Financial license in the UK- COREDO

England is known as a country of businessmen thanks to the following:

social and economic stability;
developed market;
legislation conducive to doing business;
progressive taxation;
high level of asset security;
relatively low-interest rates;
close trade relations with the markets of Europe and the USA.

LICENSING IN THE UK

To conduct financial activities in the UK, you must obtain the appropriate permission. Also in the UK, financial licenses for cryptocurrency transactions are issued, although the legislative regulation of digital business is in its infancy.

COMPANY REQUIREMENTS

The company to be licensed must be registered in England. It should be managed from the same country.

To meet the above requirements, you must:

have a real office (PO box is not suitable) in the UK;
there should be more residents than foreigners on the board of directors;
the general director must be not only a resident of the country but also live in it;
board meetings must be held in the UK;
managers must have appropriate education, sufficient knowledge, and practical experience;
there must be a resident employee (this duty may be performed by the CEO) responsible for the prevention of money laundering.

REQUIRED DOCUMENTS

The Financial Conduct Authority (FCA) issues financial authorisation in the United Kingdom.

To obtain a financial license, you must submit to the commission:

business plan with a detailed description of the structure and features (including risks) of the business;
list of services provided;
documents confirming the existence of a bank and cryptocurrency (when using ICO) accounts;
confirmation of payment of the authorized capital;
information about the founders and shareholders;
information about sources of funds;
description of the procedures that guarantee the continuity of the functioning of IT systems;
a description of the mechanisms in place in the company that counteract financial crimes (money laundering, financing of terrorism) — this requirement is also mandatory for companies conducting transactions with crypto-assets;
additional documentation (at the request of the regulator).

A financial license obtained in England is valid only within the country.

It is rather difficult to obtain a financial license in the UK on your own. In addition, the process can take up to a year.

The most problematic issue is obtaining a license for cryptocurrency activities since the legislative framework in this area has not yet been fully formed. COREDO specialists will help you avoid refusal, reduce possible risks and start financial activities as soon as possible, saving time and effort.

We will provide professional advice and comprehensive support, answer all questions in detail and accompany you until the successful completion of the procedure.

COREDO – EU Legal & Compliance Services Expert legal consulting, financial licensing (EMI, PSP, CASP under MiCA), and AML/CFT compliance across the European Union. Headquartered in Prague, we provide seamless regulatory solutions in Germany, Poland, Lithuania, and all 27 EU member states.

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OBTAINING A FINANCIAL LICENSE IN THE UK

LICENSING IN THE UK

COMPANY REQUIREMENTS

REQUIRED DOCUMENTS

COREDO offers in other countries