The United Kingdom continues to be one of the top jurisdictions for obtaining an EMI (Electronic Money Institution) financial license. Please note that this permission is a prerequisite for legal activities related to the growing popularity of electronic payments.
It is necessary to register a local company, 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.
Office rent is not mandatory, but having one will significantly increase your chances of obtaining a license. 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.
A company that has obtained an e money license UK can operate worldwide.
By becoming an e-money institution (this is the status given by the EMI license), you can perform many functions available to traditional banking organizations. The only limitations are lending activities and the attraction of clients' money for deposits.
Holders of electronic money license UK can interact with various financial institutions of different levels and provide the following services to legal entities and individuals:
EMI license gives the right to emit electronic money, issue payment instruments and acquiring, and provide services for:
Compared to banking institutions, e-money institutions are more flexible. They are not subject to strict bank regulations and supervision.
Two types of licenses can be issued in the United Kingdom:
Licensing implies the payment of state fees. When obtaining AEMI, the fee is GBP 5,000. For a SEMI payment license, you must pay £1,000.
UK e money license applicants must be prepared for stringent conditions regarding HR issues and AML policies:
Before applying, the applicant must open a firm, purchase or lease an office, and hire employees. A bank account is opened after the request has been reviewed by FCA.
To obtain a UK e money license, an applicant must submit a filled-out application form and prepare an extensive package of documents:
Three months are given for review of the application. However, FCA has the right to request additional documents, and, in general, the assessment and decision to issue an e money license UK can take up to one year.
Financial institutions planning to provide services related to the issuance and turnover of electronic money in the European Union must have an EMI license. This is a requirement of the EU directive 2015/2366. An EMI (Electronic Money Institution) license is a legal document issued by a designated regulatory authority.
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.
Frequently Asked Questions:
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