We present you with some of the favorable jurisdictions where you can set up EMI/PSP companies, considering the formalities in this table. Our local team of experts is ready to assist in the company formation process and represent international customers in a wide range of procedures.
| Country | Requirements | Other Notes |
|---|---|---|
| Ireland | – The Central Bank of Ireland approves Electronic Money Institution (EMI) & Payment Service Provider (PSP) companies. – The private LLC is a suitable option for EMI/PSP activities in Ireland. A local registered office address is required. – EUR 350,000 is the minimum share capital for an EMI firm, while EUR 125,000 is needed for a PSP company. – Implementing the Anti-Money Laundering policies and risk assessment is part of the EMI/PSP license application. |
– The Fitness and Integrity Questionnaire is imposed on company managers/directors. – A 3-year financial forecast plan is a must. – The local authorities reserve the right to verify the source of funds. |
| Czech Republic | – EUR 350,000 is the minimum required capital for getting an EMI license, while EUR 125,000 is needed for a PSP license in the Czech Republic. – Setting up an EMI/PSP company in the Czech Republic with a local office is mandatory. – Both EMI and PSP companies in the Czech Republic must adhere to the Anti-Money Laundering regulations. – The EMI/PSP company must obtain approvals from the Czech National Bank (CNB). – A company representative should be appointed for setting up an EMI/PSP company in the Czech Republic. |
– It takes around 6-12 months to get an EMI license, while getting the PSP should not exceed 6 months. – An EMI company is permitted to issue payment cards, while a PSP cannot. |
| Lithuania | – EUR 350,000 is the cost for opening an EMI company in Lithuania, while EUR 125,000 is needed for a PSP firm. – The private limited liability (UAB) in Lithuania is optimal for EMI/PSP licensing, as long as a physical office is registered. – Shareholders and company managers must pass the “Fit & Proper” test as part of the EMI/PSP license in Lithuania. – Implementation of Anti-Money Laundering policies with a dedicated compliance officer is compulsory. |
– It takes around 3-12 months to get an EMI or PSP license in Lithuania. – The Bank of Lithuania conducts due diligence verifications before issuing license approvals. |
| Malta | – A private limited liability company is suitable for getting the EMI/PSP license in Malta. A local office is important to have. – EUR 350,000 is the capital required for getting the EMI license, while EUR 50,000 is mandatory for a PSP license. – A detailed business plan comprising information about the Anti-Money Laundering policies, among other aspects, is part of the licensing process. – The EMI/PSP license must have a Compliance Officer, at least 3 directors, one of them with residency in Malta. |
– Malta Financial Services Authority (MFSA) issues the EMI/PSP licenses, not before carrying out the “Fit & Proper” tests. – In Malta, you can buy ready-made EMI/PSP companies. However, consulting & other dedicated services from a local team, such as ours, are recommended. |
| UK | – Opening a UK Private Limited Company (Ltd) with a registered local office is the first step in getting the EMI/PSP license. – Around GBP 304.000 is required for opening an EMI company in the UK, while Small payment Institutions do not need an initial capital. – Presenting operational plans and financial forecasts is part of the EMI/PSP license. – Approvals are issued by the Financial Conduct Authority (FCA) in the UK. |
– The corporate tax ranges between 19% and 25% on profits of EMI/PSP companies in the UK. – The VAT is imposed on certain financial services provided through EMI/PSP firms. |
| Spain | – The limited liability company (SL) and a corporation (SA) are proper options to open an EMI/PSP company in Spain. – EUR 125,000 is the required capital for a PSP company, while EUR 350,000 is needed for an EMI license. – The EMI/PSP company in Spain must have at least one resident director. A financial monitor specialist is also needed. – Opening a bank account in Spain is mandatory for an EMI/PSP company in Spain. |
– The Bank of Spain authorizes the EMI/PSP companies. – It takes around 3-6 months to get a PSP license, while around 12 months for an EMI one. |
| Cyprus | – Forming a limited liability company is the main step to operate as an Electronic Money Institution (EMI) or a Payment Services Provider (PSP) in Cyprus. – At least 2 directors are required for an EMI/PSP company in Cyprus. – Implementing the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) is mandatory when applying for an EMI/PSP license in Cyprus. – The EMI license costs around EUR 350,000, while the full PSP license is about EUR 125,000. |
– The Central Bank of Cyprus issues the EMI/PSP licenses. – Around EUR 5,000 is the EMI/PSP license application fee. |
| Netherlands | – Dutch BV (LLC) is the optimal business entity for operating as an Electronic Money Institution or a Payment Services Provider in the Netherlands. – A Money Laundering Reporting Officer is needed for an EMI/PSP company in the Netherlands. – Company managers must pass the “Fit & Proper” test as part of the EMI/PSP license. – EUR 350,000 is the minimum capital requirement for a licensed EMI company. – EUR 125,000 is the minimum capital condition for obtaining a PSP license in the Netherlands. |
– De Nederlandsche Bank (DNB) issued the EMI/PSP licenses in the Netherlands. – EUR 6,800 is the EMI/PSP license application fee. – It takes around 6-9 months to get the EMI/PSP license in the Netherlands. |
| Slovakia | – The capital requirements for opening an EMI company in Slovakia range between EUR 50,000 and EUR 350,000, depending on the scope/type of license. – Around EUR 20,000-EUR 125,000 is needed for a PSP license in Slovakia, according to the selected type of license. – It is required to prepare a robust business plan comprising a financial forecast for at least 3 years. – There are no residency requirements for managers of an EMI/PSP company in Slovakia. However, at least one board member must be resident in this country. |
– One must observe the implementation of Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. – It takes around 6-8 months to start the activities as an EMI/PSP company in Slovakia. |
| Luxembourg | – The first step in getting an EMI/PSP license is registering a legal entity with a local address. – EUR 350,000 is needed for an EMI license, while EUR 125,000 is needed for a PSP license in Luxembourg. – Apart from the incorporation documents, a detailed business plan with 3-year financial projections is solicited. – A compliance officer must implement the Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT) policies in the company. |
– Commission de Surveillance du Secteur Financier (CSSF) issues the EMI/PSP license in Luxembourg. – The annual license fee starts from EUR 30,000, and it is imposed based on the number of transactions. – It takes around 6-12 months to obtain the EMI license, while the PSP license can be issued in a maximum of 6 months. |
| Germany | – The application for an EMI/PSP license in Germany starts with company incorporation and application to the Federal Financial Supervisory Authority (BaFin). – EUR 350,000 is the required capital for opening an EMI company in Germany. – EUR 125,000 is the minimum capital solicited for a PSP company in Germany. – The business plan must comprise detailed information about the shareholders’ & staff qualifications/experience. – Implementation of Anti-Money Laundering (AML) and Anti-Terrorist Financing policies is compulsory for EMI/PSP companies in Germany. |
– The PSP license fee is about EUR 6,15,0 while for an EMI license it is around EUR 11,900. – GmbH is a suitable entity for establishing an EMI/PSP company in Germany. – It takes around 6-8 months to get an EMI/PSP license in Germany. |
| France | – Opening a SARL is a proper business choice to operate as an E-Money Institution or a Payment Service Provider in France. – Capital requirement – EUR 350,000 for EMI license, EUR 125,000 for PSP license. – The EMI/PSP in France must obtain the SIREN number, which is the company ID. – The business plan must comprise details about the activities, implementation of Anti-Money Laundering policies, operational structure, financial forecasts, etc. – The “Fit & Proper” tests are imposed on key staff in the company. |
– The Bank of France and Autorité de Contrôle Prudentiel et de Résolution (ACPR) issue licensing authorization for EMI/PSP companies. – It normally takes around 6-12 months to get an EMI/PSP license in France. |