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OfficesAn electronic money institution license in UK is a regulatory permit that authorizes a business entity to issue prepaid cards, electronic wallets, and other relevant forms of E-money.
In other words, e-money is currency stored in banking computer systems, secured by the central bank, which helps boost a cashless economy. If youโre in the money services or fintech business and looking to operate in the UK, you must obtain an EMI license in the UK.
Partner with Enterslice for end-to-end support, from initial company registration in UK and legal documentation to filing your application with the FCA and ensuring you meet all compliance mandates after registration.
Schedule a personalized 1:1 meeting with our fintech experts and secure your EMI license in the UK.
AML-KYC Policy Drafting
Minimum Capital Requirement of USD 407,000
Client Fund Bank Account Opening
Business Plan Drafting
Risk-Mitigation Protocols
Physical Registered Address in the UK
Let our experts at Enterslice help you obtain a UK EMI license and give wings to your digital wallet business.
Find out the best suitable type of EMI license in the UK as per your payment transactions and threshold limits, as explained below:
The entity must have generated at least USD 5.8 million in electronic money, and its monthly transactions shouldnโt exceed USD 3.4 million. With this license, you can only issue e-money and provide payment services. You canโt provide payment initiation and account information services within the UK. It is recommended for startups and mid-sized service providers.
Highly recommended for fintech and payment companies, this license requires a company to have at least USD 3.4 million in monthly transactions. The minimum capital requirement is USD 407,000. The companies applying for this license can issue e-money above USD 5.8 million.
Scroll down and understand the process of obtaining an EMI license in the UK through the FCA with Enterslice:
The first step is to contact us and discuss your business requirements with our executives. Based on your objectives, theyโll advise you on the appropriate type of EMI license, namely a small or authorized license. Before moving forward with documentation, weโll explain to you the eligibility criteria, paid-up capital requirement, and compliance requirements.
Before starting documentation, weโll conduct fit and proper due diligence on your companyโs directors, promoters, and shareholders to ensure that they are fit to take on the roles in your company. The UK EMI license registration requires a proper declaration of personnel of the legal entity.
Weโll register your business as a legal entity with the Local Companies Registry with incorporation documents, including MOA, bylaws agreement, power of attorney, AOA, copies of passports, and registered business address.
Our business analysts will draft a business plan providing financial projections, a market research study with customer segments, and an organizational structure.
Our associates will tailor-draft your compliance framework, including AML-KYC and counter finance terrorism (CFT) risk-management system to ensure transparency and compliance management with the FCA.
Weโll assemble all the documents, including a copy of the registration certificate, official office address, like a lease or rental agreement, financial plan, risk-management policies, and plans for system failures.
Before moving forward with your application, weโll obtain a letter of intent from a United Kingdom bank, demonstrating our objective to open a safeguarding bank account upon receiving the FCA approval.
After weโre done gathering your documents, weโll submit the application with paperwork to the Financial Conduct Authority (FCA) through the โConnect Systemโ and pay the necessary application fees, namely USD 6500 for an authorized and USD 1350 for a small EMI license in the UK.
The Financial Conduct Authority (FCA) will review your application to check if it meets the prescribed eligibility criteria and threshold limits. Our associates will be in constant touch with the regulatory authority to ensure smooth and timely registration.
Once approved, your corporationโs name will appear in the FCAโs financial service register, and youโll also receive the UK EMI license certificate. Weโll ensure your permit and supporting documents are in proper order.
Weโll help you set up a client safeguarding account after EMI registration in the UK as per the FCA mandate under Regulation 20 of the Electronic Money Regulation of 2011. Some common banks include Barclays, ClearBank, LHV Bank, Modulr, and The Currency Cloud.
Check out the detailed scheduled timeline for EMI registration in the UK to ensure timely submission and approval with the FCA:
Register your company with the Local Companies Registry with supporting documents.
Prepare documents and policies, namely KYC-AML, risk-management policies, organizational structure, IT infrastructure setup, and financial projections.
Acquire a letter of intent from a reputable banking institution demonstrating your intention to open a safeguarding client fund account with the said bank.
File the application with the Financial Conduct Authority (FCA) through the Connect portal with mandatory documents and required fees.
The authority will evaluate the completeness of your documents. Weโll track your application in real-time and take effective measures in case the FCA has any concerns regarding your application. Our associates will send clarification statements after obtaining your consent.
The FCA will issue the certificate of EMI registration in the UK, authorizing you to operate as an e-money service provider.
Submit the FCA authorization documents, the initial letter of intent, incorporation paperwork, and related compliance framework to open a safeguarding account with a UK bank.
The list of documents required for an EMI license in the UK is as follows:
A copy of the company registration certificate
A business plan with financial projections and market research
Detailed companyโs organizational structure
Proof of minimum capital requirement- receipt
Risk management policies
A detailed money laundering and KYC policy
Proper flow of the IT infrastructure and system
Fit and proper declaration of directors and major shareholders/promoters
PAYE reference number of the entity
Corporation Tax Unique Taxpayer Reference (UTR)
Company Reference Number (CRN)
EMI Scheme Rules Document (Share Plan), if applicable
The benefits of obtaining a UK EMI License include a competitive edge, tax incentives, enhanced credibility, cost-effective solutions, and a wide range of business activities.
Financial activities and services that come under the bandwidth of the EMI license in the UK are VAT-exempt, saving your money in taxes. You can use that money to further your business operations.
You can get legal recognition from the FCA to provide E-Money services, which helps legal entities like you to expand your companyโs operations in the consumer market.
With EMI registration in the UK, you can enter into one of the top financial hubs in the world.
The electronic money institution license in UK will help you enhance your reputation in the consumer segment, establishing a unique edge in the market.
Besides operating in the United Kingdom, you can process payments via SWIFT/Debit/Credit cards throughout various jurisdictions, venturing into the global business market.
The requirements for obtaining an EMI license in the UK include minimum capital requirements, AML-KYC policies, legal existence of the business, and a well-drafted business plan. Some common requirements are as follows:
Based on the company size and annual turnover, businesses must obtain an E-money license in the UK. The two main types of permits include a small and authorized EMI license.
Top Industries for EMI License in the UK
Top Businesses for E-money License in the UK
Fulfil your annual compliance requirements after an electronic money institution license in UK with Enterslice. Our associates will help you:
With over 10 years of experience, we streamline the process for registering your business and obtaining the UK EMI license. Trusted by thousands of businesses globally- partner with Enterslice and find out why you should consider us as your compliance service provider.
The UK electronic money institution license is a type of financial permit that helps businesses in issuing e-money and facilitating payment services like bank and card transfers. The services include:
Banks offer loans, investments, and credit facilities, whereas EMI provides digital wallets, payment services, and prepaid card services.
The fee structure for obtaining the EMI registration in the UK is:
The key services provided by a legal entity with an EMI registration in the UK are as follows:
The timelines differ, depending on the type of license you are seeking to obtain from the FCA. A small EMI takes around 2 to 3 months, whereas an authorized license takes around 4 to 6 months. This process involves the preparation of documents for final authorization.
Check out the key points to understand the basic difference between the two types of electronic money institute licenses:
An electronic money institution license safeguards its client funds via:
The challenges during the e-money license registration include:
The FCA officials evaluate an EMI license in the UK application on the basis of the following:
No, you do not need to travel for EMI registration in the UK. The entire process, starting from the incorporation of the company, legal documentation, registration of the business address, and application filing with the FCA, can be done from the comfort of your home.
The documentation needed for an E-money license in the UK is as follows:
Employ the help of a compliance service provider like Enterslice, who can help you with:
Key reasons for obtaining an e-money license in the UK:
The Financial Conduct Authority is the primary regulatory agency that is responsible for the Electronic Money Institution license in UK.
With London being the top-most international financial centre, the UK is the optimal choice for e-money license registration due to its market access and global recognition.
The basic requirements for a UK EMI license are as follows:
-- Testimonials
โI wanted to expand my consulting firm to the UK and wasn't sure where to start. Enterslice helped me set everything up without me needing to fly over. They knew exactly what needed to be done and handled things with minimal input from my side.โ
Verified Customer
โAs someone new to business, I had a lot of questions. The team at Enterslice was patient and explained the UK setup process in simple terms. They were more like partners than just a service provider. I felt supported throughout.โ
Verified Customer
โIโve used other firms in the past, but Enterslice impressed me with their speed and accuracy. They helped register my company in the UK and also advised on taxation and structure. It saved me from making decisions that couldโve caused trouble later.โ
Verified Customer
โEnterslice made the registration process easy, but more importantly, they offered strategic input. They recommended the right structure based on my business goals and market plans, which made a real difference. It wasnโt just about paperwork but a thoughtful guidance.โ
Verified Customer
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