EMI Licenses

In order for a company to have official rights to issue e-money and carry out other activities related to the provision of payment services, it is necessary to obtain a special permission for it, called an EMI. One of the licenses is EMI. Below we look at the benefits of ready EMI license for sale and why it is the best choice for an entrepreneur of any professional involvement stage.

In modern world, electronic money is confidently gaining trust, and an increasing number of market participants are beginning to use the advantages provided:

  • lack of need for exchange;
  • the possibility of remote use and the speed of operations;
  • protection against forgery and theft.

With it, you can create e-platform where many users will carry out financial operations, depositing and withdrawing a huge amount of funds. Basic services list with EMI includes:

  • tracking payment transactions;
  • creation of payment and debit cards.

The peculiarity of the system is that all accounts in it are opened remotely. The platform accepts users from any country, requiring a minimum of documentation. However, procedure for getting a permission isn’t easy.

How to get a license?

First businesspersons need to decide on choice of jurisdiction. At the moment, the states that are part of the EU are popular, as this allows businesses to work internationally. Among such countries choose: Lithuania, Estonia, Czech Republic, Great Britain, Malta, Cyprus and Hong Kong.

The next step is to open a branch in the state where executives plan to obtain permission. On his/her behalf, an application with a list of documentation is submitted. The package includes commercial plan, strategy, basic employee data, etc. After submitting documentation, an interview is held, where the founder of the company explains the goals, objectives, strategy, and answers the questions of the supervisory authority. Depending on the situation, several such meetings may be held.

Licensing process and its terms

The owners of a company that needs its own electronic currency (or E-Money), after submitting application to selected jurisdiction, undergo a check. This procedure takes 3 to 6 months. The answer comes to the office. You will have to wait a long time, but that’s all, because issue of e-money is a good tool for fraudulent schemes. To defend potential customers, the jurisdiction puts forward considerable requested points. Basic ones include:

  • no criminal record and no debts;
  • the presence of a personal account;
  • willingness to provide alternative evidence in the absence of individual papers.

Each state creates its list of required documents. You can find it online. Nevertheless, a considerable amount of money is required for the implementation and expansion of project. In this case, funds must be clean. You need to provide a deed of gift, an extract from a personal account, or another document indicating the legal origin of the amount. You will also need to prove that you paid tax on it. One more requirement is the presence of an approved office of organization in the jurisdiction. The list of leaders must contain the names of citizens who are considered citizens of this country. Their number can vary from 2 to 5.

Before issuing a document, be sure to carefully check head of institution. Managers need to necessarily confirm their professional background by submitting documents that can certify the inspector’s education. Important: this person should not be in a technical specialty, only financial or economic direction is allowed. The vast majority of EU states inspect all the company’s top. 

If you are interested in an EMI license, remember that this is a rather lengthy process, and if difficulties arise, licensing may be denied. To prevent this from happening, we recommend that you contact the experts.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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