Authorisation with HMRC/FCA

[lksndrpnchnk]

Good day,



We are planning to set up an LTD company in the UK. Business activity: an online service mainly providing design content and software.

We are carefully reviewing all the laws and regulations published by HMRC and FCA that might apply to our business activity, but still not completely sure on whether we are obligated to register with HMRC and FCA or not for any kind of license/supervision (Money Laundering Supervision, Payment Institution, Electronic Money Institution)

Activities that our business is interested in::

1. Making transfers from the company corporate bank accounts to foreign contractors (individuals, individual entrepreneurs, companies). (If this depends on the countries of foreign/non-EEU contractors, could you kindly inform us?);
2. Receiving payments from foreign companies (for instance, from U.S., Hong Kong) and acting as ‘a customer in this case’;
3. Making transfers to cryptocurrency exchanges and then to some of foreign contractors

As far as we understand from official documents, the mentioned above business activities are not obligated to have any licenses. But we would be very glad if anyone could clarify this.



We will be thankful for any helpful information from anyone! Many thanks in advance!

 

[Gyumri]

These are not regulated activities but you will need to really clarify to your bank to explain the debits and credits and the nature of your business before you open an account. If they suddenly see large sums going in and out and are suspicious then you may find your account blocked until the bank gets clearance to process the transactions.

Suspicious Activity Reports

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www.nationalcrimeagency.gov.uk

 

[Paul Kelly ICHYB]

So you just want to pay people and get paid? Why would you think you need FCA regulation?

As for HMRC, it depends on your business, turnover etc.