Acquiring a business in Great Britain is advantageous, perspective and prestigious. UK law provides for the possibility of creating an organization in the country with a permission to conduct financial activities from the FCA. The procedure for organizing a business allows you to create a profitable project dealing with electronic currencies in less than 1 year. For such companies, the possibility of starting accounts using IBAN technology opens up, the institution becomes a member of SWIFT, SEPA and gets the opportunity to issue its own cards for making payments.
If your business will generate an average of more than €5 million in e-money transactions or an average of more than €3 million in non-related monetary services, you will need to apply for an AEMI permission.
Features of AEMI in UK for sale
The main difference between such an organization and a bank in the classical sense is that such a monetary establishment is not entitled to issue loans and accrue interest on placed customer deposits. However, the advantage is the absence of the need to obtain AEMI license in UK and the disinterest of the financial supervisory authorities.
The establishment of the organization will require capital in the amount of up to 350,000 British pounds sterling. Payment is made in favor of the regulator at the time of registration of the license. On the successful completion of the registration, the English financial market sends a confirmation to the founder candidate.
The capital of the corporation is irreducible, the money is always available for withdrawal or exchange, and other financial transactions.
This type of license is called AEMI. Such a tool provides an opportunity for business development in the field of blockchain technologies, allowing you to quickly launch tools for regulating activities.
The Authorized Electronic Money Institution gives you permission to carry out financial transactions outside the UK and enter into agreements with leading banks abroad, issuing your own banknotes. In the competence of organizations it works with legal entities and individuals.
Requirements for AEMI license in UK
The main condition for achieving an AEMI license in England is the registration of a British company. It is important to note that the management of the company must be carried out from the territory of Great Britain.
In addition, when establishing a company in the UK, you will need to consider the following:
- The number of resident directors must be equal to or greater than the number of non-resident directors.
- Meetings of directors must be held in England.
- You need a real office space.
- The CEO must be a UK resident.
- The company must keep accounting records, submit reports, and confirm everything documented.
In order to be licensed as a financial institution in England, you will need to submit an application to the FCA along with the relevant documents. According to the main conditions put forward by the regulator, you will need:
- Describe your business and the reason for choosing jurisdiction.
- Provide evidence of real experience and professional education of the company’s leaders.
- Provide a business plan for the next few years.
- Confirm the contribution of the share capital: for LLC – conditional (1 GBP), for Public Limited Company. – 50 thousand GBP.
- Open an account for a company in the UK.
- Confirm the main source of funds.
- Provide evidence of an AML officer who is a resident of England.
Procedure of getting
Permission for an AEMI license in England is issued by the local financial regulator – the FCA, in accordance with the updated Payment Services Directive (PSD2).
Having properly prepared an appeal to the FCA, the company officially declares its intention to get AEMI license in UK, thereby confirming its readiness to provide evidence of compliance with the demands of the regulator.
Issuing a license will require registration or authorization with the FCA. In case of authorization, the applicant receives an Authorized e-money license in the UK.
It is worth noting that the company has the opportunity to apply for a AEMI permission, which enables it to supply a full range of services, or to obtain a small EMI license in England with a limited range of services.
Speaking specifically about obtaining a small Electronic Money Institution in the UK, it is worth noting the following:
- The license makes it possible to provide payment services (with certain restrictions) and issue electronic money only within the United Kingdom;
- If a company already holds an SEMI license, it can also apply for a license from an Authorized Electronic Money Institution in the UK (AEMI).
SEMI license in United Kingdom
If you wish to obtain a Small Electronic Money Institution license in the UK, you will need to apply to the FCA to register as a Small EMI UK.
If you want to obtain a Small E-money UK, you must meet the FCA’s threshold conditions.
Our company can help you obtain a SEMI permission in the UK, offering a full range of services, from company formation to full license preparation and management.
Documents that needed for AEMI license in UK for sale
- List of planned payment services.
- Management mechanisms and internal procedures.
- Initial capital needed to start your business.
- Documents confirming plans to obtain an account for holding client funds in a UK or EEA bank.
- Information about the persons responsible for payment services and who will manage your company.
- Information about people who have certain shares in the company (10% or more).
- List of agents acting on behalf of the company.
- Incident reporting procedure, sensitive payment data management, business continuity mechanisms, principles and definitions used in the collection of statistical data.
- Security policy.
- Information on controls to meet your obligations under the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017.
Taxes for UK AEMI Licence
Registration fee
- UK Payment System License – £5,000 and £1,500 for payment institutions providing money transfer, payment initiation and/or account information services.
- License for virtual money in the UK – 5000 pounds.
- Small payment and digital money license – £500.
Annual fee
- Once services are authorized, companies must pay an annual fee each year, which is determined by the FCA.
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