A Bulgaria EMI license is essential to provide electronic money services within the country. As Bulgaria is a member of the EU, any licenses obtained from the country may also be used to provide Electronic Money services across the EU subject to completion of local registration requirements in the other country.

Bulgaria Electronic Money Institute (EMI) License

 

A license for a Bulgaria Electronic Money Institute (EMI) is issued by the Bulgarian National Bank under the Law on Payment Services and Payment Systems, 2018. This act modified the existing legislation on the subject and updated it according to the latest directive of the European Union (EU).

A Bulgaria EMI license is essential to provide electronic money services within the country. As Bulgaria is a member of the EU, any licenses obtained from the country may also be used to provide Electronic Money services across the EU subject to completion of local registration requirements in the other country.

Bulgaria EMI License Costs

The fee for an application for a license varies on a case to case basis but is considered to be amongst the most cost-effective in the European Union. A license is also generally granted within 3 months of submission of a fully completed application.

Empire Global has a team of experienced professionals who will assist you through the entire process of Bulgaria EMI License application including assistance in the preparation of documents, submission of application and responding to any queries from the BNB. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Bulgaria EMI License.

How can I get a Bulgaria EMI License?

An application for a Bulgaria Electronic Money Institute has to be made to the Bulgarian National Bank (BNB). The licenses for a Bulgaria Electronic Money Institute (EMI) will be granted subject to the applicant fulfilling the requirements set by the BNB.

What are Bulgaria EMI License Requirements?

An application for a Bulgaria EMI License is a well-drawn out process and it is highly recommended that you obtain the services of a Bulgaria EMI attorney for the process. The process of application is designed to evaluate if you are competent to carry on the financial service business mentioned in your application based on your resources and can meet obligations.

The basic requirements which have to be fulfilled by an applicant are as follows:

  • Initial Capital Requirement: An applicant must have an initial capital of BGN 250,000.
  • Own Funds: An applicant must fulfill the requirement of maintenance of own funds according to the value of payments dealt by the applicant in the last year according to the calculation by the auditor and the BNB.
  • Applicant must be a local Limited Liability Company or a Joint Stock Company
  • Location of Headquarter and Registered Office shall be the place where the activities of the Bulgaria EMI are performed
  • A detailed description of the activities to be performed by the applicant including the management details, customer dispute redressal facilities, Anti-money laundering, and Anti-terrorist financing regulations, cybersecurity guidelines and user data protection guidelines
  • Managers and representatives of the applicants must have required experience (at least 5 years) and professional capabilities
  • To have a designated Audit Firm which is registered under provisions of the Law on Independent Financial Audit

Ordinance No. 16 of the BNB also sets out a list of documents which have to be submitted along with the application:

  • Company formation documents and management resolutions
  • Certification about the source of funds and certificate from banks signifying the deposit of funds
  • Business plan and budget forecast
  • Rules for management of the institution and management charts
  • List of shareholders or partners and details of their stake
  • List of documents of branches or locations.
  • Additional documents may be sought

The exact manner of the fulfillment of the requirements as specified in the ordinance.

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Bulgaria Electronic Money Institute (EMI) License

 

  Bulgaria Electronic Money Institute (EMI) License