The Republic of Malta is one of the top three countries by the number of issued EMI licenses. Increased interest in this jurisdiction and the status of e money license Malta is caused by certain factors, among which are the single European passport, tax preferences, loyal attitude to foreign investors, and all-round active government support to suppliers and users of financial services.
Information about EMI licenses. For any legal activity associated with the provision of any payment services in the EU, the organization must obtain the relevant permission — the payment license of the Financial Institution level. EMI license is required when operations involve electronic payments.
EMI licensing implies the submission of a corresponding application in the official form to the designated regulatory authority. In Malta, the Malta Financial Services Authority is responsible for licensing (authorization) and supervision of financial institutions.
Rules on the operation of companies-holders of e money license Malta shall be governed by the EU directives and regulations of MFSA. The regulations provide conditions for the active promotion of the FinTech sphere and increase the security of payments.
How To
The company-holder of the EMI license becomes an electronic money institution and receives virtually the same rights as a classic payment institution. It can:
The Republic of Malta is one of the first jurisdictions in the EU to allow the creation and registration of independent e-money institutions. At the moment, Malta boasts a developed technological infrastructure, flexible regulation, and a loyal tax policy. It is a politically stable country with a developed economy.
Since 2004, the Republic is a member of the European Union, so by obtaining an e money license Malta, a legal entity automatically receives the right to provide payment services across the EU.
Other advantages include:
It is worth noting that companies that have obtained the status of an e-money institution can delegate services to outsourcing firms.
Obtaining an EMI license in all EU countries implies the company's compliance with certain requirements concerning the amount of registered capital, personnel issues (company structure, top managers' reputation), and asset safeguarding policy.
Of course, the licensing process also requires certain monetary expenses. It is the cost of setting up a company, payment of government fees and services for the consideration of the application in Malta (one-time non-refundable fee for consideration of the application is 3.5 thousand euros). The monetary investment will be required for the purchase of hardware and software to run and support the business. There is an annual mandatory payment to the regulator equivalent to a share of 0.0002 of total assets.
The responsibilities of public companies with e money license Malta include the annual submission of reports.
To apply to the MFSA, the licensee must prepare an application, a package of legal and IT documents in English, including:
The procedure for obtaining an e money license Malta includes:
On average, the entire licensing process, including preparation time, can take 4-6 months.
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