Eternity Law International — News — PI license in Ireland

PI license in Ireland

Published:
February 1, 2023

Today, Ireland is home to a significant number of PI, some of which are self-established, while others have been attracted to Ireland by the active and successful Fintech sector.

This article provides info for business-companies considering applying for payment institution registration. Irish bank is the competent authority for the enrollment and supervision of PI under the EU Regulation 2018 (PSR).

Overview

Today’s country is home to over 430 financial favors companies, including 20 of the world’s top 25 institutions.

Ireland’s unique ecosystem has led to the development of a world-class fintech sector that continues to grow every year. The country recently published a new strategy for the international financial services industry, called Ireland for Finance, which outlines ambitious goals for the growth of the IFS industry in Dublin, which acts as a leading monetary services hub.

Ireland is an excellent location for R&D and innovation, as the jurisdiction provides monetary support, including tax credits and monetary assistance from IDA Ireland.

Virtual money business-companies in Ireland advantage from a competitive corporate tax rate of 12.5%, comprehensive double taxation agreements and numerous research and development tax credits.

Companies working with e-money or payment institutions in Ireland have right to obtain a passport for other European countries.

Small PI in Ireland

You can employ to become a Small Payment Institution if you meet the following conditions:

  • if you do not yet provide monetary services for less than 12 months, then your forecast average monthly amount of payment transfer actions must not exceed 3 million euros;
  • managers should not ever be convicted of criminal offenses for money washing, terrorist financing or other financial crimes;
  • registered office must be in Ireland;

Requirements for PI license in Ireland  

A PI license in Ireland is only issued to applicants who are registered in the country and have a real registered office there. Also in the state there are certain demands for the company:

  • to work with virtual money, it is necessary to hire two resident directors;
  • the person responsible for the main line of work and the employee responsible for risk administration are identified separately.

Firms requiring an Irish payment system license must comply with additional demands from the Central Bank. Also, you will need a standard documentation package for European regulators. The licensing procedure consists of the next  steps:

  1. a package of documentation is submitted to the Central Bank – if it is complete, executed correctly, the institution confirms receipt of the application;
  2. the regulator evaluates the application, clarifies all the provisions of interest to it, notifies the applicant of the result of the analysis;
  3. The main bank of Ireland decides whether to grant or reject the request.

Documents that should be prepared

  • Request for acquiring and setting up a payment institution in Ireland for e-money, including identification data.
  • Regulation confirming the legal status of the applicant;
  • Application form for authorization as a PI (including specific information and required documentation);
  • Questionnaire for PI applicants;
  • Individual suitability and integrity questionnaires for all positions controlled by the pre-approval functions (PCF) (generally board members, senior management, key officials), which are submitted electronically through the Central Bank Online Reporting System (ONR). Please note that access to the ONR is only granted after the application has moved to Stage 3, the Evaluation Stage.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Cryptocurrency license in Czech Republic

To furnish usefulness communed to crypto-currency in the EU-market, you ought to register a legal entity in one of the countrysides of this association and acquire permission for such shiftings from the regulator. In the Czech Republic crypto license is among the cheapest in Europe, but thanks to its registration you enter the markets of...

What are some promising digital currencies to invest in?

Of little importance is the fact that today the cryptocurrency market is developing very actively. If you want to make a serious investment and plan to invest in funds, then it is important for you to learn how to choose the right digital coin for a more reliable investment. For this reason, in order to choose...

Forex Broker License in Cyprus

Forex-trading is making money on currency exchanging deals. Forex-market exists globally and its turnover exceeds millions of dollars. Cyprus is one of the first countries to legalize Forex trading and has gone to great lengths to keep traders safe by offering them quality, greatly-full and strict regulation. However, despite the severity of certain points of...

Asset management license in Portugal

Since introduction of new legislative basis on May 28, 2023, existing assets and investments management firms are required to adapt their business-activities. Approved new legal basis established uniform standards for venture capitals, funds management for capital-holders and specialized investments. Below we’ll look at the current framework and regulative standards where government grants asset management license...

Company registration in Turks & Caicos

Caicos and Turks are islands located in the Atlantic Ocean. This territory attracts foreign investors as it is an offshore zone. Benefits and advantages of registering a company in Turks and Caicos A firm on the islands is completely tax exempt. High level of confidentiality of information about shareholders and directors. Possibility to use the...

Legalization of Cryptocurrency Trading in the UAE

The regulatory authorities of the UAE have determined the procedure for working with cryptocurrency. Now, investors are given the opportunity to trade and other cryptocurrency transactions within the DWTCA Free Zone – Dubai World Trade Center Authority. An agreement has been concluded between DWTCA and SCA (Securities and Commodity Control Authority), the provisions of which...

Related posts

SEMI license in Ireland

There’re now 430 financial-firms functioning in Ireland, incl. 20 of 25 largest international organizations. Fin-sector in Ireland is constantly evolving and is a great place for researches, innovative developments and technical progress. This jurisdiction has many tax-incentives and good financial flows from the state apparatus. The SEMI license in Ireland allows you to create a...

PI license in UK

To offer services in organization and implementation of money-transfers, payment-processing, attracting merchants or account-opening-services in a jurisdiction, it is necessary to obtain a permit such as a PI license in UK. First stage of company-licensing is submission of an appropriate application – for this you need to contact FCA, which controls circulation and use of...

PSP license in Ireland

Firms providing services related to payments locally are covered by regulations of Central Bank of jurisdiction. To conduct this kind of activity, it is imperative to obtain such permission as a PSP license in Ireland. It’s preferable to delegate such a matter to specialists so the process goes quickly and there’re no additional difficulties. Consider...

AEMI license in Ireland

This article provides info for business-companies thinking about applying for authorization as an AEMI. The Central Bank of Ireland is the appropriate body in Ireland for the authorization and inspection of e-money institutions. Principles of AEMI in Ireland for sale Bank of Ireland hopes that firms fully understand the risks associated with their business model...

EMI license in Ireland

‍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...

Company registration in Ireland

Ireland is the state with the most optimal conditions to conduct free trade within the EU. The Irish jurisdiction offers a beginner and experienced entrepreneur a favorable investment and economic atmosphere for the development of activities in the IT direction, structuring and development of trade and holding structures. Basically, OJSC, LTD, various types of partnerships...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: