During the application process, information needs to be provided about the service provided, the manner of functioning, details of agents to be appointed, internal governance arrangements and control mechanisms and safeguard measures for fund holders. The applicant must also hold a minimum initial capital of at least EUR 350.000. In addition to the applicant company itself, the shareholders who hold more than 10% of the Cyprus EMI License applicant and Natural Persons who are members of the Management Body of the Cyprus Electronic Money Institution License applicant or a Key Function holder must also submit questionnaires. The identity of directors and persons responsible for the management of the Cyprus electronic money institution and the Ultimate Beneficial Owners are also required. It is essential that every applicant shows a clear organizational structure, effective procedures to identify and manage risks and establish adequate internal control mechanisms. Considering, the extremely specialized nature of the application process, it is essential that the services of a specialized Cyprus Electronic Money Institution Consultant are obtained for the entire process.
A successful applicant should normally receive the license within 3 (three) months of submission of a completed application. Empire Global has a team of experienced professionals who will assist you through the entire process of application for a Cyprus Electronic Money Institution. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Cyprus Electronic Money Institution License.