Eternity Law International — Payment & E-Money Institutions — EMI License — Electronic money license

Electronic money license

Published:
March 5, 2020

ELECTRONIC MONEY LICENSE. WHAT SHOULD I GET FOR?

A license for electronic money is a comfortable work tool that provides a large number of opportunities, both for business and for improving living conditions. Using this currency makes it possible to take a huge step in the progress of the future.

The positive aspects in electronic money are very obvious. This type of currency will soon be able to completely replace paper money.

The main advantages of the electronic form include:

  • the constant availability of funds of any amount;
  • lack of need to search or exchange money and, as a result, lack of trifles in pockets;
  • this currency is always real, it is impossible to fake;

You can make transactions using electronic money from anywhere in the world.

Today, banks in many countries are switching to non-cash services. In the CIS countries, the use of Internet banking is actively flourishing, as well as payment for goods and services via terminals. Banks in Europe and America are actively promoting the credit card payment initiative.

But not all people relate to such a turn with confidence. The use of money in electronic form is not yet fully thought out by the controlling state structures.

PAYPAL SYSTEM

Most people trust PayPal. In order to maintain a leading position in the market, this company acquires licenses for transactions with cash. Such licenses are purchased separately in each country, and in the United States, purchases are made in each state.

Therefore, PayPal is a synonym for reliability and quality.

Other payment transaction systems either do not have any licenses at all, or they are issued in offshore zones.

Such payment services do not pass documentation control, personnel are not licensed, and most often the sphere of working with clients is not fully developed.

Our company provides assistance in acquiring licenses for working with electronic money. And qualified specialists will provide the necessary and high-quality consultation on all issues. Earn customer confidence by providing reliable services.

We acquire financial licenses for all EU countries. With them, it becomes possible to carry out work in the international market in the field of payment services. Our company offers assistance in obtaining:

  • electronic currency permits (EMI);
  • permission to provide services for payments РСР (Payment Service Provider).

INDICATORS REQUIRED FOR LICENSING:

Certain conditions for the state. A firm that claims to be licensed must have at least three directors on staff. They must have the appropriate level of qualification and experience in the financial sector or in the field of electronic currencies.

The company must have an office with the necessary staff to ensure and maintain records of quality activities.

Mandatory initial capital in the amount of 50 – 100 thousand euros for companies with a small cash flow. For companies planning full-fledged work, this amount is 400 thousand euros.

State duty for filing an application for a license is also mandatory.

The main and undoubted advantage in acquiring a license to work with electronic money is that, having received permission in one country and after the passportization procedure, the company can provide its services throughout the European Union.

The very procedure for applying for EMI includes two stages: providing a business plan with all financial indicators and checking the owners and future management of the company.

Specialists of Eternity Law International are professional services in full legal support, selection of documents and we will consult on this issue.

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