Electronic money institutions (EMI) are an industry that is changing the world. It allows people to handle cash transactions without using cash. Cashless transactions have been enabled by online and mobile companies. There are many benefits of e-money such as security, speed, and efficiency. At GFSC Global, we help EMI companies receive the relevant licenses in many countries.
We can assist with obtainment of the licenses in: the European Union countries like Cyprus, Lithuania, Bulgaria and Malta.
Also in offshore jurisdictions like Belize, New Zealand, Mauritius, Vanuatu, and the UK.
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Some of the services relating with electronic money are:
- Cash deposits – This is a service that enables cash to be deposited in a digital payment system.
- Cash withdrawals – This is a service that enables people to withdraw funds from a digital platform.
- Payment transactions – These are services that deal with digital processing. They include funds transfer and bill payments. They also include direct debits and credit transfers.
- Payment transactions where funds are covered by a credit line – These are services like direct debits, card transactions, and credit transfers like standing order.
- Money transfer
- Execution of payment transactions where the consent of a payer is transmitted digitally.
The capital requirement for a company depends on the country they want to register their business in. In the European Union, the minimum capital requirement starts at about EUR 350k. In offshore countries, it starts at $25k.
The amount of time taken to get a license depends on the country. In most countries, the time taken ranges from 2 to 6 months.
At GFSC Global, we offer the following services to e-money companies:
- Forming and registering a local company.
- Organizing meetings with key regulators.
- Virtual or physical office
- Bank accounts creation.
- Due diligence on all local individuals involved.
- Preparing all internal documents
- Filing documents to regulators.
Licenses are granted by Malta Financial Services Authority (“MFSA”) under the provisions of the Financial Institutions Act Cap.376.
Below please find features of the particular license category in more details:
| Feature/Category | EMI License |
| Type of company required to be eligible | Malta Ltd company |
| Corporate taxation | 35% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements | Physical office, minimum of 2 directors, AML Compliance Officer, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon MFSA approval within 8-12 months from the date of filing. |
| Government fees | 3,500 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Bank of Lithuania under the provisions of the Republic of Lithuania Law on Electronic Money Institutions.
Below please find features of the particular license category in more details:
| Feature/Category | EMI License |
| Type of company required to be eligible | Lithuania Ltd company |
| Corporate taxation | 15% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements | Physical office, minimum of 2 directors (locals), AML Compliance Officer, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon Bank of Lithuania approval within 3-4 months from the date of filing. |
| Government fees | 1,463 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Financial and Capital Markets Commission (“FCMC”) under the provisions of the Law on Payment Services and Electronic Money.
Below please find features of the particular license category in more details:
|
Feature/Category |
EMI License |
| Type of company required to be eligible | Latvia Ltd company |
| Corporate taxation | 20% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements | Physical office, minimum of 2 directors, AML Compliance Officer, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon FCMC approval within 3-4 months from the date of filing. |
| Government fees | 5,000 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Bulgaria National Bank (“BNB”) under the provisions of the Law on Payment Services.
Below please find features of the particular license category in more details:
| Feature/Category | EMI License |
| Type of company required to be eligible | Bulgaria Ltd company |
| Corporate taxation | 10% |
| Minimum paid-up statutory capital | 250,000 BGN |
| Main requirements | Physical office, minimum of 2 directors, AML Compliance Officer, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon BNB approval within 3-4 months from the date of filing. |
| Government fees | * |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Central Bank of Cyprus (“CBC”) under the provisions of the Electronic Money Laws of 2012 and 2018.
Below please find features of the particular license category in more details:
| Feature/Category | EMI License |
| Type of company required to be eligible | Cyprus Ltd company |
| Corporate taxation | 12,5% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements | Physical office, minimum of 4 directors, AML Compliance Officer, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon CBC approval within 9-12 months from the date of filing. |
| Government fees | 5,000 EUR |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the International Financial Services Commission (“IFSC”) under the provisions of the International Financial Services Commission Act, Chapter 272 of the
Substantive Laws of Belize, R.E. 2011.
Below please find features of the particular license category in more details:
| Feature/Category | International Money Transmission License |
| Type of company required to be eligible | IBC |
| Corporate taxation | 0% |
| Minimum paid-up statutory capital | 75,000 USD |
| Main requirements | Physical office, minimum of 1 director, qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon IFSC approval within 3-4 months from the date of filing. |
| Government fees | 1,000 USD |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Financial Conduct Authority (“FCA”) under the provisions of the Electronic Money Regulations 2011.
Below please find features of the particular license category in more details:
| Feature/Category | EMI License |
| Type of company required to be eligible | UK Ltd company |
| Corporate taxation | 19% |
| Minimum paid-up statutory capital | >350,000 EUR |
| Main requirements | Physical office, minimum of 1 director, AML Compliance Officer (local), qualified personnel, professional indemnity insurance, audited financial statements |
| Timeframe | A complete application is normally decided upon FCA approval within 5-6 months from the date of filing. |
| Government fees | 5,000 GBP |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services