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Obtaining a license for electronic money in Estonia

When it comes to the online banking, they usually think of registering an EMI or PSP. This line of business implies a huge potential. But, due to the fact, that many requirements are put forward to this line of business, some difficulties arise. Entrepreneurs, who have made a firm decision to obtain a license for financial services in Estonia, should know and quickly solve all difficulties, that arise in achieving their goals.

By issuing an EMI/PSP license in Estonia, entrepreneurs have the right to provide an EU passport to provide their services. It is understood, that an EMI license obtained in one EU member state gives it the right to carry out activities in other member states.

It is worth noting, that from January 1, 2018, the cancellation of the limit on the amount of electronic money came into force. This change has largely untied hands of holders of virtual currencies.

Obtaining permits in Estonia

To apply for EMI licenses in Estonia, you will need to submit a request to the Financial Supervisor. To obtain a license in Estonia, entrepreneurs must provide all necessary documents with the Financial Supervisor.

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Documents required include:
  • A photocopy of the Charter;
  • A detailed business plan;
  • The program of operations;
  • Confirmation statements on the authorized capital contribution;
  • The resume of each founder;
  • Legal principles of payment systems.
Obtaining a financial permit in Estonia
  • A prerequisite is the presence of a commercial plan;
  • The detailed description of IT systems;
  • It is necessary to hire a technical specialist;
The charter capital

The required capital for obtaining an EMI license in Estonia is 350 thousand euros.

Time frame

Usually, it takes several months to prepare documents, the Estonian Financial Supervision Authority decides within 2-6 months.

How to get an electronic money license in Estonia?

Request for personal advice with IQ Decision experts for more details on this article. Our specialists will provide legal support in obtaining an EMI license in Estonia and other European countries.

  • 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.

  • Still have any questions?

    Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.

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