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 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 |
| Approximate 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 |
| Approximate 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 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 |
| Approximate 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 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 |
| Approximate 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 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 |
| Approximate 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 Spain under Law 21/2011 on Electronic Money, which transposes into national law the provisions of Directive 2009/110/EC of the European
Parliament and of the Council.
Below please find features of the particular license category in more details:
| Feature/Category | E-money Institution License |
|---|---|
| Type of company required to be eligible | Private Limited Company (Sociedad Limitada) |
| Corporate taxation | 25% |
| Minimum paid-up statutory capital | 350,000 EUR |
| Main requirements |
|
| Timeframe | As regards the timeframe for obtaining the license, a complete application is normally decided upon Bank of Spain approval within 3 months from the date of filing. |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
- Opening of operational and clients bank accounts (worldwide).
- Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel).
- Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit.
- Provide outsourced Compliance & AML Support services.
- Provide outsourced Risk Management services.
- Assistance with finding local premises.
- Assistance with Trademark & Brand Name registration.
- Provide in-house trainings/seminars.
- Provide Legal Opinions.
- Provide DPO & GDPR Advisory services.
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.
Need a different jurisdiction? Request a quote for your preferred location, and we’ll deliver tailored proposal to meet your needs. Additional jurisdictions available upon request. Simply request a quote for your desired jurisdiction, and we’ll provide the details promptly.
Licenses are granted by the Financial Services Commission (FSC) under the provisions of the Financial Services Commission Act, 2023 and the Securities Industry Act, 2021 (SIA).
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 |
| Approximate Timeframe | A complete application is normally decided upon FSC 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 |
| Approximate 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
Need a different jurisdiction? Request a quote for your preferred location, and we’ll deliver tailored proposal to meet your needs. Additional jurisdictions available upon request. Simply request a quote for your desired jurisdiction, and we’ll provide the details promptly.
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