A Malta Electronic Money Institution License enables the License holder to perform payment services and issue electronic money across the European Union subject to compliance with the license conditions. The definition of payment services under the applicable law is wide which enables the license holder to provide most online and electronic payment services.
The application for a Malta Electronic Money Institution License has to be made to the Malta Financial Services Authority which will issue the license. The first step in the application process is the establishment of a local company incorporated under Maltese law. It is essential that at least two persons who will manage the operations of the Malta Electronic Money Institution are located in the country. There is also a minimum capital requirement of 350,000 euros.
The second step is an initial meeting with the regulator to explain the business plan and obtain initial guidance. This will be followed by the submission of the application to the Malta Financial Services Authority with an application fee of 3,500 euros. A yearly fee also needs to be paid based on your assets. The entire process of obtaining a Malta EMI License takes about 3-6 months after the submission of the completed application.
If you are interested in learning more about a Malta Electronic Money Institution License and how it can help your business please cget in touch with us and one of our dedicated team of experienced professionals will assist you through the entire process of obtaining a Malta Electronic Money Institution License.