MANILUJO Limited

Our Services

Our focus is to support you through your investigations and analysis of the Isle of Man Electronic Money Transmission Services regulatory environment, and ultimately work with you to develop your plans and on to the Class 8 license application itself. More details of the services are shown below.

Initial Discussions / Fact find to determine your needs

Here we look in detail at just what services you wish to perform under the Isle of Man License to determine what in the best course of action.

Development of the Business Plan

Here is important to look at the business plans you have and to develop these in to a document fit for submission to the Isle of Man Financial Services Authority with the Application. There are also a number of additional documents required that will be explained.

Looking at your Substance Requirements

Here we need to look at how you will wish to operate in the Isle of Man versus the requirements laid down under the Regulations for the operations to be considered as being managed and operated from the Isle of Man. There are no short cuts here.

FAQ

Typically what is required in terms of Substance

The Company will need to be Isle of Man incorporated with Two Resident Individual Directors and have it’s own Registered Office.

How long does it take to prepare for an application

Working closely with our clients, we can prepared the initial Business Plan and associated documents in one to two months, depending on the input of the client..

What can I expect from you

We will work with you to look at your product offering be it as a Payment Service Provider or an E-Wallet provider and work through the development of your business plan to the Isle of Man Financial Services Authorities Standards along with the supporting documentation. Full details of these will be covered as part of our engagement.

Will I be required to reside in the Isle of Man Personally.

The simple answer is no. Whilst the operations (including Management and Control) must reside with the Directors of the Company in the Isle of Man, you do not necessarily have to be here.

What are the minimum requirements for a License holder

There must be a minimum of two ordinarily resident, Executive Directors both approved by the Isle of Man Financial Services Authority. In addition (but could be on of the Directors) there will be a Head of Compliance / MLRO.

Do we need a Registered Office

Yes the business must operate from a registered office, either leased or owned by the Company.This may not be an office provided by a CSP or TCSP.

What are the typical time Scales

With our experience and depending how internally ready you are, we would expect to take between 1 and 2 months to prepare the business plan, supporting documentation and application. Then depending on the activities levels of the Isle of Man Financial Services Authority the licensing process will typically take 4 to 6 months.

Can you assist us with sourcing Staff and premises

Yes we have the relationships to assist you in these matters.

Please reach out for a quick free honest conversation

The key here is that we will always be happy to have a chat with you, to explain what is expected of any license holder. The conversation will be fully confidential and provide you with a truly honest evaluation.