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.
- 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.
- 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.
- 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.
- 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.
- 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.