Business based on virtual money is rapidly developing around the world and in Europe in particular. 500 million potential customers and more than 20 million companies in the EU is a great pie for a new company to have a piece of.
Thanks to acquiring a license in any of the EU countries and the passportization function, you will be able to work with the same permit throughout the European Union.
General information
Fintech is a fast-growing industry that is attracting more and more entrepreneurs. Therefore, online banking has a huge and promising potential. While traditional banking is taking a back seat, businesses like TransferWise, Paysera, Payoneer, Monese and Revolut are thriving.
An e-money license in the country allows you to create a remittance system and operate as a financial establishment in Estonia.
For such biz in country, payment favors providers must obtain an e-money license in order to supply remittance services. The AEMI license is valid throughout the EU and can be used in all countries once obtained.
Requirements for AEMI license in Estonia
- Internal rules and rules of internal accounting under MERAS or proposals to them
- a description of the applicant’s participation in the national or international payment system, as well as the proposed arrangements for outsourcing operations, the intended use of agents and branches, and the proposed use of individuals or legal entities for the distribution and redemption of electronic money;
- info about persons who directly or indirectly control the applicant, including information about individuals who directly or indirectly own shares or voting rights in one or more legal entities exercising control over the applicant, as well as data on the amount of actual participation of these persons and their compliance requirements, taking into account the need to ensure reliable and reasonable management of the AEMI;
- details of the directors and persons responsible for the management of the Authorised e-money license in Estonia and, where applicable, the persons liable for the administration of the issuance of e-money and the provision of remittance favors, as well as evidence of their good reputation and their knowledge and experience in issuing electronic money, and provision of remittance favors, in particular a copy of a certificate of no criminal record, a certificate that a person is not bankrupt, a description of professional qualifications and education, senior positions or positions on the board of directors held in other legal entities, previous positions and experience in the field of e-money and payment services;
- data of an independent auditor;
- the applicant’s legal status and articles of association;
- applicant’s head office address.
Documents for preparing to obtain AEMI license in Estonia
If you wish to get AEMI license in Estonia, the following documents should be submitted to the Financial Supervision and Settlement Authority of Estonia:
- a copy of the founding agreement and the company’s charter,
- confirmation of payment of the authorized capital (bank account statement),
- a plan containing info about the favors to be supplied,
- a business plan showing that the company meets PEIA requirements,
- a document on the company’s compliance with the demands for the protection of the client’s assets,
- internal policies and documents on accounting policies and procedures in accordance with PEIA demands,
- information on IT tools and systems used to issue electronic money.
Other documents will also be required, some of which relate to the accounting rules that public companies must comply with, in relation to the audit demands that such companies must comply with.
If you want to start a fintech company in the country, you can rely on our consultants. With our help, opening a business is easy.
Services that can be provided with AEMI license
A firm that has an AEMI license in Estonia for sale can supply the following services:
- Money transfers
- Depositing and withdrawing cash
- Issue of electronic money
- Issuance of payment instruments
- Payment Initiation Service (PSD2)
- Account Information Service (PSD2)
Advantages of AEMI in Estonia
Estonia is one of the most technologically advanced countries in the world. It is also the first country to introduce the concept of e-residency, making it one of the best places to set up a fintech business.
According to statistics:
- at the EU level, 500 million consumers of fintech favors,
- at the end of 2018, there were 84 fintech companies,
- 32% of these enterprises worked in the sector of distributed ledger technologies,
- 28% of them worked in the deposit and credit sector.