If you are looking to enter EU space, you may want to consider getting EMI license in the UK. Presence of such permission in the UK gives its holder rights to spread services throughout European Economic Area (EEA) viа passportization without the need to pass a further licensing procedure in any of its member states.

Please visit this website to find out more about EMI licence for sale.

Key UK EMIs features

E-money is modern payment instrument that has emerged with the development of technology. Their popularity is due to a number of factors, incl. growing difficulties in opening current accounts and receiving cards in traditional retail banks, and the rapid development of digital technologies. E-money satisfies all needs of different customer groups.

Due to simplified regulatory norms, these establishments provide their products at reduced prices compared to banks and use simpler onboarding procedures. Some of the most popular products/services offered by EMI are listed below:

• personal and commercial accounts with IBAN;
• cards;
• money transfers;
• cryptocurrency operations;
• trade service;
• SEPA.

Basic requirements

To obtain permission of a payment facility does not become impossible, you will need to fulfill all the conditions for the company’s team:

• foreigners cannot be less than residents in the state;
• only a person with residency is appointed to the position of the general director;
• the dominant right remains with the resident manager;
• meetings of the management team are held only in the territory of the country.

The payment system license is issued by a single organization – the FCA. The inspection is guided by the provisions adopted in this system. Main applicants’ task is to confirm:

• its financial viability;
• willingness to bear all risks.

Before submitting application, candidate needs to:

• open enterprise in England;
• find and rent a real office;
• hire staff.

An extensive package of documents is attached:

• evidences of fulfillment of necessary authorized capital;
• commercial plan for a period of more than a year;
• a detailed description of all processes on which work will take place, including identification;
• service list;
• confirmation of risk control;
• complete information about responsible persons.

An important factor for application approval is well-selected staff. A firm must have experience in similar work, as well as specialized education.

Benefits of EMI licensing in the UK

1. Getting a SWIFT invoice in English.
2. Providing English IBAN to the customers.
3. Remote (via Internet) accounts creation for both individuals and legal entities.
4. Issuance of Master cards linked to the client’s account.
5. Authorized payments to banks around the world in USD/EUR/GBP and other currencies.
6. Ability to get international monetary means in SWIFT system.
7. Independent decision-making on accounts opening.
8. Possibility of opening correspondent accounts all over the world.

What operations are permitted for companies with EMI UK FCA licenses?

These companies have the right to carry out the following operations.

1. Placement of funds.
2. Making payments.
3. Cashing out funds.
4. Implementation of financial transfers.
5. Purchase of payment operations.
6. Release of systems for payments.
7. Making payments through network operators, telecom operators, IT systems.
8. Issue of electronic currency.

In some cases, the firm risks being rejected. Therefore, it is important to seek the help of qualified experts in order not to miscalculate and be able to quickly and skillfully infiltrate this niche.