{"id":16636,"date":"2019-02-27T19:08:49","date_gmt":"2019-02-27T17:08:49","guid":{"rendered":"https:\/\/www.pfser.com\/?page_id=16636"},"modified":"2022-08-13T15:23:39","modified_gmt":"2022-08-13T13:23:39","slug":"electronic-money-institution-license-uk","status":"publish","type":"page","link":"https:\/\/www.pfser.com\/en\/electronic-money-institution-license-uk\/","title":{"rendered":"Electronic Money Institution License UK"},"content":{"rendered":"

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[vc_column_text]UK became a hub for many well-known electronic money institutions due to transparent and cutting-edge legislation, ease of doing business and its location. Electronic money institution license UK (or e-money) is a financial institution licensed for taking part in services involving e-money and online payment. Here, it must be noted that license of e-money doesn\u2019t remain limited to the area or time of activities. As a result, an individual holding an electronic money institution license in the United Kingdom would be eligible for providing services throughout the EEA<\/a> or European Economic Area without the need of undergoing further licensing process in any of the member states.<\/p>\n

The only major characteristic responsible for making e-money institutions different from traditional banks is that unlike banks (the traditional credit institutions) electronic money institutions don\u2019t possess the right of issuing loans and keeping deposits for accumulating interest. The electronic money institutions are also not required to abide by banking regulations and never become subjected to related supervision.<\/p>\n

This particular financial structure appears to solve some major issues of the modern-day economic world. It would make large financial transactions, international transfers (particularly those done in US dollars), and other banking services simpler.[\/vc_column_text]<\/p>\n<\/div>[vc_column_text el_class=”border-gold border-b-1 border-solid max-w-1100 pt-90″ css=”.vc_custom_1628988920685{margin-bottom: 90px !important;}”][\/vc_column_text]\n

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Benefits of Electronic Money Institution License UK<\/h2>\n

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Upon acquiring the license in the UK, an e-money institution can offer services in all other member states of the European Economic Area either by setting up branches or through passporting. There are also a number of other possibilities that this structure provides:<\/h3>\n

[\/vc_column_text][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The possibility of receiving English SWIFT;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The chances of issuing IBAN accounts to the e-money institution\u2019s clients;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The option of opening account from a remote location (for that users would require an Internet connection);[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The chances of issuing payment cards (MasterCard) linked to respective customer accounts;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The possibility of making payments with traditional banks in different parts of the globe in various currencies including GBP, EUR, and USD;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The chances of allowing acceptance of payments from various international accounts under the SWIFT system;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The option of making independent decisions when it comes to opening accounts and making payments;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”5\/6″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZC1icm93biUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]The chances of having correspondent accounts anywhere in the world.[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/12″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_separator color=”#ba8350″ width_in_percentages=”yes” css=”.vc_custom_1628988905978{margin-top: 75px !important;margin-bottom: 80px !important;}”][vc_column_text css=”.vc_custom_1639603637045{margin-top: 80px !important;margin-bottom: 30px !important;}”]<\/p>\n

Electronic Money Institution License UK<\/h2>\n

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Tasks related to licensing procedure that often need additional time are as follows: the process of preparing a business plan and business model; finding the right professionals for adorning various management positions (it often becomes difficult to find people with the right kind of experience and qualification). Also they include descriptions of IT systems, accountancy systems, etc and entering contracts with third parties like audit firms.<\/p>\n

It has been found that the process of establishing the company needs around one month to complete. The licensing process, on the other hand, would make the company owner wait for another two to six months (the official term is of three months, which gets prolonged by another three months in most cases).<\/p>\n

A holder of Electronic Money Institution License UK\u00a0need to pay an authorized amount between 0 \u20ac to 350 000 \u20ac for acquiring the license depending on a class of the license. Electronic money institution in UK is granted only when the English financial market\u2019s regulator provides an official mail confirming the approval of application. The company\u2019s account must always have the authorized amount (350 000 \u20ac); it\u2019s actually the minimum balance the account should have for remaining functional.<\/p>\n

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Steps to Obtain\u00a0Electronic Money Institution License UK<\/h2>\n

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The process begins with preparation of various draft documents. This preparation is done both by the owner of the institution and Private Financial Services experts;<\/p>\n

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This is followed by formation of the institution. Subsequently, a bank account is opened and various other corporate matters get resolved;<\/p>\n

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Next, the application seeking the required license is submitted along with the licensing fee and licensing documents;<\/p>\n

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Upon receiving the above documents, fee, and application, the financial regulatory body makes the applicant face an official enquiry;<\/p>\n

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The FCA takes its decision; in other words, the body decides whether it would be pertinent to issue license to the e-money institution;<\/p>\n

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Decision of the FCA regarding the issuance of EMI license.<\/p>\n

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Legal system<\/h2>\n

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Law in the UK allows English companies to register themselves and acquire the required financial licenses from the Financial Conduct Authority (UK\u2019s financial regulatory body). \u200bThis allows to set up an e-money institution in just 12 months (it\u2019s the legally approved maximum time) and begin global operations using their respective International Bank Account Numbers (IBAN). In addition, they can also move forward and obtain membership in SEPA, SWIFT etc. and issue their personal payment cards.<\/p>\n

Financial services in the UK are exempted from VAT. These institutions allow remote identification of their clients (both legal entities and individuals) and there is no restriction is placed on the company\u2019s turnover. Also these institutions are allowed with work with business in EEA and EU countries.<\/p>\n

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We can assist with the following services:<\/h3>\n

[\/vc_column_text][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]SEMI license (Small Electronic Money Institution);[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]Account information service (AIS) and payment initiation service (PIS) licenses;[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/4″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]Obtaining active\/passive SWIFT\/BIC;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]Obtaining issuing license for VISA\/MasterCard\/China Union Pay\/American Express;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]Obtaining acquiring license for VISA\/MasterCard\/China Union Pay\/American Express;[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-support__item–slim”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” el_class=”custom_flex_container” width=”1\/2″ offset=”vc_col-xs-10″][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJsZW9faGVhZCUyMiUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][vc_column_text]and many other services for electronic money institution license UK.[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/4″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_column_text css=”.vc_custom_1628989384642{margin-bottom: 50px !important;padding-top: 15px !important;}”]<\/p>\n

Please contact our specialists to get more information on electronic money institution license UK, licensing procedures, requirements for management board\/shareholders and costs.<\/h3>\n

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