The Isle of Man is an attractive place to incorporate a Fintech business. Fintech and Virtual Financial Assets (VFA) are not currently regulated in the Isle of Man; however since April 2015 the law was amended to bring certain businesses under the oversight of the Isle of Man Financial Services Authority (“FSA”). The FSA have taken a stance that such businesses should be subject to registration under the Designated Businesses Act 2015.
As a regulated and experienced corporate service provider Affinity Management Services is well equipped to assist both new start-ups and already established Fintech business, ensuring full compliance with Designated Business Act; it is possible to incorporate and register your VFA or crypto-exchange business under the Act within a matter of days.
In addition Affinity can offer a number of additional services.
- Administration services;
- Anti Money Laundering (“AML”) & Know Your Client (“KYC”);
- Bank account opening;
- Introduction to payment services providers;
- Corporate structuring for Virtual Financial Assets / Initial Coin Offering (“ICO”) / Crypto-Exchange;
- Fiduciary services, including provision of Isle of Man resident Directors as required under the Designated Business Act 2015;
- Maintenance of accounting records and preparation of financial statements;
- Money Laundering Reporting Officer (“MLRO”);
- Data Protection Officer (“DPO”);
- Compliance with applicable regulations;
- Assistance with loan and equity funding options available via the Isle of Man Enterprise Development Scheme;
- Access to the Financial Assistance Scheme available on up to 40% capital expenditure (on successful application)
- VAT registration;
- Wallet set-up and security;
- ICO consulting / advisory;
- White Paper drafting / review;
- White Paper translation services;
- Advice in relation to fundraising
- Assistance marketing support / social media;
- Assistance with project management;
- Assisting with the development of Tokens and smart contracts / Tokenomics; and
- Assistance with security testing / security audit report.