E-money Institute
The number of Electronic Money Institutions (EMI) is continuously increasing.
We can assist you in getting the relevant license in Estonia and other selected European jurisdictions and keep your business compliant in the long run.
What are the general requirements?
- Minimum share capital: Money remittance: EUR 20.000 All other services offered by Payment Institutions: EUR 125.000 Payment initiation services: EUR 50.000 Electronic Money Institutions: EUR 350.000
- The shareholders must have an impeccable business reputation
- The members of the board must have an impeccable business reputation, along with education, experience and professional qualifications necessary to manage an e-money institution
- Permanent establishment in the country in which the company applies for the license
- Auditing is mandatory
- Adequate organisational structure
- Adequate technical organisation
- Compliance with the anti-money laundering and counter-terrorist financing law and regulations
- GDPR compliance
What is the timeframe?
The time to obtain a license varies from country to country, and some EU Regulators are most likely faster than others. In any case, the decision on the application for an EMI/PSP license is usually made in 3-6 months.
