License for electronic money in Estonia

The license for electronic money in Estonia is obtained through the filing in an application, as well as many other documents in the EFSA – Estonian Financial Supervision Authority

EFSA – The Estonian Financial Supervision Commission issues licenses to companies registered in Estonia and operating in Estonia. In the case of trading in securities or electronic money, it is necessary to obtain a license for an investment company or a license for the establishment of electronic money.

The company must be registered in the form of a Limited Liability Company in Estonia. To provide services, the share capital of an investment company must be at least 50,000 euros, while the equity capital of an electronic money institution must be at least 350,000 euros.

It should be noted that the managers of any regulated enterprise must comply with Due Diligence and KYC requirements, that is, they must have the appropriate education and work experience (resume, and often diplomas must be provided on the request of EFSA), and have an impeccable reputation On bankruptcy, cancellation of licenses, criminal records, etc.).

Shareholders who acquire or have significant participation in the company must also have an impeccable business reputation and clean criminal records. In addition, EFSA will assess their financial situation.

DOCUMENTS FOR OBTAINING A LICENSE FOR ELECTRONIC MONEY IN ESTONIA

In order to apply for a license from EFSA, the following documents and information must be provided (some of them may be relevant to the operating company, but not to the newly created legal entity):

• Memorandum of Association or decision;
• Charter;
• Document confirming the availability of the paid authorized capital (if necessary);
• List of shareholders (with definitions of shares);
• Information on shareholders holding the holding (if any);
• Information on members of the board of directors and management of the company (with features);
• Information about companies in which the participation of the applicant or his manager exceeds 20% (with features);
• Information on the auditor of the applicant and the person (s) performing internal control (with peculiarities);
• Financial information (balance sheet, profit and loss statement, annual reports);
• Documents confirming the amount of net equity with the auditor’s report;
• If the qualifying holding belongs to the foreign subject to financial supervision, a certificate issued by the supervisory authority of the relevant state that proves that the foreign company has a valid operating license and, in accordance with the knowledge of the supervisory authority, its activities are not inconsistent with the current legislation;
• Business plan for three years;
• Information about IT-systems and equipment;
• PCI DSS compliance if necessary;
• Description of the organizational structure;
• Policies or procedures of the company;
• AML rules;
• Rules for the preservation of customer funds that were received when issuing electronic money (if relevant);
• Other internal rules that are relevant to all regulated entities or specific services;
• The document under which the applicant undertakes to pay a single contribution provided for in the Guarantee Fund Act (only for the relevant investment company).

THE PROCESS OF OBTAINING A LICENSE  FOR ELECTRONIC MONEY IN EFSA HAS LONG AT THE MIDDLE 6 MONTHS.

The collection for the processing of the application amounts to 1000 EUR.

The cost of our fees for the registration of the company in Estonia, the development of applications, internal rules, assistance with the preparation of the business plan, compliance with KYC and Due Diligence procedures, assistance in the collection of other additional documents based on the division of labor, we usually estimate in advance the range of 24,000-28,000 euros .

• Payment procedure – 30% of the cost of services – prepayment;
• 30% of the cost of services – upon the registration of the company and preparation of all materials for a license in EFSA;
• 40% of the cost of services – after the fact of granting a confirmation of the issuance of a license from EFSA.

In case if our company participates in long-term discussions about the client’s services, norms and rules and their compatibility with the business, we will be forced to charge a fee for this service. We also charge fees for the proceedings with EFSA (answering the additional questions posed by EFSA, attending meetings, etc.) based on hourly rates.

If you need a license for electronic money in Estonia, a payment system license in Estonia (PSP – Payment Services Provider license), then our specialists will help you to obtain an EMI license in Estonia quickly and efficiently.

Also, you can buy a company in Estonia with a license for electronic money. Write to us in the CRM form and we will help you to obtain an EMI license in Estonia.

Please contact us to find out more about the possibilities of licensing electronic money, obtaining an individual offer based on your requirements and detailed calculation for obtaining a forex broker license for your future or existing business.

To get an online consultation, please write a form in the CRM at the bottom of the page, and our specialist will answer you online on the issue that interests you.