EMI License: What is it and who needs it?
EMI (Electronic Money Institution) is a license for issuing electronic money. Thanks to this, companies can perform quasi-cash operations: top-up electronic wallets, purchase virtual money, pay forex accounts, and more. Additionally, the license allows your business to operate as an EMI institution—a company with all the permissions to issue digital currencies for legal entities and individuals.
Moreover, an Electronic Money Institution is necessary for those planning to create an electronic wallet, an application for third-party payment servicing, and other resources for conducting operations with virtual currencies.
What opportunities does an EMI license provide to your company?
The permission to issue and conduct operations with electronic money guarantees your business wide opportunities:
- Creating your own platforms for electronic wallets or applications for settling transactions with virtual currencies, attracting crypto investors to your project.
- Opening user payment accounts to conduct various operations with digital money, expanding the customer base of your financial organization.
- Collaborating with promising crypto projects, helping expand the geographical scope of your company.
- Providing services related to trading, money transfers, offering the chance to earn more through commissions or percentages from each transaction.
Advantages of obtaining EMI in the jurisdiction of the Netherlands
Obtaining a license to issue electronic money in the Netherlands comes with advantageous conditions, including:
- Favorable requirements for non-residents. The Netherlands allow foreign businessmen to obtain a license with minimal representation of their enterprise in the country. Unlike other European countries where up to eight resident employees are required, here you need only two local directors to submit the application.
- Fast EMI acquisition process. The average processing time for a license in the Netherlands is 6-12 months, but with careful preparation and professional assistance, you can complete it within 8 months. In comparison, in most other European jurisdictions, obtaining an EMI takes about 24 months.
- Documents submission in English. To obtain the license, you can submit all necessary documents in English, saving significant time and money on translating business documentation.
How to prepare for applying for an EMI license?
The main regulator for granting licenses to electronic money institutions in the Netherlands is De Nederlandsche Bank (DNB). An applicant for an EMI license in the Netherlands needs to prepare the following documents:
- Company information.
- Business plan.
- Local directors.
- Description of the company’s organizational structure.
- Confirmation of primary capital availability.
- Business performance and transaction statistics.
- Company’s security policy.
- Risk assessment and measures to control/mitigate them.
- Shareholder details.
The IFB team has years of experience working with banks from different countries, so we are well informed about the conditions for application submission and are ready to help you compile the document package in the shortest possible time.
Additional services from IFB also include:
- Accounting services.
- Consultation and assistance in implementing fintech
- projects.
- Opening accounts in foreign banks.
- Integration of payment systems.
Delegate the EMI application process to the IFB team
With us, obtaining an electronic money issuance license is achievable in just 4 steps:
Consultation
Our expert will discuss all the collaboration details with you, study your company’s activities, and provide forecasts for success and the speed of obtaining EMI in the Netherlands.
STAGE 2
Document package preparation
We will handle document collection and assist in forming a business plan, company policies, accounting reports, and other documents.
STAGE 3
Submission of documents to the DNB regulator
We will prepare the EMI license application and submit the document package on behalf of your authorized representatives. Once we receive a response from the regulator, we will inform you of the results and assist in resolving ongoing legal issues.
STAGE 4
Completion of collaboration
After you obtain the EMI license, we will provide consulting on further development and digital transformation of your business in the electronic money industry. Additionally, our experts will assist in implementing blockchain and other projects related to virtual assets.
Aiming for digital transformation of your business? IFB specialists will help you create an effective business plan and obtain an EMI license in the Netherlands!
Let`s work
Let`s work
