Intelligent Solution Group > Services > English financial license EMI

English financial license EMI

An EMI in the UK is one of the most versatile financial licenses.

Price: € 125 000.

The Electronic Money Institution (EMI) UK license service is intended for:

fintech projects wishing to issue electronic money
neobanks
financial institutions planning to create their own payment system
e-commerce sector representatives

EMI licensing for businesses abroad involves registration with the UK financial regulator (FCA) as an Electronic Money Institution (EMI). The service is provided under the E-Money Regulations 2011 and the Payment Services Regulations 2017.

The main advantage of the license is the ability to:

make payments and transfer money in electronic currency;

issue and receive MasterCard plastic cards;

open accounts remotely for individuals and legal entities;

initiate SEPA payment transactions.

With a UK EMI license for a foreign business, you can engage in the following types of activities regardless of your location:

1

Accept payments from clients in various formats, including cash, bank cards, and e-wallets.
2

Provide various financial services, such as lending, microfinance, and asset management, within the legal limits.
3

Issue and manage bank cards and e-wallets.
4

Develop and manage your own payment systems, ensuring transaction processing, security, and regulatory compliance.

5

Provide payment processing services for other businesses and integrate with various platforms and systems.
6

Conduct currency exchange for clients.
7

Carry out money transfers between clients and/or in different currencies.
8

Maintain the operation of the payment system.

Types of EMI licenses in the United Kingdom

In the UK, there are two main types of licenses for electronic money institutions:

Full (classic) AEMI license (Authorized Electronic Money Institution):

Allows offering a full range of services, including operations within the European Economic Area (EEA).
To operate in EU countries, a simplified passporting procedure is required.

SEMI license:

Suitable for small companies with an expected average monthly turnover of less than €3 million.
Companies with this license can provide services only within the UK.

The licensing process includes payment of government fees. The cost of obtaining an AEMI license is £5,000, while the SEMI license costs £1,000.

What requirements must a company meet to obtain an EMI in the UK?

1

Be over 18 years old.
2

Have a bank account opened in the name of an individual or legal entity.
3

Provide documents verifying the source of income (tax return or certificate from tax authorities).

4

No restrictions or prohibitions from EU and UK regulatory authorities.
5

Long-term lease of real estate (building or office) for the company.

Requirements for obtaining an AEMI license

1

Operations are permitted in EU countries and the European Economic Area (EEA).
2

Authorised capital: at least €350,000 + a bank deposit is required

3

Time taken to obtain a license: from 6 months.
4

We require two directors who are UK residents.

Please leave your contact details. One of our specialists will contact you within 30 minutes to discuss your enquiry.

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Steps involved in obtaining an EMI license in England

We analyse your business, objectives and goals.

We can help with preparing and completing the paperwork.

We submit an application for company registration and provide full support throughout the process.

We rent out office space and can assist with hiring a local secretary.

We develop AML procedures and AML-CTF-KYC policies, and assess risks.

We open a company bank account at a local bank.

We are applying for a license. We are in discussions with the regulatory authorities.

We receive the finalised documents and send them to you.

We have gone through this process many times, so we take as much of the burden off the client as possible and provide support on all matters.

Additional services

charged separately

opening a bank account;
verification of the source of funds;
connection and integration with the banking software platform;
accounting support and reporting.

Can an English EMI license be used to operate with cryptocurrencies or crypto services?

An English EMI license does not directly cover transactions involving cryptocurrencies, as these are governed by separate regulations and require authorisation from the FCA for activities relating to crypto-assets. However, you can launch hybrid models involving partner providers or licensed crypto agents. We can help you set up such a model within the framework of current regulations.

What happens to an EMI license after Brexit – can it still be used to work with clients from the EU?

After Brexit, a UK EMI license does not automatically grant access to the EU market. To work with clients from European Union countries, you must either set up a subsidiary in one of the EU countries and go through the licensing procedure there, or collaborate with a European licensed partner. We help you establish a legal structure that will allow you to legally serve clients in the EU, including the registration of subsidiaries or partnership agreements.

What are the costs of maintaining an EMI license in the UK once it has been obtained (recurring costs)?

Once you have obtained the license, you must take into account the annual operating costs, including:

mandatory reports to the FCA (including financial and AML compliance reports),
an audit (if turnover exceeds the set limits),
office rent,
salaries for at least two resident directors,
the services of a compliance officer,
professional indemnity insurance (PII insurance),
membership of consumer protection schemes (e.g. the Financial Services Compensation Scheme, where applicable).

Average annual maintenance costs can range from £100 000 upwards, depending on the scale of operations. We offer comprehensive post-license support, including the preparation of reports and internal audits.

Cases:

CASE: How to recover frozen $600,000

The client faced a problem with frozen funds in the account of his international company. The bank where the account was held was in the process of liquidation and froze all funds while starting an audit of its clients.

CASE: Forgotten $400,000

Our client decided to completely liquidate his company, established about 10 years ago in Latvia. During the liquidation process and communication with the bank, we discovered that the client had $400,000 in the account for several years — money everyone had forgotten about.