From the moment you apply for an MIP, we officially act as your legal representatives, representing you in the registration proceedings before the FSA. This means that we are responsible for the course of the proceedings, including providing any clarifications, communicating with the FSA and dealing with any formalities.
According to the current regulations, the FSC proceedings should take up to three months from the submission of the application, but may be prolonged in case of additional questions from the FSC. Our experience shows that the FSA can act quickly, approving an application even within one month, especially for business models with which they are already familiar.
While the FSA is busy analysing the application, we start the process of creating the so-called client documentation. This typically includes terms and conditions for the provision of services, a model contract, a privacy policy, and a content analysis of the website for regulatory compliance (particularly relevant for MIP businesses based on the provision of electronic payment services).
We also propose additional activities, depending on your needs and the nature of your business. This may include extensive documentation of RODO compliance, filling bank questionnaires concerning the account for the MIP or certified AML training. We are committed to tailoring our offering to your actual needs, so we do not use pre-packaged 'packages' but focus on providing solutions that are relevant to achieving MIP status.