After registering a company and obtaining a license to operate activities using electronic money, you can provide services around the world and also get certification in the European Union.
EMI License in Ireland
EMI License in Ireland
For the past 5 years, the electronic money sphere has been developing at the rapid-fire pace. It is virtually impossible to imagine our modern world without electronic payment systems. The cryptocurrency boom of 2017, which introduced new technologies to the world, also contributed to the development of this industry. However, despite the fact that the field of international electronic payments is developing rapidly, this niche is still not filled. This area is very promising and any project can earn worldwide fame.
However, in order to open business of this kind, it is necessary to choose a suitable jurisdiction. Ireland will be one of the best options. This country offers favorable terms for the companies from this industry. However, in order to conduct such activities, it is necessary to obtain EMI license in Ireland. Law & Trust offers its clients the legal assistance in paperwork for the companies specializing in electronic payments.
What does EMI license give a company?
The license of payment system in Ireland allows the customers to conduct financial activities related to electronic money. The companies that have obtained this license receive the following opportunities.
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- Issue electronic money;
- Provide services of the electronic payment operator;
- Make payments for third parties (money remmitance);
- Operate legally and without risk of any claims from regulatory authorities.
Requirements for Obtaining EMI License
Requirements for Obtaining EMI License
It is not easy to obtain permission to issue electronic money in Ireland. CBI - the Central Bank of the country – issues these documents. The requirements for obtaining a financial license in the country are as follows.
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- Authorized capital of the company - 350,000 EUR and more;
- Business plan, internal control, company structure and management frameworks;
- Staff - at least 2 directors, who are residents of Ireland, the number of shareholders - up to 50, secretary, auditor (you can conclude audit services contract on outsourcing);
- Office on the territory of Ireland.
The companies carrying out the relevant activities are required to maintain tax and accounting records and regularly submit reports to the regulatory authorities, including the audited ones.
Stages of Obtaining a License
Stages of Obtaining a License
The procedure of obtaining a permission to financial activities in Ireland includes three steps. The stages of obtaining E-money license are as follows.
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- Submission of the application. The application is submitted with a package of documents. The regulator considers it for 3 days, after which it decides to confirm or deny considering the application;
- Verification of documents. If the application is confirmed, the regulator checks the submitted documents. The procedure takes up to 10 working days. If the information is confirmed, the third stage begins;
- Company assessment. The regulator is obliged to verify the company's compliance with the requirements. According to the law, a period of 90 days is allocated for it. The deadline may be extended if the regulator requires additional data;
If all the data is confirmed and the company meets the requirements, the regulator should issue a license. After receiving all the necessary information, the CBI makes its decision and issues the document within 10 working days.
What taxes do the companies pay?
The taxation system for the entities working with electronic money is very loyal in Ireland. As of 2020, the income tax rate is 12.5%.
Law & Trust offers its services for corporate clients working in Ireland. Our experts will help you to complete all the necessary documents and fully accompany the procedure for obtaining the electronic money institution (EMI) license.
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Victoria Zhelezova
Branch Director, HR
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Dariia Grib
Legal secretaries & Receptionists
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