What’s involved in creating and running a payment bureau?
Payments
Asked by Question Bot07/Aug/20111 answer
1 Answer
F
Faisal Khan
Answered 07/Aug/2011
Yes, to run a legal money/payment bureau in the UK requires you to be licensed. Since, you have not specifically specified which specific business niche you would like to get into as far as a payment bureau is concerned, I am enclosing a link that explains what needs to be done as far as Money Transfer Operator is concerned. You can view the various other options on the left hand column as well.
http://www.ukwelcomes.businessli...
As a Money Service Businesses (or MSB) - you have to register with HM Revenue and Customs - http://www.hmrc.gov.uk/mlr/getst...
The governing body is FSA - Financial Services Authority:
If you do business in any of the regulated activities, you need register with FSA then.
List of regulated activities are: http://www.fsa.gov.uk/Pages/Doin...
In short, if you are doing any form of money handling and/or electronic money handling that involves sending or receiving money outside the UK, you need to be licensed.
The above two links would be very helpful in getting you started in the correct direction.
I would be very cautious about using .co.uk website. Best to refer yourself to the Official Government pages for the best information. They are equally helpful, contact them and they will assist you in your questions.
http://www.ukwelcomes.businessli...
As a Money Service Businesses (or MSB) - you have to register with HM Revenue and Customs - http://www.hmrc.gov.uk/mlr/getst...
The governing body is FSA - Financial Services Authority:
If you do business in any of the regulated activities, you need register with FSA then.
List of regulated activities are: http://www.fsa.gov.uk/Pages/Doin...
In short, if you are doing any form of money handling and/or electronic money handling that involves sending or receiving money outside the UK, you need to be licensed.
The above two links would be very helpful in getting you started in the correct direction.
I would be very cautious about using .co.uk website. Best to refer yourself to the Official Government pages for the best information. They are equally helpful, contact them and they will assist you in your questions.