Do you want to know how to apply for EMI license? The reason of obtaining an e-money license, a corporation is obliged to have a bank account for capital deposit as well as operational requirements.
According to our information, the standard timeline for obtaining the e-money license: four to eight months starting from apply EMI license the date of application for an EMI license is submitted by the candidate! If you want to, consider hiring us!
EMI License Requirements
In spite of the comparison of authorization procedures for EMI aims to make it a little bit different and friendlier. Before the commencement of the formal authorization procedure for EMI as well as submitting applications, CNB typically heartens applicants to hold initial meeting contact to converse the planning procedure and help conclude financial services that have to be accredited.
Technically, the procedure of authorization is pretty criterion: submission of an application for an EMI license. After that CNB reviews whether all essential documents have been submitted and, where nothing is missed and no mistakes recognized, accepts the application for consideration. In certain cases, CNB may demand applicants to submit extra information or documents.
A business plan, including an estimate budget for the first three financial years which reveals that the electronic money institution is capable to function thoroughly as well as employs the suitable internal control systems, procedures, and resources!
A description of the measures taken according to the needs of Article 25 of this Law for safeguarding electronic money holders’ funds, as well as where payment services not relating to electronic money issuance are to be offered — also a description of the measures taken according to the requirements of the Law on Payment Institutions for safeguarding the finances of payment service users.