Process of getting a FinTech license
First and foremost, the criteria and covered services of a chosen licensor must correlate with the needs of a company that submits an application. To make this possible, one must choose a licensing jurisdiction that suits the company plan right now and also will work out well in the long run. To soften out the most responsible part of the process, contact Rengang with your project idea so we can choose the license that will constantly move it forward.

The second step is to form a legal entity (a future company), prepare all the necessary documents, and tick the boxes according to the licensor’s requirements. The paperwork may include lots of documents that are too tedious to collect and prepare. Henceforth, you can entrust the process to us.

Once the backbone of the company is in perfect shape, the board of the firm can apply for the license. Eventually, a meeting with the regulator might take place, so that the company’s owner can get all the necessary feedback and make the requested adjustments.

When applying for a FinTech license, one must understand that compliance with the jurisdiction’s legal framework and conditions is not only obligatory at the initial stage of the process. Once the company is granted its license, it must comply with all the conditions for as long as it exists and operates.

Cost of getting a FinTech License
How much does it cost to start a fintech company? The cost is an important aspect of the licensing process. However, the initial licensing fee and all the associated expenses depend on the chosen jurisdiction, the license type, and the business model. Only an expert can determine the exact cost of a FinTech license while taking all these aspects into consideration.

In practice, the licensing costs can often be reduced if a startup owner agrees to proceed step-by-step and offer one thing at a time. For example, a crypto exchange business that is planning to offer payment cards. Starting out as a simple crypto exchange platform is way less costly, especially in the early stages of company formation and development. Once everything is settled and things are going well, the company may move on to integrating other services, including the payment cards. The point is clear: to save on the licensing procedure, one must first apply for a license that covers only one basic feature of the product.

The licensing costs are not the only expenses that must be taken into account. A future CEO must plan ahead and include all the possible overheads, such as office rent, legal and accounting services, marketing and advertising, and so on and so forth. The wisest thing to do here is to make a roadmap that covers all the possible expenses and even add a budgetary slack.

Duration of getting a FinTech license
The last factor to take into account is the duration of the licensing process. The exact time period is difficult to predict as it depends on the jurisdiction and its conditions, the license type, and the business model. If you need to license your fledgling company as rapidly as possible, contact us at any time and have an expert estimate the licensing period for your project.

While it fluctuates, the duration is mainly subject to three factors:

First, the applicant’s ability to prepare and submit all the documents and meet all the requirements as fast as possible.
Second, the regulator’s workload and the announced time it will take to review the application.
Third, any possible external factors that can influence the speed of the licensing process, such as mailing delays, excessive workload of the regulator, and any other unpredictable events.
Thus, the duration of licensing a FinTech company raises an important question: when to start applying for a FinTech license? In practice, the sooner the better. The case with the majority of delays is that a FinTech company keeps postponing the licensing process until the regulator’s workload does not allow it to review any new applications. With assistance from Rengang, the company formation and license application procedures can get significantly faster and less tedious for the CEO.

Our wide range of options is suitable for businesses of any size or budget. We optimized the process of launching a brand-new business entity, whether you’re a small crypto-themed start-up, an NPO, or a mid-sized company that needs to obtain a financial services license in Europe. In addition to lowering possible financial and legal risks that might arise, our skilled team of qualified experts will help you save time and money.

Ever wondered how to get a Forex trading license? How to register a company that can deal with securities, lending, and asset management? Right now may be the perfect time to look into it, since the COVID-19 pandemic hasn’t damaged the investment industry. In fact, the opposite is true: Due to the intensified volatility of the global stocks and marketplaces, the opportunities have increased manifold. Just like companies providing blockchain legal services, FX businesses thrive in times of instability! In case you’re looking to obtain an EMI License in Lithuania, Rengang can also offer its corporate, technical, and finance expertise in order to make sure that your new business is up and running in no time.

For offering securities, portfolio management, financial advice, and other related financial services, your best pick is going to be an investment license.

If all local procedures and deadlines are followed in a correct manner, your experience will be nothing short of amazing. You can always count on us to over-deliver – no matter if we’re helping you attain a license for a cryptocurrency exchange or if we’re providing legal consultation on the challenges of the local legal framework. We have years’ worth of experience in supporting new legal entities and helping businesses with international ambitions. If you’re a company ready to conquer the lucrative markets of Hong Kong, Estonia, Vanuatu, and many others, feel free to contact us immediately.

Whatever your ambitions, it starts with setting up the right company in the right jurisdiction. And Rengang is here to guide you in this choice and process.

As the leading purveyor of varied services such as cryptocurrency legal advice, we take utmost care to provide you with the most definitive, hassle-free bank account opening services. Many of our top customers choose to open a bank account outside their country of residence because of the following advantages:

Higher protection of the capital
Increased tax savings
Access to high-end and high-speed transaction services
A growing number of international investment opportunities

Amidst the cryptocurrency boom, the wisest course of action is to become a supplier of tools, not only an active participant. The potential reward for starting up your own BTC exchange is higher than ever before as the crypto craze reaches a fever pitch. The Rengang team will help you launch your cryptocurrency licensed project in a matter of months. Even before you go live via beta testing, we will help you to partner up with the best payment processors for crypto, find and implement the best cybersecurity practices, and iron out all the other finer details that will help make your business successful from day one.

Web-based casinos are a great business that can yield great profits, but they require a great deal of expertise. If you want to launch a company as an e-gambling casino operator, the risks and complications related to gambling licenses can be overwhelming. We offer a broad selection of both readymade and tailored options for all of our clients looking to kick-start a casino. On top of providing blockchain legal services to customers interested in a crypto-centric platform, we also can help you choose:

Software provider;
Gaming content;
Best means of payment;
Best-suited jurisdiction.