About Electronic Money Institution licenses
Being more agile and fast in their operations, Electronic money institutions are a great alternative to traditional banks. They allow opening an account quicker, with fewer documents and without the need to physically come to this institution. By the largest extent, the terms EMI and electronic money apply to companies and products that offer electronic money transfers, and all the infrastructure around them. Licensed Electronic Money (EMI) Institution allows provision of all payment services in a much wider range compared with Payment Institution designed for instant payment processing.
Where we offer EMI Licenses:
Ireland
Requirements
- Minimum authorized capital EUR 350,000
- Business plan, internal control, company structure and management frameworks
- At least 2 directors (residents of Ireland)
- At least 1 shareholder, 1 secretary, 1 auditor
- Office in Ireland; Keeping the minutes, registers of directors, shareholders, income and expenses
- Pay 1% of the announced capital
- Requirement to safeguard client funds either with a segregated client bank account or with an insurance policy
- The management body of the electronic money institution must be of good repute and possess the relevant qualifications and experience to perform their duties.
Singapore
Requirements
- Initial capital from USD 260,000
- Reliable proof of level of income
- Office in Singapore; Preparation of business model and business plan
- Compliance, risk and anti-financial crime framework
- Certain qualification and experience requirements for management board
- Background of any Directors and anyone who will be responsible for the management of the provision of e-money
- Preparing description of IT system (and other planned technical solutions)
- Preparing the accountancy system description; Contracting the counterparties (e.g. auditing company)
- Preferably to hire local AML officer in Singapore
- One local executive director in Singapore.
Lithuania
Requirements
- Founder(s) of an e-money institution must undergo an investor screening procedure with the CCSSO (Council of Chief State School Officers)
- Сompany Board should consisting minimum 3 members and the CEO
- Initial capital requirement EUR 350 000
- Capital buffer requirement depending on the business plan calculations
- Prior to submitting all documents for a license, you need to have a clear vision of your technical solution
- Drafted outsourcing agreements, as well as agreements with parties involved in the process prior to application
- Company is obliged to have a bank account for capital deposit and operational needs in Lithuania
- Physical office in Lithuania
- At least one representative who speaks Lithuanian.
