Eternity Law International News SEMI license in Belgium

SEMI license in Belgium

Published:
February 5, 2024

Following the adoption of the Payment Services Directive 2, Belgium has expanded the possibilities of using electronic money for residents and foreign entrepreneurs. Such activities now require a permit from FSMA. This also applies to companies engaged in various types of activities, including payment systems.Our company consists of specialists of the highest category who are ready to provide qualified assistance in establishing and licensing businesses. We also provide a ready-to-use option of SEMI license in Belgium for sale and extensive advice on any issues relating to SEMI-licenses in the UK, Latvia, Lithuania and other countries.

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Basic conditions for getting a SEMI license in Belgium 

Companies requiring to get SEMI license in Belgium to operate e-money must be registered in the country. However, it is also necessary to obtain a permitwith the Belgian National Bank regarding the need to create a separate legal entity for e-money transactions.

  1. Initial capital of the enterprise cannot be less than 350 thousand euros.
  2. Funds received in exchange for electronic money must be clearly identified and, if held for more than 24 hours, must be stored in special accounts.
  3. Electronic money issuers must have a legally leased or purchased office.
  4. Mandatory presence of a board of directors, including at least three residents.
  5. The company must provide evidence of the availability of the necessary equipment to carry out payment transactions.
  6. It is mandatory to comply with measures to prevent money laundering, including identification procedures, verification, development of security policies and installation of control mechanisms.

These conditions comply with European Union standards in the field of electronic money, and companies wishing to carry out this activity in Belgium must strictly follow these regulations and obtain the appropriate license from the FSMA.

Documents for obtaining a SEMI license in Belgium

Mandatory documentation and normative points to get SEMI license in Belgium include:

  • operating program and business plan;
  • marketing plan;
  • scheme of funds flow;
  • company recovery plan and strategy.

In the area of operational management, the company must be structured in such a way as to ensure the sound and ethical conduct of business. This includes operational risk analysis, risk management, clear organizational structure, compliance, internal controls, procedural guidance, external audit, international services, and information security and infrastructure. In case you decide to get a ready-made Belgium SEMI licensed company, you’ll skip the documentation preparation procedure.

Our specialists will help you in collecting the required documentation. We also provide option of a ready-made SEMI license in Belgium for sale professional support in obtaining a SEMI license in Latvia, Denmark, Sweden and other jurisdictions.

Privileges and attraction of a SEMI license in Belgium

  1. Access to the EU market: SEMI-license provides access to the wider European Union market, facilitating the expansion of financial activity in the region.
  2. Universality of financial services: SEMIs can provide a variety of financial services, including issuing electronic money and supporting digital transactions.
  3. Development of the fintech sector: fintech industry is actively developing in Belgium, creating a favorable environment for growth and innovation in the SEMI sector.
  4. Competitive advantage: SEMI license provides a competitive advantage in the financial sector, especially in the area of electronic payments, opening the opportunity to offer advanced financial solutions.

Interested capital-holders might take their look to Belgium SEMI licensed company for sale as an option of completely ready-to-use structure.

Procedure for obtaining a small electronic money issuer license in Belgium

The procedure for the option to obtain SEMI license in Belgium is a carefully prepared process that begins with the submission of a comprehensive application to the National Bank of Belgium. This stage involves a detailed assessment, including a review of the business plan, a review of bank accounts, and a thorough examination of the applicant’s ability to comply with regulations.

An overview of the services provided by SEMI includes the following operations:

  • issuance, distribution and redemption of electronic money;
  • provision of services enabling electronic money transactions such as cash withdrawals, funds transfers and money transfers;
  • issuing payment cards for withdrawing and depositing cash;
  • providing information about accounts.

Prior to deciding to get a small electronic money issuer license in Belgium, it is important to note that SEMI cannot accept deposits or other refundable funds, which eliminates the possibility of generating profits. SEMI funds received are not considered a deposit and must be instantly converted into electronic money in accordance with the law.

SEMI licensing process

The procedure to obtain a SEMI license in Belgium includes a special audit that the institution must undergo in many EU countries. Each organization is required to have at least two managers, EU residents, who confirm their professional competence. In addition, additional rules from each EU state may complement the requirements of Directive 2015/2366/EU.

The electronic money issuer must demonstrate the availability of high-quality software and a strong technological infrastructure. This includes a business plan, forecast budget for the first three financial years, monitoring and security procedures, and internal protocols to combat ML/TF risks and fraud.

It usually takes 4-5 months to obtain a SEMI license. If you are interested in this process, please contact our lawyers for advice and for getting the access to the option of sale of small electronic money issuer license in Belgium.

Our strengths 

Specializing in licensing services in Belgium and other jurisdictions, our firm offers a number of significant benefits to our clients. We also possess such an option as a ready-made SEMI license in Belgium for sale.

  1. Our experts have in-depth knowledge of the legislation and requirements in the field of issuing electronic money and provide professional support at every stage of obtaining a license.
  2. Each company is unique and the approach to obtaining a license must be tailored to its specific needs and characteristics. We offer individual consultations and develop strategies tailored to each client’s specific needs.
  3. From us you can order a full range of services, including preparation of the necessary documents, interaction with regulatory authorities, as well as consultations on ensuring compliance with all requirements and standards.
  4. Our lawyers have excellent relationships with regulatory authorities, resulting in more efficient communication and reduced time required to obtain a license.

If you are interested in development in this commercial area, pay attention to offers for the sale of ready-made SEMI licenses. Thanks to our experience and professional approach, our company helps reduce the time required to obtain or purchase a license and optimize the client’s costs for this process.

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