The Labuan Payment System Operator (PSO) Licence
Since 2003, Healy Consultants Group PLC has been assisting our Clients with the A to Z of payment system operator business setup and licensing. Our services include: i) company registration ii) company secretary and registered address services iii) international corporate bank account opening services iv) sourcing local employees and physical office space solutions v) preparation of AML/CFT programmes and other required documents vi) securing a Payment System Operator (PSO) license with Labuan FSA.
What is a Labuan PSO Licence?
- The PSO licence is granted by the Labuan FSA. Licensing applications are processed by the FSA within three months;
- After the licence application is approved, your Labuan entity will be able to legally offer brokerage services including i) transferring funds from one bank account to another ii) providing payment instrument network operation, and iii) providing clearing and settlement services for payment instrument issuers and merchant acquirers;
- Only local entities and branches can apply for a licence. Non-resident entities cannot apply. Consequently, most of our Clients also engage us to register a simple, practical Labuan LLC.
Steps to take for license application
- Preparation of documents: Healy Consultants Group PLC will assist our Client in preparing i) licence application forms ii) a detailed business plan iii) letter of guarantee and iv) letter of undertaking;
- Securing pre-conditional approval: Once ready, Healy Consultants Group PLC will submit a high-quality licence application to Labuan FSA. Two types of processing are available: Normal and Fast Track. The processing fee differs for each case. Healy Consultants Group PLC recommend our Client to proceed with Fast Track. All going well, pre-conditional approval will be received within 1 month;
- Recruiting local employees: Healy Consultants Group PLC will i) source multiple quality candidates for the above mentioned positions and ii) subject the candidates to our recruitment process iii) aggressively and skilfully negotiate their consulting terms and conditions iv) minimise annual fee requests by asking them to share roles and v) supply you a detailed comparison table; comparing and contrasting each candidate for your final interview;
- Sourcing physical office solutions: Healy Consultants Group PLC will assist our Client to find physical office premises. Our team will provide a detailed comparison table including i) location ii) price per square feet iii) number of years of tenancy iv) fully or partially furnished and v) photos. Thereafter, Healy Consultants Group PLC will draft a lease agreement. Our Client is required to pay annual rent directly to the landlord;
- Capital injection: After conditional approval for the PSO is approved, our Client must inject a paid-up capital of at least US$125,000 (RM500,000) to the corporate bank account;
- Submission of licence application: After the above steps are completed, Healy Consultants Group PLC will collate and submit a quality licence application file to Labuan FSA. All going well, the license will be approved within three months. During the review, our Clients should, however, expect the regulator to revert multiple times for additional information and supporting documents.
Our service packages
- For a total engagement fee of US$43,500, Healy Consultants Group PLC will project-manage the A to Z of your Labuan PSO set up. Total engagement period will be five months;
- Our standard services package includes i) company registration ii) company secretary and registered address services iii) opening an international multicurrency corporate bank account iv) sourcing local employees and office space v) preparation of AML/CFT programmes and other required documents and vi) securing a PSO license with FSA;
- Additionally, our Firm can offer multiple additional support services, including i) accounting and book keeping ii) merchant account opening and iii) setting up trusts and foundations;
- Refer to attached pdf file to view updated sales invoice with our latest notes: