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EMI license in Ireland
For the past 5 years, the electronic money sphere has been developing at the rapid-fire pace. It is virtually impossible to imagine our modern world without electronic payment systems. The cryptocurrency boom of 2017, which introduced new technologies to the world, also contributed to the development of this industry. However, despite the fact that the field of international electronic payments is developing rapidly, this niche is still not filled. This area is very promising and any project can earn worldwide fame.
However, in order to start a business of this kind, it is necessary to choose a suitable jurisdiction. One of the best options is Ireland. The country offers attractive conditions for companies in this industry. However, to operate in this field, obtaining an EMI license in Ireland is required. The law firm Law&Trust provides clients with legal assistance in preparing the documentation for companies specializing in electronic payments.
Why is an EMI license required in Ireland?
A payment system license in Ireland allows clients to conduct financial activities related to electronic money. Companies that obtain this license gain the following capabilities:
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Issuing electronic money;
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Providing electronic payment operator services;
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Conducting payments on behalf of third parties (money remittance);
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Operating legally without the risk of claims from regulatory authorities.
After registering a company and obtaining a license for activities involving electronic money, you can provide services globally. Additionally, within the European Union, passporting is also available.
Who needs an EMI license in Ireland?
Ireland, as part of the EU and home to European headquarters of many fintech giants (PayPal, Stripe, Revolut), offers one of the most prestigious EMI licenses in Europe. It is regulated by the Central Bank of Ireland (CBI) and grants the right to operate across the entire Single European Market under the passporting principle (PSD2).
Key categories of businesses requiring this license include:
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Mobile banks without branches (analogues of N26, Monzo)
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Payment card issuers (Visa/Mastercard)
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Virtual IBAN providers
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PayPal-style digital wallets
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Online payment gateways
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P2P transfer services
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Cryptocurrency exchanges with EUR deposits
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Stablecoin issuers
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Crypto wallets with fiat capabilities
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Gaming and betting platforms
EMI Licensing: Requirements
Obtaining a permit to issue electronic money in Ireland is not a simple process. Licenses are issued by the Central Bank of Ireland (CBI). The requirements for obtaining a financial license are as follows:
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Minimum share capital - €350,000;
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Business plan, internal control schemes, company structure, and governance;
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Office located in Ireland.
Companies conducting these activities are required to maintain tax and accounting records and regularly submit reports to the regulators, including audited financial statements.
The Process of Obtaining an EMI License in Ireland
The procedure for obtaining a financial activity license in Ireland includes three stages:
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Application submission.The application is submitted along with the document package. The regulator reviews it within 3 days and decides whether to confirm or reject the application.
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Document verification.If the application is confirmed, the regulator checks the submitted documents. This process takes up to 10 working days. If the information is verified, the third stage begins.
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Company assessment.The regulator must verify the company’s compliance with the requirements. Legally, this step has a timeframe of 90 days.
Any of the above deadlines can be extended by the regulator if additional information is required.
If all data is verified and the company meets the requirements, the regulator issues the license. Once all necessary information is provided, the CBI makes a decision and issues the license within 10 working days.
Documents Required for Obtaining an EMI License in Ireland
To submit an application to the Central Bank of Ireland (CBI), a complete package of documents, including financial, legal, and technical materials, must be prepared:
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Constitutive documents (Memorandum & Articles of Association)
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Certificate of company registration in Ireland (CRO)
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List of beneficiaries and directors (with reputation verification)
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Criminal record certificates (for all key personnel)
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Proof of share capital (€350,000 for EMI, €125,000 for PI)
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Three-year business plan (with income and expense forecasts)
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Audited financial statements (if the company is already operating)
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Proof of funding sources (bank statements, investment agreements)
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KYC/AML policy (compliance with the Criminal Justice (Money Laundering) Act 2010)
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Designated AML officer (with EU experience)
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Transaction monitoring system (e.g., Sanction Scanner)
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Contract with an auditor (for annual AML audits)
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Electronic money issuance rules (client terms)
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Agreements with correspondent banks (if applicable)
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Agreements with payment systems (Visa/Mastercard, SEPA)
Our Services for Obtaining an EMI License in Ireland
Law and Trust International provides the opportunity to obtain the required EMI license in Ireland in full compliance with all legal requirements. We offer a wide range of services and solutions for each client. L&T International can assist you in the following areas:
High-level legal support.
Completion of necessary documents and applications.
Legal support and representation in contracts with third parties (audit firms, service providers).
Company and trademark registration.
Opening a bank account in Ireland.
Preparing legal opinions for payment systems, cryptocurrency operations, and banking activities.
F.A.Q.
What taxes do companies pay?
The tax system for organizations operating with electronic money in Ireland is quite favorable. As of 2020, the corporate income tax rate is 12.5%.
If a company already holds an EMI license in another country, do they need to go through the full process in Ireland?
Yes, but there is a nuance. For example, an application can be submitted as a "branch," in which case the CBI may recognize some documents from the Lithuanian regulator, shortening the process. However, AML policy checks and certain other documents will need to be reviewed from scratch.
