A Payment Institution licence allows you to provide a range of services, including payment processing, electronic money issuance, fund transfers, and payment account services. 

Yes, having a local office is mandatory.

Having a team with relevant fintech experience is essential from a regulatory perspective and will significantly enhance your likelihood of success. We recommend including at least two individuals with fintech expertise on your board and management team.

No, the Dutch Central Bank (DNB) only conducts a paper review during the application stage. However, it is advisable to develop a demo system along with a handbook to showcase your proposed services. The authorised IT system should be implemented within six months after the licence is granted.

The application process typically takes approximately 8 to 10 months, provided there is strong support from your team. We will take care of the timelines for you!

One-time fees comprise initial company setup expenses, such as registration charges, licence application costs, technology infrastructure investments, recruitment agency fees, and any other regulatory obligations.

Recurring costs encompass ongoing expenses, including annual audits, quarterly reporting, software subscriptions, employee salaries, office rent, and utilities.

We will perform a detailed analysis of your company's shareholding structure and provide tailored made recommendations. Our all-in-one incorporation service simplifies the entire process, making company setup straightforward and hassle-free.

Hiring experienced local talent, especially for high-ranking positions like Director, can be challenging due to trust concerns and their risk exposure, considering their established reputations. However, these individuals are crucial for leading teams and securing licences in fintech companies. We understand the concerns of both sides and can act as an intermediary to bridge the gap. We can help you build a strong local team through our extensive network.

We understand that preparing policies can be both challenging and time-consuming. Therefore, we are more than happy to take on the responsibility of drafting all the required documents. What we need from you is your input and timely responses to get things done.

We have connections with banking channels that can help you open corporate accounts and safeguard accounts seamlessly.

Dutch is the official language of the Kingdom of the Netherlands. Interestingly, The Netherlands is an English-friendly country, with 93% of the Dutch population speaking English. The Dutch Central Bank (DNB) accepts documents submitted in both Dutch and English. Additionally, our team communicates fluently in both English and Mandarin.

Getting the right individuals involved can be challenging, especially when they come from diverse cultural backgrounds, departments, and entities. Furthermore, understanding the regulator's expectations can also be difficult. We act as intermediaries, helping to manage relationships among all parties to ensure the project progresses smoothly.

Yes, our firm has seven years of experience providing post-authorization support to over 20 companies. Think of us as your internal compliance team; we will be there whenever you need assistance!

Yes, we can offer valuable insights for your international expansion plans and help you navigate the regulatory landscape in various jurisdictions. We have successfully supported over 10 clients from different regions in expanding their businesses across Europe, the UK, Hong Kong, and Southeast Asia.

Once licensed, you will need to fulfil ongoing reporting and compliance obligations, such as submitting regular operational reports, conducting customer due diligence, and ensuring adherence to anti-money laundering (AML) regulations. Being aware of these requirements is essential for keeping your licence active.

Failure to comply with regulatory requirements can result in penalties, including fines or, in severe cases, revocation of your licence. It is essential to establish robust compliance systems to mitigate these risks.

Yes, it’s important to be aware of regulations such as the Payment Services Directive II (PSD2), the Anti-Money Laundering Directive, and the Digital Operational Resilience Act (DORA). Staying informed about these regulations is vital for successful operations.

We recommend subscribing to regulatory updates from the Dutch Central Bank. Additionally, we can provide ongoing insights and updates regarding regulatory changes that may affect your operations.

A business plan should include an executive summary, market analysis, product and service details, marketing strategy, operational plan, competitor analysis (SWOT), and comprehensive financial projections.

A financial forecast encompasses detailed revenue projections, cost structures, and cash flow management over a three-year period. For a licence application, a solid financial forecast includes realistic metrics, typically illustrating significant losses in the first year, reduced losses in the second year, and achieving breakeven in the third year. Additionally, a good forecast should incorporate different scenarios, including normal, best-case, and worst-case outcomes, to provide a comprehensive view of potential financial performance.

An IT security policy establishes comprehensive guidelines to safeguard digital assets and sensitive data from unauthorised access and cyber threats. It encompasses critical areas such as access control protocols, data protection measures, incident response strategies, employee training programs, and regular security audits to ensure resilience against emerging threats.

A wind-down plan outlines how a firm will address major issues like software and hardware shutdowns, specifying responsibilities, shutdown procedures, risk management strategies, employee communication, and compliance with regulations to ensure a smooth transition and mitigate potential problems.

A remuneration policy outlines how employees are compensated, including salaries, bonuses, and benefits, ensuring competitiveness, fairness, and compliance with labour laws. The Board of Remuneration is responsible for deciding compensation packages based on factors such as company financial performance, economic conditions like inflation, and other relevant metrics.

Yes, establishing a local team is essential in the eyes of the regulator. They expect applicants to demonstrate a strong local presence in the Netherlands. The local team should comprise at least two local directors, along with key positions such as a CEO, CFO, Compliance Officer, and Head of IT.