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Corporate structuring
As a result of the most recent changes in taxation and banking sphere in connection with preventing and countering tax base erosion and profit shifting (also known as de-offshorisation policies) the list of requirements a law-abiding company should meet extended significantly to cover such aspects as economic substance, transparency of business structure, implementation of “controlled foreign company” policies, etc.We provide corporate structuring services aimed at limiting the collective liability while maintaining the maximum transparency of business and ensuring tax efficiency so that your company could enjoy all benefits of the chosen corporate structure.Mayon Solutions will help you to find the best business structuring solution for your company, which would include such essential elements as developing a project-specific business model, selecting a proper jurisdiction for setting up a business, tax planning, filing for incorporation of your company/companies, opening bank account(s), etc.
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Company formation and business support
- resident director services;
- providing a registered address and mail forwarding services;
- selecting office premises for lease;
- accounting services;
- making and filing financial statements and tax reports.
Mayon Solutions team provides comprehensive legal and consulting services on company formation and registration in various jurisdictions. Our experts will advise you on the best jurisdiction to set up your company, subject to your business needs.
Incorporation services include drafting all corporate documents, filing for business registration, obtaining a VAT number, providing a registered address, drafting agreements with local providers, and other relevant services.
We offer a range of post-incorporation services, including:Also, we will be happy to offer you an array of business support services in various jurisdictions.As Mayon Solutions provides a full range of business support services, you can easily get all of them in a one stop shop, without communicating with each service provider separately. -
Bank accounts
Setting up a bank account is a challenging task today due to KYC and AML procedures as a part of anti-terrorism and anti-money laundering efforts. Opening a bank account suggests disclosing the company’s business structure, incomes, cash flows, etc.Mayon Solutions has an unparalleled expertise and a sound business reputation in setting up corporate bank accounts. We have an extensive global network of partner banks and licenced payment institutions.Depending on the type of your business, turnover, jurisdiction, ownership structure, and other company-specific aspects we will advise you on the most appropriate servicing bank to satisfy your business neds.Our services include drafting and filing the relevant documents, communicating with the selected bank, advising on the compliance procedures, etc. With problem solving in focus, we are proud to offer you additional services in connection with setting up your bank account(s): advising on the business restructuring, drafting a business plan, searching and arranging for the appointment of the local director, searching for the proper office premises and arranging for their lease, drafting agreements with local providers, any other services required to open bank account(s).
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Merchant accounts
For clients active in e-commerce we offer services on setting up merchant accounts, including drafting the documents necessary to open a merchant account, advising on and coordinating the merchant account opening procedure, advising on the purchase and sale of merchant portfolios, etc.Mayon Solutions has an extensive partner network of acquiring companies and payment institutions. Our experts will advise you on choosing the most appropriate financial institution to open and maintain your merchant account, subject to all aspects of your business.
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Tax planning
Tax planning is an integral part of a successful business strategy. The international tax landscape changes rapidly. To implement provisions of the BEPS (Base Erosion and Profit Shifting) Action Plan aimed at providing for tax transparency, de-offshorisation and the substance over form principle, more than 135 countries are collaborating on the implementation of measures to tackle tax avoidance, improve the coherence of international tax rules, and ensure a more transparent tax environment.Our tailor-made tax advice is aimed to serve the needs of your business and cover the applicable taxes and duties, task risk management, fiscal policy, international taxation issues, etc. We develop new and the most up-to-date tax solutions that our clients can use to maximise their business performance.Owners and controllers of foreign companies are also affected by the controlled foreign company (CFC) rules implemented by the anti-tax avoidance directive (ATAD) and adopted by the EU member states. CFC rules are designed as a tool to prevent the diversion of profits to offshore entities in low or no-tax jurisdictions. Owners and/or controllers of foreign companies may face the need to submit additional statements and pay taxes in their country.Mayon experts can diagnose your business structure and help to understand the scope of additional compliance requirements as well as taxes, penalties and sanctions that may apply to you as a company owner/beneficiary/controller under the CFC regime. We will consult on possible options of tax risk management in your specific situation.
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Accounting and financial reporting
Our team of qualified accountants and tax advisors has a wide-ranging experience in multiple tax systems and knows all intricacies of the relevant jurisdiction. We will help you to keep control over your local accounting obligations and stay compliant with all regulations, standards, and reporting requirements of the jurisdiction in which your company is registered.For the purpose of tax filing our accountants analyse all relevant documents, including bank statements, source documents, accounting data and general information about the company’s financial standing and performance. In addition, our accountants always analyse the company’s risks exposure and its financial prospects for the next reporting period.With Mayon team you can rely on high-quality accounting and rest assured that your financial statements will be submitted in time and in accordance with local standards and requirements.Entrust Mayon experts with the preparation of all the necessary documents and you will get them prepared in time and in accordance with the laws of the jurisdiction in which your company is registered. Also, you will avoid penalties chargeable for delayed filing of tax reports.
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FinTech Licencing
- Shaping the project-specific business model.
- Tax planning and corporate structuring.
- Setting up settlement accounts.
- Licencing, including drafting the company’s internal policies required by the regulator; drafting and filing the documents and applications required for obtaining the licences; communicating with relevant authorities; advising and accompanying the client at interviews with relevant authorities; selecting local office premises; selecting and hiring qualified officers (AML and KYC officers).
- Connecting to SEPA.
- Obtaining IBAN.
- Setting up a safeguarded account.
- Accounting and reporting.
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PSP and EMI licences
Currently, FinTech companies most often apply for two types of licences: Payment Institution (PI or API) licence and Electronic Money Institution (E-money Institution, E-money or Electronic Money) licence. Both licences authorise to provide core payment services to a wide variety of businesses. The key difference is that EMIs (Electronic Money Institutions) are payment institutions authorised to issue their own electronic money, distribute the same online and exchange for clients’ fiat money. However, you may want to consider applying for other licences and authorisations, eg,Small Payment Institutions (SPI) and Small E-money Institution (SEMI) licences authorising to provide payment services only in the country of registration (eg, FCA registration).Many countries give opportunity to procure electronic money licences in European countries, including Lithuania, Malta, Czech Republic, Cyprus, Estonia, Bulgaria, Switzerland, Great Britain and Gibraltar, and outside Europe: in Georgia, Hong Kong, Singapore and Belize.Choosing a country to register the payment system depends directly on the geography of the future activities. UK is the perfect jurisdiction for those willing to operate on the European market. It is a reliable jurisdiction with a loyal regulator and well-articulated legislative norms.Being recognised by the European Union banks, British payment systems, with a competent cross-border passport arrangement (‘passporting’), allow you to easily open accounts to safeguard the clients’ funds (safeguarded account) both in the UK and abroad.What payment system licences are available in the UK?The UK Financial Conduct Authority (FCA) offers to obtain an API (authorised payment institution) or a SPI (small payment institution) licence authorising to provide payment services, as well as an EMI (electronic money institution) or a SEMI (small electronic money institution) licence authorising to issue digital currencies; the choice depends on the nature and geography of the services.What is the difference between the British EMI and SEMI licences?EMI licence allows you to provide a wide range of payment services (open IBAN accounts to your customers, issue your own payment cards, transfer funds in 29 currencies, accept international SWIFT payments) throughout the European Economic Area. Please note thatto obtain such licence you must deposit an initial capital in the amount of EUR 350,000. You may consider procuring this type of licence if you wish to maximise opportunities and if you are an experienced payment specialist.SEMI licence allows you to serve customers in the UK. However, the average monthly turnover should not exceed 3 million euros. This type of licence is suitable for first-time entrepreneurs.What is the essence of UK API / SPI licences?Holders of API / SPI licences can also provide account opening and/or custodian services, payments transfer and acceptance services. But they cannot issue their own digital currency. API licenсe allows you to work throughout the EU, without capping the turnover, on condition the licence holder maintains its authorised capital at the level of EUR 125,000. SPI licence limits the territory of the company’s activity to the UK and allows a maximum turnover of 3 million euros per month.Impact of the EU on payment service providers licenсing in the UKUnder the second EU Payment Services Directive (PSD2), payment initiation service (PIS) and account information service (AIS) providers must be licenced. The above services imply that the licensee’s clients have access to their accounts opened with other banks and payment systems. These options may be included in the full EMI / API licences, but in this case companies must have a professional indemnity insurance policy.How to get a UK payment service provider licence?A potential applicant for an API / SPI / EMI / SEMI licence should collect a full package of documents for the company, its directors and shareholders, complete application forms, explain the essence and prospects of the future activities to FCA representatives in details and correctly, pass the passporting procedure, and obtain the coveted licence. But it is better to entrust the licence obtaining to experts.How long does it take to receive a payment service provider licence in the UK?The FCA review period vary from 3 to 12 months. However, where you fail to properly execute or file the necessary documents or any of the company’s key figures is found unreliable, the FCA may delay consideration of your licence application or refuse to issue the licence.We recommend entrusting the troubles and bureaucratic aspects associated with obtaining the payment service provider licence in the UK to the Mayon Solutions team of professionals. If you hire us to represent your company at the FCA for obtaining the licence, you will minimise your time and costs and get the maximum result. Our long-term experience in registering international companies, opening bank and merchant accounts, licencing and tax planning will help to choose the optimum solution for you.
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MSO and SVF licences
If you are considering provision of payment services grab the opportunities offered in Hong Kong and procure either MSO or SVF licences. You may choose the most appropriate way for doing the payment service provider business as such licences are valid both in Hong Kong and abroad.Members of Mayon Solutions team are experts in obtaining MSO and SVF licences and will be happy to assist you at each stage of the licence procurement process.Money Service Operator (MSO)If your consider providing only money remittance and money changing services or if your company is a startup on the payment services market, you should apply for a MSO licence. According to the laws of Hong Kong, “money service operation” means money changing and/or money remittance services. Money changing services include currency exchange in Hong Kong as the core business.“Money remittance services” means one or more of the following businesses operated in Hong Kong: sending and/or arranging for sending money to a location outside Hong Kong; receiving and/or arranging for the receipt of money from a location outside Hong Kong; arranging for the receipt of money in a location outside Hong Kong.Stored Value Facilities (SVF) licenceGenerally “Stored Value Facilities” means payment products and services with stored value functionality, whether physical or electronic, which can be used for payment for goods and services or for funds transfer between different parties. Any entity that issues Stored Value Facilities in Hong Kong must obtain an SVF licence from the Hong Kong Monetary Authority.In other words, under SVF licence you can provide: money changing, remittance, , e-wallets, and payment cards issuing services. So, if you have a significant payment experience and want to provide a wider range of services than MSO, you should apply for a SVF licence.For more details about Hong Kong MSO and SVF licences and the opportunities offered in Hong Kong for businesses please visit our Hong Kong office web-site.
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Сryptocurrency exchange licences
One of the most comfortable jurisdictions for cryptocurrency exchange business is Estonia. It has favourable legal and tax environment for cryptocurrency exchange and crypto wallet service providers. In comparison to Switzerland, Malta and Gibraltar, Estonia has low costs and simple administration.Estonian Digital Asset Service Provider licence is a single cryptocurrency licence that allows to provide cryptocurrencies storage and exchange services.Obtaining such licence takes about 1.5 months from the date of filing.Mayon has a significant experience in obtaining cryptoliceneces. Our team will assist you at all stages of this process, including consulting on the requirements, company registration, bank account opening, support in arranging the substance, preparing and filling all necessary documents.
It is hard to imagine the modern world without electronic payments. The payment system is an integral element of the electronic cash flow. Commissions and fees, as well as a range of payment options, vary and are regulated by financial and market relations. While some entrepreneurs are looking for the most favourable payment terms for their business, others are creating their own payment systems.If you consider establishing and operating a FinTech business and acting as a payment service provider, you should procure an authorisation in a relevant jurisdiction.Mayon Solutions provides all-in-one legal support for the implementation of fintech projects. Our experts know the peculiarities of the industry and have a considerable experience in facilitating the procurement of the necessary licences to give a head start for the implementation of your ideas.Depending on the project-specific business model we can assist with obtaining PI/API/SPI/, EMI/SEMI, MSO/SVF licences.We offer a wide range of services in connection with the implementation of fintech projects, including:
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Gambling licencing
Gambling is one of the fast-growing and profitable businesses globally. It is also quite stable in terms of investment, because the number of players grows significantly, as well as the number of gambling establishments (online casinos, lotteries, sports betting, etc.).An important step in launching a legal and transparent gambling business is obtaining an appropriate licence, which can be quite tricky as gambling is a specific area that is even prohibited in some countries.Holding a gambling licence will allow you to gain trust from customers and facilitate building your business. You will have the opportunity to open a bank account only when you have a licence to do business. Since running an online casino is a risky business, most banks do not want to put their reputation and licence at risk and prefer not to open accounts for such customers. Other banks and payment systems have stringent requirements to gambling operators, in particular, the recognition of the client’s business by the regulator in the country of registration. In other words, a gambling operator willing to open a bank account must hold a licence in a respective jurisdiction.Mayon Solutions offers support in obtaining licences in Curasao, Isle of Man, Costa Rica, Spain, and Malta. When choosing a jurisdiction for obtaining a licence, in addition to the procedures and cost consider such factors as the applicable laws regulating gambling business; annual business support cost; licencing requirements; reputation of the jurisdiction; taxation and benefits.Mayon team has a credible experience in procuring gambling licences. We will help you to find the most suitable jurisdiction for obtaining the licence and guide you through all stages of this process, including company incorporation, submission of documents to the regulator, and opening of a bank account.
