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The license for the payment system in Estonia is an understandable desire of many companies, taking into account the speed with which online payments are developing and the enormous popularity of electronic currency to start entrepreneurial activity on this basis.
But in order to create your own payment system and to issue virtual cash, you must first obtain the appropriate license. The registration procedure involves applying to different states, including offshore companies.
Based on practical experience, many companies do not want to have any contact with them, as this may discredit their business reputation. For this reason, permits are obtained mainly in organizations that have greater authority.
At the same time, important aspects are minimization of requirements for the prospective licensee and an inexpensive registration procedure.
POSITIVE FOR LICENSE IN ESTONIA
Regardless of the fact that Internet technologies are developing rapidly, most large companies are quite careful in choosing a payment system, while changing it is extremely reluctant.
For this reason, many seek to obtain documents in offshore zones. The main arguments in favor of this is the issuance of a license for electronic cash circulation in the countries of the European Union.
The European Union is known for its rather scrupulous approach to solving such issues. Therefore, if an appropriate license is obtained in these countries, customers will not have the slightest doubt about the thorough verification and absence of various threats and risks.
You can be absolutely sure of the safety of cooperation with such a company. If you wish to apply for a license to issue electronic funds in the European Union, you can contact the authorized bodies in countries that are members of this association.
There is the possibility of selecting a jurisdiction that makes the most loyal requirements for applicants and offers an inexpensive cost of services. One of such countries is precisely Estonia.
REASONS FOR ESTONIA CHOICE FOR PAYMENT SYSTEM REGISTRATION
The main reason is that the country is a member of the European Union, and there are the most favorable conditions, which are ideal for business activities. The state is also characterized by economic and political stability, which is also important.
Quite frequent inspections or pressure from government bodies are excluded.
Also an important fact is that this jurisdiction enjoys great authority and has nothing to do with offshore companies.
She is in trust with applicants. The license for the payment system in Estonia is quoted quite high, representing an additional confirmation of the transparency and high reliability of the company itself.
At the same time, in order to receive the necessary documents, you will not need to deal with stringent requirements. Therefore, serious problems and payment of fabulous contributions are excluded. Obtaining such a license will have a much lower cost than in the UK.
Due to the presence of a license for electronic cash circulation, which is issued in Estonia, your company can operate in any country that is part of the European Union.
In order to get the desired document, you will need to draw up a statement and collect a package of documents.
Mostly, the list of documents includes charter documents, due to which it is possible to obtain the most complete data about the company itself and the management team. Also a required document to be presented is a business plan.
FEATURES OF RECEIVING A LICENSE FOR ELECTRONIC PAYMENTS
In the country, these documents are issued primarily for financial transactions to resident enterprises.
By obtaining an authorization document, the owner can carry out operations using virtual money, both directly in this country and throughout the EU.
This is the reason for the mandatory compliance with certain requirements that apply to the enterprise, governing bodies and members of the board of directors.
You should also be prepared for the fact that the authorized bodies will carry out the most thorough inspection of the company’s management and shareholders. Among the main requirements should be highlighted:
- availability of specialized education confirmed by relevant documents;
- availability of work experience and resume, documents confirming their availability;
- the business reputation of the management should be impeccable, there should not be any entries regarding license reviews or bankruptcy;
- there should not be any convictions and cases of involvement in scandalous situations;
- shareholders must have a good financial position.
The average period during which an application for registration of payment systems in Estonia is considered is from three to six months, depending on the complexity of the situation.
In certain cases, this period may be extended due to the need for additional documentation.
Applicants have the opportunity to submit documents on their own, or to contact experienced lawyers of the international level, due to which it is guaranteed to receive the necessary documents for the conduct of their company in the EU.
Our company is based on experience with this sphere and Eternity Law International specialists will be happy to рrovide you with assistance in resolving this issue.