How to obtain an Electronic Money License in Luxembourg
Luxembourg is a global financial center and a member of the European Union allotting the opportunity to obtain a Luxembourg Electronic Money Institution License. A Luxembourg Electronic Money Institution License enables the License holder to perform payment services and issue electronic money. The definition of payment services is wide which enables the license holder to provide most online and electronic payment services. The application for a Luxembourg Electronic Money Institution License has to be made to the Commission de Surveillance du Secteur Financier (also called CSSF) which will initially process the application before transmitting its decision to the Ministry of Finance which will issue you the license.
The first step in the application process is the establishment of a local company incorporated under Luxembourg law, in the form of a public limited company. It is essential that the Luxembourg EMI Institution has its head office and central administration in Luxembourg and must also have offices and employees in Luxembourg. There is also a minimum capital requirement for 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 CSSF with an application fee of 15,000 euros. The entire process of obtaining a Luxembourg EMI License takes about 4-12 months after the submission of the completed application. If you are interested in learning more about a Luxembourg Electronic Money Institution License and how it can help your business please complete the form here and one of our dedicated team of experienced professionals will assist you through the entire process of obtaining and a Luxembourg Electronic Money Institution License.