Electronic money is increasingly being used in domestic and international transactions. Compared to any other forms of payment, they have several benefits:
years
EUR
years
It is necessary to register a company in the country where the license will be obtained, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.
The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.
The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.
The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.
One of the mandatory requirements is office rent. We will select a budget option that meets the requirements.
It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.
It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.
The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.
Electronic money is increasingly being used in domestic and international transactions. Compared to any other forms of payment, they have several benefits:
All this makes electronic money a convenient payment instrument, to use which you need an EMI license. Our managers are always ready to give you a piece of advice on the implementation and licensing of this payment system.
An E-money license enables institutions to open sub-accounts for their customers. This makes it possible to create special e-wallets. Before opening an EMI account, the client must be verified, which includes undergoing the KYC (Know Your Customer) procedure. It is observed during the entire period of servicing the account until it is closed. In some cases, additional verification methods can be implemented, for example, when certain limits are reached. If KYC information about the client is not enough, restrictions on using the account can be imposed.
Relevant legislation changes quite quickly, so we recommend that you request a clarifying consultation with our managers.
Issued electronic money can be converted into other currencies for use outside the website of the licensed payment system. At the same time, an EMI company can use its own quasi-currency to service payments. This can be the basis for money laundering and various fraudulent schemes. Therefore, owners of any company applying for an EMI license, are subject to thorough due diligence. On average, it takes three to six months, but the terms can vary.
The process of obtaining a license is quite complicated and can also vary from jurisdiction to jurisdiction. In this regard, the list of necessary documents and requirements is determined on an individual basis.
In addition, the following requirements must be met to obtain a license:
There are also requirements for the beneficiary. The Electronic Money Institution license will be issued only if the beneficiary:
For the exact requirements and the list of required documents, you can contact our company's managers.
Each EMI licensing procedure is different, so not only different requirements may apply but also conditions. Many EU regulators, for example, grant an e-money license only if the following conditions are met:
In addition, a certain application fee is required. To renew an electronic money license, an annual fee must be paid. The amount depends on the jurisdiction where the licensing takes place.
If you are interested in EMI licensing, remember that it is a fairly lengthy process, and if there are any difficulties, the license can be denied. To avoid this, we recommend that you contact our staff. They will study the licensing requirements and conditions, take care of the necessary paperwork, and take care of the rest of the formalities so that you can get an EMI license quickly and effortlessly.
Frequently Asked Questions:
We will contact you soon and give a detailed answer
