Electronic Money Institution License

What is Electronic Money Institution License?

E-money license is a convenient tool that provides many advantages for business and for a comfortable life in general. Electronic money is a huge step for our future.

The most important achievement of electronic money is that they will soon replace the physical money we are used to.

Key benefits of the electronic form include:

• the constant availability of funds of any amount;
• no need to change money;
• no fake money;
• ease of use, the ability to pay from anywhere in the world.

Throughout the world, non-cash services, Internet banking and so on are gaining great popularity.

License for electronic money (E-money license) and license for making payments (Payment Service Provider license).

What are the requirements for the issuer of electronic money:

1. Company staff:

• minimum number of three directors;
• shareholders and directors qualified in the field of electronic money.

2. Physical office:

• the presence of a physical office.

3. Share capital:

• authorized capital – from Euro 50,000 and Euro 100,000 – for companies with low turnover, and reaches Euro 400,000 – for large businesses with high turnover.

4. Mandatory payments:

• 3500 Euro – state duty for filing an application.

Equivalent to 0.0002 assets, but not more than 2500 Euro – annual state duty (after obtaining a license).

You can work with a license obtained in one of the EU countries in all other European countries, having gone through a simple passportization procedure.

The stages of procedure for obtaining an e-money license:

• analysis of the business plan, which necessarily includes the financial performance of the company and verification (due diligence) of the founders and directors of the company.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.