Services/Finance/How To/ Brexit escape route Ireland aims to be the "second home" for financial services By Carly Minsky 19 November 2018 \Services How to control your startup’s SaaS subscription costs By Sifted 16 December 2022 Services/Finance/How To/ Brexit escape route Ireland aims to be the "second home" for financial services By Carly Minsky 19 November 2018 Fintech Ireland is harnessing the sector’s anxiety over how Brexit might change the rules of the game for payment services, eMoney and banking – or even knock the entire playing field off-kilter. Teaming up with legal, policy and regulatory experts, the association held an educational briefing for fintech companies in London. During a step-by-step demo of how startups can apply for authorisation with the Central Bank of Ireland, speakers offered key tips and insights: Double check you have downloaded the most recent forms from the Central Bank’s website and not an older version which can also be found in the “latest forms” section Payment services and eMoney startups must have a non-executive director, even though this is not specified clearly in the legislation Attach a separate document in the application with a written business explanation and a diagram showing flows of money and transactions, where the safeguarding account is and which bank is used In the initial meeting with the Central Bank, do not pitch grand propositions for future business development; regulators want a realistic account of the business and systems to manage any risk from day one If the Central Bank comes back with questions of a technical nature, it is worth pushing for a second in-person meeting rather than providing written explanations Make it clear who is responsible for specific business functions, particularly if job titles do not fully represent responsibilities Upon successful notice of assessment, you will have to demonstrate that your initial capital is available before authorisation is granted For more information, see FinTech Ireland, browse “who’s moving here” at Brexit Ireland, and find guidance from IDA Ireland and export assistance from Enterprise Ireland. Related Articles Expect surprises says Silva as Santander InnoVentures goes on shopping spree By Maija Palmer Click here to read more What’s the best way to spend your company’s money? Sponsored by Soldo Click here to read more A CFO’s guide to building a stronger business Supported by Oracle NetSuite Click here to read more Sex workers should be turning to fintechs, but cash is still queen By Secret Columnist Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?