English financial license EMI
Interested in Electronic Money Institution financial license? Planning to start a financial services business or expanding your business?
Use the service of support for obtaining EMI license for business from our specialists to go through the whole process without delays, avoiding various difficulties.
The Electronic Money Institution (EMI) license service is designed for:
- fintech projects wishing to issue electronic money;
- neobanks;
- financial institutions planning to create their own payment system;
- representatives of the E-commerce sector.
Licensing of EMI electronic money for business abroad implies registration with the UK financial regulator FCA as an electronic money institution (EMI), in accordance with the E-Money Regulations 2011 and the Payment Services Regulations 2017.
By obtaining an EMI (EMI) license for foreign business, it will be possible to legally conduct the following activities anywhere in the world:
- depositing cash and conducting account transactions in an electronic payment system;
- making money transfers;
- issuance of bank cards and other payment instruments;
- payment initiation services;
- issuance of electronic money, provision of operational services;
- functioning of the payment system.
Main steps of the procedure
Obtaining an eMoney (AEMI) license for the use of electronic money is done in stages:
- Studying the client's case, goals and needs;
- execution of documents for company registration and obtaining a license for it;
- incorporation of the company in the UK with renting a physical address and hiring a local secretary;
- development of AML procedure, AML-CTF-KYC policy, risk assessment, and business plan;
- obtaining an eMoney (AEMI) license for the use of electronic money;
- registration of SWIFT and LEI codes;
- opening a corporate bank account;
- assistance in preparing reports for the financial monitoring specialist (MLRO).
EMI license processing timeframe
Obtaining an eMoney (AEMI) license for the use of electronic money takes 12-15 months. Registration of a company in the UK is carried out on average in 3 working days. Preparation of documents and procedures - 3-4 working weeks.
ISG is your partner in successful EMI licensing for financial businesses.
Our lawyers go deep into the problematic issues of the client's business and find the best solutions. We will take care of all correspondence and requests to the regulatory authority, accompany the process at all stages of obtaining a license.
What documents need to be prepared for e-money licensing application EMI for business abroad?
Our experts help to collect the following documents for EMI license application in UK:
- incorporation documents;
- license application;
- business plan;
- a description of how your company will ensure the security of users and their funds;
- details of beneficiaries, directors, AML manager and bank accounts;
- a description of internal procedures and business management;
- confirmation of the amount of capital required.