How to get a license Electronic Money Institution.

A COMPANY CAN PREPARE TWO TYPES OF EMI:

1. Full EMI License:

A license endowed with full rights allows you to carry out activities without financial and territorial restrictions.

• Activities throughout the EU without coordination with national regulators.

• The ability to provide related services without restrictions.

Necessary requirements:

• minimum share capital EUR 350,000

• 2 directors with relevant professional education and experience.

2. Small EMI license:

The registration process is cheaper and easier than a full EMI license, however there are some financial and territorial restrictions, namely:

• activities within the UK

• one-time emission of E-money should not exceed 5 mln. EURO.

• the ability to provide related payment services, provided that their total turnover does not exceed 3 million.

Necessary requirements:

• the minimum share capital is 5,000 EUR. Capital must be increased up to 2% of the amount of a one-time E-money issue over EUR 500,000.

• 2 directors with relevant professional education and experience.

LICENSE OBTAINING PROCESS.

Before starting work, we will consult with you, discuss your plans and assess the potential for obtaining a license. 

After consultation, you can begin to prepare the necessary information and documentation to obtain your chosen license.

The main questions that you will need to solve in the process of preparing documentation are:

• understanding of the planned activities (products, customers, volumes)

• availability of 2 directors with professional education and experience.

• legalized funds for the contribution of the authorized capital.

• preliminary agreements with the bank on opening an account for EMI.

As a result of the completion of stage 1 of our work (1-2 months), you will receive all the necessary documents for obtaining an EMI license by your company.  

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After the preparation of all the necessary documentation, stage 2 begins - directly filing an application to the Regulator (FCA or BoL). Throughout the entire application review process (from 6 to 18 months), our company will assist you in communicating with the Regulator, preparing answers to questions.