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A license for electronic money in Germany in 2020

A license for electronic money in Germany is necessary for conducting activities, which is associated, respectively, with the issue of electronic money or their exchange. The same license is required for companies, that plan to open wallets for electronic currencies or issue credit cards. Naturally, in order to obtain a license to work with electronic money in the EU, certain requirements must be met, which are provided for by the laws of Germany and the European Union.

Requirements for obtaining a license for electronic money in Germany:

A German payment system license is issued after the approval by the German Federal Financial Supervisory Authority (BaFin), in accordance with the Banking Act and the Payment Services Supervision Act (ZAG).

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Basic requirements for issuing an EMI license in Germany:
  • The applicant is a legal entity;
  • A financial and business plan for 3 years;
  • A real office in Germany, which conducts continuous activities;
  • Directors and shareholders are required to have a higher economic or legal, but not technical education;
  • The application must contain all necessary documents and the information;
  • It is necessary to provide the evidence of the availability of a sufficient amount of material resources for conducting activities (min 50 thousand euros).

It is required, that the authorized capital be in accordance with the volume of services provided by the company. Its value may amount to hundreds of thousands of euros.

Difficulties in obtaining an EMI license in Germany:

The main difficulty is the availability of qualified personnel. The regulator requires the provision of full details of directors and shareholders. Documents must confirm education, qualifications and the experience in the field of finance. All papers are carefully checked for authenticity, so the time for issuing an EMI license in Germany can drag on for a period of several months to a year. The cost of obtaining a license for electronic money in Germany is 15 thousand euros.

How to get a license for a payment system in Germany?

IQD Consulting professionals will tell you how to obtain a license for electronic money in Germany, and will also assist in opening a corporate bank account in Germany.

Our company shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.

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