Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

E-Money Licensing in UK: General Essence and Legal Base

The UK Fintech market has been recognized as the European data center for developments in recent years and is likely to remain the industry leader due to the regulatory approach that supports Fintech innovation.

Becoming a part of this commercial niche is not so easy due to the presence, although not many, but rather strict requirements. Therefore, an entrepreneur who has chosen this path should consider a company with aEMI license for sale– this is an option with an already obtained permit, which will allow you to bypass such a cumbersome process as paperwork and so on. You can get started from the very beginning.

Getting an EMI license in England

Permission for EMI license is issued by FCA. Having properly prepared an appeal to the FCA, the company officially declares its intention to get a license to issue e-money in England, thereby confirming its readiness to provide evidence of compliance with demands of regulator.

Issuing a permission will require registration or authorization with the FCA. In case of authorization, the applicant receives an AEMI license. It is worth noting that organization has the opportunity to apply for an AEMI license, which allows it to provide a full range of services.

You should choose the UK as your regulator if:

  • Most of your clients live in the UK;
  • Experience and stability of the regulator;
  • Rules and processes developed over many years of work in the industry;
  • Almost half of all licenses are issued in the UK;
  • English is the main language of communication and documentation.

A distinctive feature of EMI organization in UK is that they are very similar, but at the same time differ from classical banks. For example, the latter can issue loans to their customers and keep deposits, which will accrue interest. This is not in the list of its capabilities, but at the same time, they do not fall under banking regulation and related supervision.

Thus, a payment system permit in England is the best option for companies that plan to work in the financial sector. By registering as EMI, legal entities will be able to be licensed and start doing business with more loyal oversight and attitude from regulators. However, in order to do this, the company must comply with a number of rules and demands of UK law.

Subject to their observance, EMI license will allow legal entities to:

  • create IBAN and SWIFT accounts;
  • open accounts remotely (online);
  • send payments to any country in the world and in any currency;
  • issue payment cards and so on.

Primary Requirements

  • The head office must be in the UK.
  • The management of the company must be permanently located in the office in the UK.
  • On the day of getting license, firm must have an IT system ready for operation.

In order to be licensed as a financial facility in England, you will need to submit an application to the FCA along with the relevant documents. According to the main conditions put forward by regulator, you will need:

  • Describe your structure and reason for choosing jurisdiction.
  • Givereal expertise and professional education evidence of company’s leaders.
  • Provide a commercial plan for next few years.
  • Confirm the contribution of the authorized capital.
  • Open an account for a company in the UK.
  • Confirm the main source of funds.
  • Provide evidence of an AML officer who is a resident of England.

Receiving a banking permission in UK is a task that only a group of professional specialists can handle. Cooperation with foreign legislation implies a detailed study of all regulatory legal acts and strict adherence to the standards established in the relevant jurisdiction. To get permission to carry out banking activities, you must register your own company in England.

Back to top button