The number of Payment Institutions / Payment Service Providers (PSP) is continuously increasing. We can assist you in getting the relevant license in Estonia and other selected European jurisdictions and keep your business compliant in the long run.
General requirements
The general requirements slightly change from country to country. In any case, they can be summarised as follows:
- The shareholders must have an impeccable business reputation
- The members of the board must have an impeccable business reputation, along with education, experience and professional qualifications necessary to manage an e-money institution
- Permanent establishment in the country in which the company applies for the license
- Auditing is mandatory
- Adequate organisational structure
- Adequate technical organisation
- Compliance with the anti-money laundering and counter-terrorist financing law and regulations
- Compliance with the GDPR.
The minimum share capital is between EUR 20.000 and EUR 125.000 (depending on the services offered).
Passporting / Operating Abroad
A PSP licensed in an EU Member State may offer its services in any other EU Member State without the requirement to obtain an additional licence and satisfy the prudential supervision rules imposed by the second Member State.
Timeframe
The time to obtain a license varies from country to country, and some EU Regulators are most likely faster than others. In any case, the decision on the application for a PSP license is usually made in 3-6 months.