Eternity Law International News EMI license in Ireland

EMI license in Ireland

Published:
March 17, 2022

‍Application for EMI license in Ireland

In Ireland, the Central Bank of Ireland is in charge of financial sector regulation and oversight, accordingly, it considers applications for an EMI license in Ireland. The appropriate legislation is the European Communities (Electronic Money) Regulations 2011, which transposed the E-Money Directive into Irish law.

Why Ireland?

In recent years, Ireland has become a favored destination for e-money institutions. Many people are lured to Ireland because of its burgeoning Fintech industry, but there are other advantages to having an Irish license:

1) Government agencies, such as IDA Ireland, support foreign businesses seeking to establish themselves in Ireland.

2) EMI license issued in Ireland can be used to travel to other EU countries as well as the European Economic Area.

3) The taxation system in Ireland. Ireland has a competitive 12.5 percent company tax rate.

4) In the area, a well-educated and dependable workforce.

Authorization of electronic money in Ireland

The Central Bank employs a risk-based, proactive approach to supervision and follows a stringent authorisation procedure. The Central Bank is required by law to ensure that only businesses that meet their criteria are allowed to operate in Ireland.

As previously stated, completing the registration and obtaining an e-money license is a time-consuming process that necessitates professional assistance in order to ensure that you are authorized to engage in e-money activities in Ireland.

What can you do if you have an e-money license?

Companies that have obtained an e-money license (EMI) are permitted to engage in the following activities:

  • Provide e-money issuing services
  • Provide e-payment services
  • Manage third-party e-payments
  • Maintain regulatory compliance

EMI license obtained in Ireland entitles an institution to passport throughout the EU and the EEA, allowing it to provide e-money services throughout the bloc.

How to be successful in obtaining an e-money license permission

Some basic details about the Central Bank’s e-money application criteria are as follows:

– The organization must demonstrate that it has adequate internal control procedures and policies in place (currently, at least €350,000 in initial capital, but the actual amount required for an institution will be determined throughout the authorisation procedure);

– A sound business plan, operations program, and organizational structure are required.

– The business must be able to demonstrate its organizational structure and management hierarchy;

– The company must show that it has robust anti-money laundering and counter-terrorist financing systems and procedures in place.

– It is necessary for the company to have a legal presence in Ireland. This includes top management as well as a professional office environment. The goal is to show that the applicant’s “heart and mind” will be in Ireland.

Step-by-step instructions for getting your EMI license in Ireland

Follow these five steps to finish your e-money application and get your license.

  1. The first stage is acknowledgment. The Central Bank will acknowledge receipt of the application and any accompanying papers within three working days of receiving them.
  2. Double-check critical information. The Central Bank will examine the application and decide whether it should be approved for consideration or whether more information is needed. The process takes 10 working days from the time the application is received.
  3. Assessment. The Central Bank will assess your application. Almost always, initial and subsequent comments will be made. The time frame for this stage is 90 days, however it is paused when the Central Bank requests additional information.
  4. Notification of the assessment. The Central Bank notifies the applicant of the conclusion following the assessment procedure. If they are successful, they will inform the applicant that permission will be granted. They may state certain conditions, as well as the reasons for these conditions and the chance to make submissions if necessary.

If the Central Bank denies the authorization based on the evaluation, it will detail the issues that must be addressed. A second opportunity to respond will be provided.

  1. The announcement of the decision. If the application is successful, the Central Bank will notify the applicant of the decision to grant the application within 10 working days of any pre-conditions being met. The Central Bank shall inform the applicant of the reasons for the decision if the application is declined. There will be a second chance to submit submissions.

Timeline for evaluating an application for an e-money license

The Central Bank must assess an application and confirm whether it has been granted or denied within three months of obtaining all of the material needed to make a decision.

What can we do to assist?

Our skilled team at Eternity Law International assists and guides our clients through the complicated application procedure for an e-money license in Ireland. Please  contact our specialists  if you are considering establishing an e-money institution in Ireland.

You can also see our offers in category ready-made companies and licenses for sale.

Businesses for sale

EMI license in the UK for sale

Europe, UK EMI License
The company was founded in 2018. Two years working as a Small Electronic Money Institution. Authorized Electronic Money Institution license obtained in 2021. • 2 Bank accounts with UK Bank and Latvia (current and segregated). • Integration with Banking Circle. • Team: 8 people, including our own R&D department with an experienced IT team. •...

For sale EMI LICENSE IN CZECH REPUBLIC

Europe, UK Crypto forex brokers
There are two types of licenses for electronic money institutions in the Czech Republic: EMI – electronic money institution, and SEMI – small electronic money issuer. Specialists of Eternity Law International have extensive experience preparing the necessary documents and complete knowledge for the correct paperwork for obtaining EMI and SEMI licenses in the Czech Republic....

EMI License in Lithuania for Sale

Europe, Lithuania EMI License
This’s a great possibility to buy an EMI license in Lithuania, completely ready for future work. Features and functionality of EMI license in Lithuania for sale Main operational and structural features of permit are as follows. The company is established in Lithuania. Year of firm’s establishment: 2017. Authorization from Lithuanian Bank was received in same...

You could be interested

Electronic Money Institution (EMI) in Bulgaria

EMIs have gained prominence as innovative monetary favor suppliers, especially in the realm of digital remittances. In Bulgaria, EMIs play a vital role in enabling electronic money transmissions, facilitating online transfers, and offering alternative banking solutions. This article explores the concept of EMIs in Bulgaria, their adjustment framework, and the benefits they offer to business-companies...

AS 9110: Aviation Space & Defense Maintenance

AS 9110 includes demands that are intended to be applied by all enterprises regardless of their type, size and product supplied. If any requirement of the standard cannot be applied due to the specifics of the organization and its products, it can be excluded. Certification and training services are actively promoted in the market to...

Corporate taxes in Belgium as of 2024

Enterprises in Belgium are obliged to pay corporate tax on their earnings. Nevertheless, there are a series of exemptions and tax credits for some kinds of enterprises. The rate you must pay contingent not only on a kind of business but also on the amount of your revenue. Entities are obliged to file their company...

Crypto license in Malta

At one of the leading blockchain conferences of 2018, the Prime Minister of Malta officially announced innovative regulations, highlighting the country’s desire to become a progressive blockchain island. Over the past year, our team actively interacted in panel discussions, making official proposals for regulating blockchain projects in this jurisdiction. With extensive expertise, we’re ready to...

Startups and technologies in Hong Kong

Startups and technologies in Hong Kong – development during quarantine. The rapid widespread of COVID-19, as well as the measures taken to completely isolate people, have led to the fact that most firms have introduced remote work for their employees. Contrary to popular belief that telecommuting is far less productive than regular scheduled jobs, experience...

ISO 14001: Environmental Management System

ISO 14001 certification is dedicated to EMS creation and execution. International authority develops and provides standards adopted around the world publishes this normative document. Latter variant – “ISO 14001:2015” – has been agreed by most of states. Certification confirms that firm fulfills all possible demands to reduce its environmental impact. This, in turn, helps improving...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

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

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7