Suppose you already possess a money services business (MSB) license in a particular jurisdiction. In that case, you may be considering ways to upgrade your license in order to expand your business and increase your operational capabilities. Upgrading a license can mean a variety of things, depending on your specific business needs and goals.
One way to upgrade your MSB license is to literally increase the limits or scope of your license. This could involve expanding your product or service offerings, such as by adding new financial products or services to your portfolio. It could also involve increasing the geographic area in which you are authorized to operate, allowing you to reach more customers and tap into new markets.
Another way to upgrade your license is to obtain additional licenses in other locations. This can allow you to expand your business beyond your current jurisdiction and establish a presence in new markets. It can also help you diversify your revenue streams and reduce risk by not relying on a single market. Obtaining additional licenses can be a complex and time-consuming process, but it can be a valuable investment in the long term.
If you are interested in upgrading your license or obtaining a new license in a new jurisdiction, our team can certainly help you navigate the process. We have experience in helping businesses upgrade their licenses, apply for new licenses, and enter into correspondent relationships with other license holders.
Finally, upgrading your license can also involve obtaining licenses that you were previously sponsored for as an agent or correspondent. As an agent or correspondent, you operate under the license of a principal license holder (PLH). While this can be a convenient way to enter a new market, it can also limit your independence and ability to fully control your business. By obtaining your own license and becoming a PLH, you can gain more autonomy and potentially increase your profits by not having to share them with a PLH.
In conclusion, upgrading your MSB license can take many forms, depending on your business needs and goals. Whether it involves expanding the limits of your current license, obtaining additional licenses in new markets, or becoming a principal license holder, upgrading your license can help you grow and succeed in the financial industry. If you need assistance with any aspect of the process, our team is here to help you achieve your goals.
This page was last updated on January 5, 2023.