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Obtaining an EMI license in Ireland

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Obtaining an EMI license in Ireland in 2020

 

The benefits of obtaining a license in Ireland are:

  • Favorable business environment;
  • A developed online banking sector;
  • Ability to provide a range of PIS and AIS services;
  • Transparency of business processes;
  • High level regulation of business sphere at the legislative level.
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Obtaining an EMI license in Ireland will give you the following opportunities:

  • Ability to provide payment services (using e-money);
  • Ability to become an e-money issuer;
  • Ability to act as the Payment Initiation Service (PIS) and Account Information Service (AIS) providers.
Authorization

In order to obtain a Payment Institution license in Ireland, a client must go through the authorization process carried out as follows:

  1. A preliminary meeting with our lawyers to clarify the details of the registration process, as well as the rules for applying;
  2. Filing an application for authorization with the Central Bank of Ireland + providing a package of prepared documents;
  3. Receipt and consideration of the application by the Central Bank;
  4. Checking the application by the regulator for compliance with the requirements and then compiling a list of questions for the applicant;
  5. Applicant's response;
  6. Coordination of all questions and clarifications with the regulator;
  7. Central Bank decision of confirming or rejecting the application.

Obtaining an e-money license in Ireland also requires the submission of a set of additional documents to the Central Bank of the state:

  • Confirmation of the source of origin of the beneficiary's funds, as well as the good standing of the company;
  • Documents confirming the competence of the applicant, the availability of sufficient experience in the field of finance;
  • Documents confirming compliance with the anti-money laundering (AML) and anti-terrorist financing policies.
Registration requirements

If you do not have an existing business, before obtaining a PIS license in Ireland or obtaining an AIS license remotely, you will need to register an Irish company, taking into account the following conditions of the regulator:

  • Minimum 2 directors (residents of Ireland);
  • From 1 to 50 shareholders;
  • The presence of an executive officer (CCE) and a risk manager (for a full or part-time);
  • The presence of a secretary (resident/non-resident);
  • The company seal;
  • Local registered office;
  • Share capital – minimum 350,000 EUR. It is possible to change an amount of announced capital according to the decision of the regulator after reviewing the business plan of the company;
  • Accounting and audit (contract with a local audit company).
Package of documents

Obtaining a PI license in Ireland will require the preparation of the following documents:

  • Application for authorization;
  • A copy of the beneficiary's foreign passport (certified by a notary public);
  • The residential address (document certified by a notary public and translated into English);
  • A set of documents of the company with the confirmation of the origin of the funds, as well as the solvency of the beneficiary;
  • Business plan and financial forecast for 3 years;
  • Certificate of criminal record obtained in the beneficiary's country of residence (certified by a notary public and translated into English);
  • The prescribed security policy, as well as passing the due diligence by directors, founders and company's management;
  • Specification of control and management mechanisms, as well as the technical capabilities of the company.

Please, note that this is not a definitive list of the documents. Please check with our specialists for more details.

Payment conditions

If you are interested in obtaining an Electronic Money Institution license in Ireland, we recommend you considering the terms of payment for our services:

  • It is necessary to make the initial payment 30 hours before the preparatory work carried out to obtain an EMI license (350 GBP/hour). The client can receive a report on the elapsed hours monthly or on the agreed date;
  • Subsequent payment may be required after the initial set number of hours has passed.
Terms for obtaining a license

Obtaining an e-money license in Ireland remotely takes about 6 months or more.

Key steps:

  • Confirmation of the application by the Central Bank of Ireland: up to 10 days;
  • Approval of an application for obtaining a license for electronic money in Ireland: from 3 months;
  • Submission of additional documents and clarifications by the applicant at the request of the Central Bank: up to 2 months.

Registering a company in Ireland: from 2 days. The indicative timelines for the project implementation: from 10 months.

IQD Consulting experts will help you to prepare all the necessary documents promptly, as well as advise and provide you with legal support in the process of obtaining an EMI license in Ireland remotely.

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For more information, please refer to our lawyers using the contacts listed on the site.

The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.

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