Frequently Asked Questions about Belize Payment Service Provider License

A payment service provider (PSP) is a financial institution or company that offers services for facilitating electronic payment transactions on behalf of businesses and individuals. PSPs play a crucial role in the digital economy by enabling various payment methods such as credit cards, debit cards, mobile payments, e-wallets, and online bank transfers. They act as intermediaries between customers, merchants, and banks to ensure smooth and secure payment processing.

It is worth noting that the Licensee is prohibited from conducting any banking business, such as receiving money from the public through the acceptance of deposits on current account, deposit account or other similar accounts which may be withdrawn on demand by cheque, draft, order or notice by customers and using that money to make advances, loans, extensions of credit, guarantees and investments.

A license is needed for a payment service provider to comply with regulations, protect consumers, and gain market credibility and legally conduct the business. It also enables access to payment networks and facilitates cross-border operations while avoiding legal consequences.

The licensing process typically takes around 6-8 months if all the documents are in order. Application timeframe will depend on the complexity of ownership structure, commercial proposition, and cooperation of the related parties since the application process runs in close collaboration with an applicant.

Yes, a company holding the Money Transmission License can be 100% foreign-owned.

This means that the holder of the Money Transmission License must establish, maintain and operate a business office in Belize.

A company with a Money Transmission License must have at least 1 local director. 

The minimum capital required for the Money Transmission License is US$75,000. The Licensee must maintain a minimum paid-up and unimpaired capital with a bank or another licensed financial institution situated in Belize. 

Obtaining a Belize money transmission license offers businesses global market access, regulatory stability, and cost-effectiveness. Belize's financial privacy, diverse services, and favourable tax environment further enhance its appeal, fostering trust and reputation in the international financial community.