Operation of local payment-companies is monitored at the legislative level. There are special laws and directives (PIEIA and PSD2) specifying the norms for firms operating in field of payment-services. PSD2 is applied to banking-institutions, construction firms, payment-companies, e-money firms and their customers. PI license in Estonia is released by a special regulator – EFSA. Such authorization enables firms to spread payment-services throughout EU.
Requirements for PI license in Estonia
To function as payment-institution, a firm needs to obtain PI license in Estonia. To implement this, applications are sent in written-form with all documentation:
- Statute;
- a notarized copy of memorandum or decision on company foundation;
- confirmation of paid share or share-capital;
- list of all services to be carried out;
- business-plan that complies with PIEIA standards;
- the applicant’s start-up capital and profits and expenses for monthly-period prior to month in which application for opening active commercial project was made, and additionally reports, if any;
- description of implementation of PIEIA’s general norms for keeping customers’ money and protecting clients;
- data on information-technology;
- measures to combat illegal monetary means and terrorist-financing, and duties to send payers’ data;
- organization structure;
- shareholders with their data;
- data of managers and directors;
- auditor data;
- documentation that confirms value of company’s personal-funds, with auditor’s reports, etc.
Deciding to buy payment institution in Estonia, you’ll obtain licensed structure; thus, you have no need to implement above-mentioned.
Providing payment-services to other countries
Organization holding payment institution license in Estonia can operate in another country by opening branches or offering cross-border services through an agent or distributor. When providing its services in another country, the company must take into account all the rights and rules of this jurisdiction.
To obtain permission to open an office in another country, businesspersons submit applications to regulatory body, attaching next-mentioned:
- country where the opening is planned;
- office address;
- business-plan;
- data about department heads.
Everything is served in Estonian. If the documents are in a foreign language, a sworn translation can be made. Plus, businesspersons may buy firms with PI licenses in Estonia.
Termination of permission
PI-license in Estonia is canceled in next-mentioned situations:
- enterprise is subject to liquidation;
- permission is revoked directly;
- firms merge through acquisitions;
- a merger creates a new company;
- the firm goes bankrupt.
Beginning of work for PI in Estonia license for sale
When getting ready-made PI license in Estonia, you must first draw up business-plan. You must know exactly what you want to do. Specify the advertising plan, target audience, competitors, etc. You can draw up a sketch manually, and our experts help you to paint everything properly and create final version.
In addition, since businesspersons need to give precise guidance about your security system, monetary means flow, etc., it is important to have an expert on these issues on the team. When using intermediary solutions, ask them for all documentation.
- You must possess local activity in jurisdiction, and there needs to be a director who permanently lives locally.
- Enterprise may operate exclusively as an OJSC, so a board of directors of 3 or more people is needed.
- Only educated professionals with an excellent reputation can manage commercial structure.
- Capital of payment-institution is at least 125, 000 EUR.
Licensing PI in Estonia takes approximately 6 months, as the regulator may set additional questions and require a larger package of papers. If you contact our company for help, we will help you collect all the papers and achieve a positive decision, or assist you to buy PI license in Estonia. Additionally, we have an extensive list of shelf companies and licenses for sale. Contact us right now – our specialists are ready to provide you with comprehensive professional assistance in any matter.
You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.