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Bulgaria E-Wallet License

Starting Offshore > Bulgaria E-Wallet License

Brief Overview:

Bulgaria is currently one of the best places to obtain various licenses such as Forex License (Financial Service Provider License), Gaming License (Poker only or Casino. Another type of license that may be obtained in Bulgaria that is to say the Payments Service Provider License (or the Bulgaria E-Wallet License).

The license for Payment Service Provider business is different from other financial services provider licenses as it is under the supervision of Bulgarian National Bank pursuant to Section 12 paragraph 1 of the Law on Payment Services.

  • The license will require a paid up capital of 250,000 Levs or 125,000 Euros
  • The license is granted for an unlimited period of time

The license will cover the following PSP services :

  • Services related to placement of cash on a payment account, as well as the related operations of servicing of a payment account;
  • Services related to cash withdrawals from a payment account, as well as the operations of servicing of a payment account;
  • Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
  • execution of direct debits, including one-off direct debits;
  • execution of payment transactions through a payment card or other similar instruments;
  • execution of credit transfers, including standing orders;
  • Execution of payment transactions where the funds are covered by a credit line for a payment service user: execution of direct debits, including one-off direct issuing and/or acquiring of payment instruments;

Application Process:

Documents required in order to obtain a PSP license.

  • Business plan covering 3 -5 years
  • Passport copy (notarized)
  • Curriculum Vitae and copies of academic qualifications if applicable.
  • 2 name suggestion for the name of the company
  • Notarized Power of Attorney with apostille (if remote incorporation)
  • Criminal record of the directors, police clearance certificate or Certificate of good conduct with an apostille in English or with an accompanying translation.

Advantages :

  • Operating Business in Bulgaria is Cheaper for foreign Entrepreneurs
  • Simplifies payments and saves time
  • Flexibility
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