A license for an Estonia Payment Service Provider is issued by Finantsinspektsioon, the Financial Services Regulator of Estonia under the Payment Institutions and E-money Institutions Act. This act modified the existing legislation on the subject and updated it according to the latest directive of the European Union. An Estonia PSP license is essential to provide electronic payment services within the country. As Estonia is a member of the EU, any licenses obtained from the country may also be used to provide payment services across the EU subject to completion of local registration requirements in the other country.
An application for an Estonia Payment Service Provider has to be made to the Finantsinspektsioon. The licenses for an Estonia Payment Service Provider (PSP) will be granted subject to the applicant fulfilling the requirements set by the Finantsinspektsioon and the Act.
The documents required for an Estonian PSP license include company foundation documents, business plan, business plans, internal rules for the organization, Anti-money laundering and Anti-terrorist financing policies, information on businesses of the management and the applicant, and any other documents deemed necessary by the regulator. Additionally, the Applicant will have to maintain its funds as per the formula provided in the Act. A license is generally granted within 6 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 the Estonia Payment Service Provider application including assistance in the preparation of documents, submission of application, and responding to any queries from the Finantsinspektsioon. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for an Estonia Payment Service Provider.