Eternity Law International News Electronic money license in UK

Electronic money license in UK

October 5, 2020

This article provides information on the execution of Electronic Money Institution (EMI) – a license for electronic money on a company registered in the UK.


3 months (in case the regulator has FCA, there were no questions to the submitted application);
Up to 12 months (in case FCA requests additional documents).

In general, it should be noted that the electronic money application is being introduced everywhere in the sphere of international regulation.  Companies with electronic money are able to effectively offer a range of banking and custody services to customers, as a rule, all these services are provided online (which implies a lot of risks). So this high-quality application is just one step below the bank (if you look at this application as a financial instrument).

There are less requirements for the activities of fund managers, stock brokers, depositories. Thus, there should be an understanding of the specifics of the application (electronic money), all key issues of professional management and the associated risks of problems, and an understanding of ways to solve them promptly.

First, in order to run an EMI business, it is necessary to have sufficient education and knowledge in order to manage and obtain an EMI license. This implies the following:

– Top Management, should have experience in launching such companies. For FCA, this correspondence is important; people who do not have any experience in this field usually do not get permission.

– Company management must be carried out from the UK.

FCA highlights the following key points:

1. A company must have more resident directors in the UK (or an equal number) than foreign directors (their nationality does not matter).

2. FCA implies that the decisions of the resident Director are dominant, he can say no to the policies, strategies and decisions that usually come from abroad, if they contradict the laws or regulations of the UK.

3. Board meetings should be held in the UK.

4. Operational day-to-day decisions must be made in the UK and the office itself must be based in the same state.

5. A company may have a director of a non-resident on the board of directors of a British company if everything else on the company is based in the UK.

6. The CEO must be resident and reside in the UK, and, as a rule, in practice, the Compliance Manager too.

7. The anti-money laundering officer, who can also be a CEO, if he has the appropriate qualifications, must be a UK resident.

8. If someone moves to the UK to be the CEO, they should familiarize themselves with the management rules, depending on the business model, and therefore it may be necessary to hire a local manager who has the competence to keep them in check.

9. Services provided by any third party – including IT support services – should be provided on the basis of the concluded agreement.

Secondly, you will need to open bank accounts that will allow your company to be the provider of the desired services. Such bank accounts must be in the name of your UK registered company. They will be required to receive funds from customers, until they are sent to the final recipient.

Accounts can be opened at any bank. In addition to the above, the account must be a savings account.This is an important FCA requirement.


Business plan, which reflects in detail the activities of the company, the intended range of services and related management tools

Provide information reflecting the possibility of internal control in place. This means that everything will be done to prevent financial crimes, as well as the complaints procedure will be followed and they will be documented in detail. There should be the Supreme Management Authority, which will consider these complaints.

Maintain accounting records, including reconciliation of payments on bank accounts

Have business continuity and disaster recovery procedures in place.


Cost of services for carrying out work on obtaining a license (includes registration UK LTD)
35 000 EUR

Authorized capital of the company
350 000 EUR

FCA fee
5,000 GPB

Resident Director (year)
From 70,000 GPB

Real office (year)
80,000 GPB

Opening an account
990 GPB

If you need to register a company with a license of electronic money in the UK, then our specialists will help you quickly and efficiently register a company with a license of electronic money in the UK. Also, you can buy a ready-made company with a license of electronic money in the UK. Write to us in the CRM form and we will help you register a company with a license of electronic money in the UK.

Please contact us to learn more about licensing options, to receive an individual offer based on your requirements and a detailed calculation for obtaining a license for your future or existing business.

You could be interested

Open a bank account for a non-resident in Ukraine

The most common reason explaining the need for foreign citizens to open an account with a banking institution is the acquisition of real estate in the state or the opening of business activities. Although there are a number of other reasons. How an account is opened for business in Ukraine, you will learn about all...

Сrypto license in Bahrain

The Central Bank of Bahrain (‘CBB’) has announced comprehensive legislation to oversee and license ‘Regulated crypto-asset services’ in Bahrain (crypto license in Bahrain), in keeping with its ambition of becoming the region’s premier FinTech centre. Volume 6 of the CBB Rulebook, which controls Capital Markets, contains the regulatory framework. The regulations are the result of...

How to get a gaming license in Curacao in 2023

State is often chosen for gamble commercials because of the very loyal conditions of the local market and the affordable costs of establishing an enterprise. Gambling license in Curacao requires specific attainments of laws, which makes it possible to quickly launch commercial structure and become a member of online gambling sphere. Curacao Gaming License obtaining:...

Virtual zones in Georgia

Attracting investments is a great stimulus for the development of the Georgian economy. This was the reason for the adoption in the country of a law expanding virtual zones in Georgia, which provides for tax exemptions for companies involved in the computer technology. Such companies in the state will not pay national taxes. Registration of...

What obligations does FINTRAC have?

The Canadian Financial Transactions and Reporting Analysis Center (FINTRAC) is the financial intelligence unit in Canada. The center’s mission is to assist in the detection, prevention and deterrence of activities related to the illegal circulation of funds and the financing of terrorist operations. FINTRAC makes a unique contribution to safeguarding the safety of Canadians and...

What is a Legal Opinion and why is it needed?

Before concluding any agreement, it is necessary to carefully study all its terms and legal requirements that such an agreement must comply with. In banking and finance matters, a legal opinion is an instrument that provides a qualified analysis of information on the subject and other issues related to the conclusion of the agreement. In...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52


Lochrin Square, 1


Jacovides Tower, 5 floor


Kesklinna linnaosa, Tuukri 19


Esplanade, 7 floor


Gediminas Avenue, 44A

New York

New Rochelle, Huguenot St, 175


20 Martin Place


3 Fraser Street, #08 DUO Tower

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7