Eternity Law International — News — Electronic money license in UK

Electronic money license in UK

Published:
October 5, 2020

UK is a fairly popular country for business-persons intending to bring their business to the global level. Launching a company in this commercial space has plenty of prospects and benefits for a businessman. Both novice business-persons and experienced capital owners intending to work in e-money choose the UK, since such permission is recognized in most of the jurisdictions of Europe and Asia.

If you intend to be officially-registered and licensed in a given country, our specialists assist at every stage of registration. Our company also offers an extensive list of ready-made crypto-licenses for sale and other permits in hundreds of commercial areas, particularly, Fintech, gambling, etc. With our professional help, starting your business will be quick and least expensive.

What is an EMI license?

An Electronic Money Institution license is permission to provide a variety of payment company services and issue e-money.

A licensed company operating in this area in the UK can offer its services in other EEA countries by opening branches or certification. To obtain such a license, it is mandatory to comply with AML/CFT requirements.

What does this type of licensing provide?

A business that has received an EMI-license in Great Britain has the right to operate worldwide. When a company receives registered EMI status, a lot of opportunities and functions open up for the entrepreneur, which are also available to regular banks. However, firms cannot engage in lending and attract client funds as deposits.

If you have an EMI-license in the UK, a company can cooperate with various financial organizations and offer the following services to firms and individuals:

  • opening an IBAN bank-account;
  • obtaining a SWIFT-account;
  • issuance of cards for MasterCard and VISA payments;
  • getting correspondent accounts online anywhere in the world;
  • accepting and making payments in various currencies;
  • conducting other financial-related activities that are not prohibited by law.

An EMI-license opens up the opportunity for a company to issue e-money, issue payment instruments and engage in acquiring. In addition, the company is allowed to:

  • place and hold money in accounts;
  • carry out fund transfers;
  • withdraw cash from accounts;
  • carry out almost any transaction, including direct debits or credit transfers;
  • work with cryptographic currencies.

Compared to banks, registered EMI-companies are quite flexible structures that are not subject to strict banking regulation and supervision.

Types of EMI-licenses in the UK

There are 2 types of licenses available in the UK:

  • full licensing of the Authorized Electronic Money Institution, which makes it possible to provide services even in the European economic zone (for this you need to undergo simplified certification in any European state);
  • SEMI license, suitable for small businesses with a monthly turnover of no more than 3 million euros. Such firms can operate throughout the UK.

To obtain a license, you must pay the state fees in the amount of 5 thousand pounds sterling for AEMI and 1 thousand for SEMI.

Our specialists are ready to provide you with comprehensive professional assistance in any kind of licensing and purchase of ready-made businesses. We work in various commercial areas, in particular, we help in obtaining a Forex-license in Singapore, a gambling permit in Malta, a crypto license in Estonia and others.

Obtaining an EMI-license in the UK

These types of licenses are issued by the FCA regulator under the new Payment Services Directive (PSD2). Initially, the company must prepare an application for the regulator, which confirms the enterprise’s willingness to show evidence of compliance with all requests of regulatory authorities.

A company can apply for an AEMI license, which will allow it to work fully with electronic finance around the world, or obtain SEMI, which will allow it to work only in GB.

The choice of the appropriate permit depends on the type of enterprise:

  • SEMI is suitable for small companies with a turnover of no more than 3 million GBP;
  • EMI will be the best option for those whose turnover is more than 5 million GBP.

Speaking specifically about the SEMI license in the UK, it is important to pay attention to the following points:

  • with such permission, you can provide payment services (to a limited extent) and issue electronic funds exclusively in the UK;
  • if a firm already has a SEMI license, it is eligible to apply for an AEMI license.

Official fees and time limits for purchasing an EMI license in the UK

To license an e-money company in GB, you must also pay a government registration fee:

  • for SEMI this amount is 1200 euros;
  • for EMI this amount is approximately 5800 euros.

Regarding the annual fee, this amount is calculated individually for each enterprise.

Registration of AEMI in the UK often takes from 9 months to a year. To comply with all regulatory requirements and quickly obtain an EMI license, it is better to seek help from experts. We offer full professional support at all stages of the process. Deadlines are also an individual parameter for each case of cooperation.

What is required to get an EMI-license in the UK

  1. The main condition for licensing is registration of the company in the jurisdiction. At the same time, business management should take place on the territory of the country.
  2. There must be as many or more UK resident directors as non-resident directors.
  3. The board of directors must take place within the country.
  4. You must have a physical office in the jurisdiction.
  5. The CEO must live in the UK.
  6. It is necessary to submit accounting reports in a timely manner, conduct an audit and have all supporting documents.

To license a financial company in the UK, an application must be submitted to the regulatory authorities along with all required documentation. The list of main documentation includes:

  • a description of business-project and a written explanation of why this particular country was chosen for work;
  • confirmation of experience in this field, as well as documentation on professional education of managers;
  • business-plan for several years ahead;
  • confirmation that the company’s authorized capital has been deposited into the account;
  • an account that is opened at a local bank;
  • confirmation of the source of origin of money;
  • approved policies from a resident AML officer.

Taxation

If company’s income does not exceed 1.75 million euros, firm pays a single income tax, which is 19%. If the total income is more, you need to pay 30%. You also need to pay stamp duty, which ranges from 3-15%.

There is no unified real estate tax in the country, but there are annual municipal fees, which differ depending on the value of real estate.

What is included in our services

Our company’s specialists are true experts in their field. We offer our clients full support during registration and licensing of all types of businesses-projects in UK and other jurisdictions

  1. Opening a company anywhere in the world.
  2. Assistance in licensing and obtaining various permits.
  3. Collection and sending to the regulator a complete package of necessary documents.
  4. Opening accounts in the best banking institutions.
  5. Lots of additional service range.
  6. Ready-made companies and permits for sale.
  7. Free consultations.

We guarantee the quality of our work and help you obtain the fastest and most profitable decision from the regulator.

How much does an EMI-license cost in the UK?

The price of this permit depends on the type of company, planned turnover and a host of other important points. That is why a specialist from our company individually calculates the amount of final expenses for the client.

Our advantages

We have been working in this field for many years, so we can rightfully call ourselves the best specialists. We have thousands of successful deals and rave reviews in our arsenal. The goal of the company’’s employees is maximum benefit for the client and an individual approach.

  1. Extensive work experience in different jurisdictions.
  2. Satisfied customers all over the world.
  3. Lots of corporate services.
  4. Focus on results.
  5. Service quality guarantee.
  6. Expert advice on any issues.

With us you will receive maximum loyalty and benefits when opening any type of business-project. Contact us today for a prosperous and comfortable start to your business-structure. Our specialists will help collect documentation, draw up a business-plan, if necessary, and negotiate with regulatory authorities at all steps of the business opening and licensing process.

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