Residence Permits And Payment Institutions: Capital Requirements IP Databases Go Live – General Immigration

The Board of the Ministry of Economy approved by Resolution No.
31 of 29 December 2023, Amounts of Paid-in Capital of Entity Listed
in Sub-Sections 45.1.6-1 and 52.1.10 of Migration Code to Obtain
(Prolong) Temporary or Permanent Residence Permit and of Turnover
of Persons Listed in Limb 2 of “Note” to Section 45 and
Sub-Sections 52.1.10 and 52.1.11 of That Code. The Resolution is
effective 16 January 2024.

Sub-Section 45.1.6-1 of the Migration Code grants a temporary
residence permit (TRP) to a head of a foreign-invested local
enterprise with an equity capital exceeding the threshold that the
Resolution sets at ₼50,000.00. Limb 2 of the Note to Section
45 of the Code requires that entities employing the head have the
turnover that the Resolution sets at ₼100,000.00. Permanent
RPs require twice these amounts.

The Resolution provides for similar requirements for TRPs of
foreign and stateless sole proprietors.

The Management Board of the Central Bank issued on 10 January
2024 under Resolution No. 01/2, Regulations of Arranging and
Running Operations by Payment Institutions and E-Money
Institutions, effective 23 January. The Regulations are issued
under
Law No. 987-VIQ, On Payment Services and Payment Systems
(Sub-Sections 3.2.9, 4.2, 5.1.1, 5.1.2, 7.1.1, 10.1, 49.2.11, 49.3,
59.2.3, 62.3.1, and 62.4 of it) and establish, among others,
minimal capital requirements for the institutions.

The requirements for the minimal paid-in (charter, and, in case
of branches of foreign payment institutions, allocated) capital of
the institutions are as follows: – institutions engaged in
any or all of (i) making over payment account cash deposit and (or)
disbursement transactions, (ii) executing payment transactions by
credit transfer, direct debiting, payment cards, and other similar
payment instruments, and (iii) issuing payment instruments and (or)
acquiring of payment transactions

• ₼500,000.00;




• institutions engaged in acting between upon carrying out
  payment transactions and/or money transfers




• ₼100,000.00; and




• e-money institutions




• ₼750,000.00.

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