An application for a Liechtenstein Electronic Money Institute has to be made to the Financial Market Authority (FMA). The applicant must establish the registered office and the head office of the institution in Liechtenstein. The applicant must also have well-defined practices for the identification of customers, management of information, monitoring and reporting of risks and clear accounting and record-keeping practices. Lastly, an applicant must have a minimum initial capital of EUR 350,000. The company’s own funds must be at least 2% of the e-money under circulation.
Prior to the actual submission of the application, a draft application may be submitted without original documents to evaluate the possibility of approval of the application. The key parameters which are evaluated in this process are the scope of the qualifying holdings, the source of funds, business plan, the structure of the group holding along with voting rights.
The final application must be submitted with details of identification of the applicants, business model and budget for the first three years and information about the applicant’s financial structure. Additional information also needs to be provided about corporate governance and internal practices of the applicant and the identity of key persons and directors of the applicant.
The license fee for a Liechtenstein EMI License is CHF 30,000. A license is 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 Liechtenstein Electronic Money Institute application including assistance in the preparation of documents, submission of application and responding to any queries from the FMA. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Liechtenstein Electronic Money Institute.