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Schedule forSchedule forEssentials to Secure a PSP License
- Prerequisites
- Benefits
- Documents
- Steps to acquiring a license
- Jurisdiction
Following are the prerequisites to get a PSP license in Dubai.
- The business must be legally established in Dubai or any of the free zone jurisdictions.
- Meet the initial capital requirements set by the Central Bank of UAE (CBUAE), which range from AED 1 million to AED 5 million.
- The company must demonstrate sufficient experience and qualified personnel to handle digital payment services.
- The business is required to apply for one of the four categories of Payments Licenses under the Retail Payment Services and Card Schemes Regulation (RPSCS).
Benefits of a Payment Service Provider (PSP) License include:
- Enhanced security: Reducing the risk of fraud, ensuring transactions are safe and reliable.
- Increased customer retention: Provision of a wide array of payment options leads to increased customer satisfaction.
- Global reach: Facilitates international expansion, allowing businesses to accept payments from customers globally.
- Streamlined operations: PSP handles payment processing, allowing businesses to focus on core activities.
- Comprehensive services: Additional services that come under PSP include fraud prevention, currency conversion, and detailed transaction reports.
Documents required to get a PSP license include the following:
- Detailed business plan
- Financial statements
- Company registration certificate
- Articles of Association
- Anti-Money Laundering (AML) and Know-Your-Customer (KYC) compliance proof
- Proof of initial capital
- Identification documents such as Emirates ID or passport copies of shareholders
- Company formation documents: Articles of Association (AoA)
The following steps are required to acquire the PSP License:
- The business must be legally registered in Dubai or one of the free zone jurisdictions.
- Ensure you meet the capital requirements set by CBUAE. (AED 1 million to AED 5 million).
- Gather the necessary documentation before submitting your application.
- Complete the PSP license application form provided by the relevant authorities.
- Submit the application along with the requested documents to CBUAE.
- Await review and approval of the license application.
- Once the application is approved, you are permitted to provide retail payment services in the UAE.
- Dubai International Finance Centre (DIFC)
- Dubai Mainland
- Dubai Free Zones
Schedule forSchedule forKhawajaasif Shehzad
Very cooperative and professional staff.. I'm very thankful to Mam Reshma for assisting me and guiding me through every single process.
Arun Iyer
From the moment I engaged with Kiltons, I have been consistently impressed with their commitment to customer satisfaction. The staff members have been not only knowledgeable and professional but also incredibly attentive to my needs. They have gone above and beyond to ensure that my experience with their services has been seamless and enjoyable.
Yadhu krishna
Our experience with Kiltons Business Set-Up Services has been remarkable,We are grateful for their expertise and support.A special shoutout to Pravya and Vincy for their exceptional support and professionalism. Highly recommended!
Ras Media
Their services are of the highest quality, and I want to specifically acknowledge the excellent support from Pravya and Vincy. Thank you for your great service.
Faisal Al Neela
KILTONS exceeded my expectations! Their service is top-notch, and I couldn't be more impressed. Tania, in particular, deserves special recognition for her professionalism and efficiency. She patiently addressed every question I had and ensured the entire process was completed swiftly. I highly recommend KILTONS to anyone in need of business setup services in UAE.
Husam Aamer
I highly recommend Kiltons for anyone looking to start a business in Dubai. We recently used Kiltons to set up a business in Dubai Meydan FZ, and it was a breeze. They handled everything from registration to partners resedency and bank accounts with ease. What stood out was their responsiveness; they were always there to answer my questions. A big thank you to Tania for her invaluable support.
Mohd Shams Alam
I engaged with Kiltons, I have been consistently impressed with their commitment to customer satisfaction. The staff members have been not only knowledgeable and professional but also incredibly attentive to my needs. They have gone above and beyond to ensure that my experience with their services has been seamless and enjoyable.... true business consultant.
Teja Alapati
Approached Kiltons for forming a free zone company ,the entire process was an absolute breeze. Miss Reshma was very helpful and a delight to work with. Our company was setup within 4 days , zero hassle involved. Would highly recommend Kiltons for anyone looking to do business in the UAE.
Shaila salim
Kiltons exceeded my expectations with their exceptional business setup services. Knowledgeable staff and personalized assistance made the process stress-free.
Aamiya Ebrahim
It was such a wonderful experience all the staff were well trained and they are treating the clients as one among them. it's very easy to approach and clarify all doubts with them. The patience and support offered by them are really appreciated.