital is 20 million escudo (Approximately USD 200,000)

Ongoing Obligations

  1. Licenses are to be renewed annually upon on payment by the applicant of the annual Fee.
  2. Filing of Audited Accounts: The licensee shall file its Yearly financial Report with the Banco de Cabo Verde (BCV).
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • 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 securities dealer licenses in all major jurisdictions.
  • 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)
  • 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 have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

vf-international.com