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Payment system Omega (UK)

Omega BaaP Limited is a British fintech electronic money company aimed at online business services. OMG received a payment services license from the UK's Financial Conduct Authority (FCA) in 2021.

The Omega system is available for use in the UK, Europe and the USA. It supports a wide range of currencies, including the British pound, euro, US dollar and others. It is a certified participant of the SWIFT, SEPA and Faster Payment systems.

The company serves residents of more than 190 jurisdictions, subject to the presence of a legal entity in Great Britain.

OPEN AN ACCOUNT IN OMEGA (OMG)

Account types

Multicurrency corporate (business) accounts.

Accounts are opened only for companies registered in England (except LP, and LLP). The service is not available to individuals.

Companies or beneficiaries from black and sanctions lists are not accepted for cooperation. Also, high-risk activities are considered individually (cryptocurrency, arms trading, financial activities are not accepted).

They provide individual European IBANs: GB, LU, DK and DE.

The OMG payment system works with payments in EUR and USD.

Correspondent banks are Barclays, Banking Circle and Clear Bank.

Cost of opening an account (payment system tariff)

Opening a business account – 49 GBP.

 

Compliance fee – 250 GBP (for high-risk clients).

 

Commission for storing funds – 0.05%.

Representative offices

None.

Account management

Using Internet banking.

Provide personal English-speaking managers.

Service tariffs

Account maintenance - 99 GBP/month.

 

Incoming payments:

- SEPA – free;

- SWIFT – 5 GBP.

 

Outgoing payments:

- SEPA – from 1 GBP;

- SWIFT – 5 GBP.

Term of opening an account

The account opening process consists of two stages: the preparatory stage and the account opening stage.

The preparatory stage includes the collection and provision of documents necessary to open an account. The duration of the preparatory stage depends directly on you.

The account is opened within 10 business days from the moment of providing all necessary documents and information to the payment system. The review period may increase at the discretion of the payment system.

Omega adheres to the “know your client” principle and in each  case reserves the right to request additional information or documents, which may lead to an increase in the time frame for opening an account, and may also refuse to open an account without giving reasons.

Staff

Working languages: English, German, and others

Credit/debit cards

Mastercard cards are planned to be issued at the end of 2023. It is planned to issue up to 3 physical cards and 100 virtual cards for each employee.

Documents for opening an account

Company documents – it is necessary to provide originals of all statutory documents. In addition, you will also need documents confirming the company's address no older than 3 months.

 

Documents for the account manager:

  • original internal passport;
  • original international passport;
  • original identification code;
  • CV;
  • original bank recommendation;
  • original utility payment (for gas, electricity) no older than 3 months (to confirm the residential address).

 

Documents for the company's beneficiary:

  • original internal passport;
  • original international passport;
  • original identification code;
  • CV;
  • original bank recommendation;
  • original utility payment (for gas, electricity) no older than 3 months (to confirm the residential address).

 

The payment system may also request documents confirming the source of income (welfare) of the beneficiary. It can be:

  • a certificate from the place of employment indicating wages and a personal account statement showing the calculation of wages;
  • tax returns;
  • documents confirming receipt of inheritance;
  • documents confirming receipt of funds as a gift, as well as their availability in accounts;
  • documents confirming the sale of movable/immovable property;
  • if the beneficiary is the founder of the company - documents for the company, statements of company accounts, tax returns, documents confirming the payment of dividends;
  • if the beneficiary is a private entrepreneur - an extract from the register, tax returns for the entrepreneur, bank account statements;
  • a certificate from the bank confirming the presence of a deposit, as well as documents confirming the source of receipt of these funds;
  • other documents showing sources of income.

 

Documents for the nominee manager, shareholder and secretary (when the company uses the nominee service):

  • binding of documents under an apostille, including copies of: passport, utility bill receipts no more than 3 months old and bank recommendation (if the nominee director, shareholder and secretary are an individual);
  • binding of the company’s statutory documents under an apostille, including: Certificate of incorporation, charter and constituent agreement, protocol on the appointment of a director (if the director is a legal entity). You may also need a Certificate of Good Standing under an apostille, a Certificate of Incumbency under an apostille, and documents for the director: binding of documents under an apostille, including a copy of the passport, a utility bill receipt no more than 3 months old, and a bank recommendation.
Account opening procedure

Must visit our office to fill out survey forms, as well as provide documents on the company, directors and shareholders. Next, the documents are sent to the payment system and, after approval, an account is opened.

All verification and account opening procedures are completely remote.

For more detailed advice on the conditions for opening accounts in Omega BaaP Limited (UK), please contact us at the office. We will answer all your questions and help you to open an account in the English Omega payment system or one of more than 70 foreign banks to choose from.

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