Macau Payment Services Institutions License
In accordance with the Financial System Act of Macao approved by Decree-Law no. 32/93/M of 5th July, carrying out of payment activities in Macao, including the provision of payment services through internet or mobile devices, must obtain prior authorization granted by the Chief Executive of Macao SAR in the form of an Executive Order, on advice from the Monetary Authority of Macao (“AMCM”).
Permitted Activities
The payment activities are to be exclusively carried out by an institution that has been duly constituted and authorized for such purpose (“proposed institution”). No other types of business activities are allowed. Two categories of the license are:
- A “non-bank credit institution” license is required if the proposed institution engages in investment or use of clients’ funds maintained at the proposed institution (including the funds maintained in clients’ accounts for future payments).
- An “other financial institution” license is required if the proposed institution does not engage in investment or use of clients’ funds maintained at the proposed institution (including the funds maintained in clients’ accounts for future payments).
Legal Requirements
|
Sr.
No |
Element | Requirement(s) |
| Entity Requirements |
The proposed institution should take the form of a public limited company, with a minimum share
capital to be specified by an Executive Order. |
|
| Director’s Requirements | A minimum of 3 directors are required, all of recognized suitability, and at least two of them should be residents in Macao sufficiently able and experienced to carry out their duties and with full owners to effectively direct the business of the institution. | |
| Shareholder requirements | The minimum number of shareholders is two. | |
| Local Office | A local office is required to be set up in Macau. | |
| External Auditor | The licensee must have an external auditor who must be acceptable to AMCM. | |
| Minimum Capital Requirements | The payment Services Institutions company which is or, is to be incorporated in Macao should have a share capital of not less than the minimum specified by special law or in the Executive Order granting the authorization. |
Ongoing Obligations
- All financial institutions authorized to operate in Macau are subject to an annual supervision fee which shall not exceed two hundred thousand Patacas for the head office or main office, and twenty-five thousand Patacas for each local branch.
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.
-
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- 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]