Obtaining a license for electronic money in Great Britain

Requirements:

• 1. Be at least 18 years old;
  2. The authorized capital should always be in the company's accounts and should not decline, it should always be available.
  3. Owning a bank account for individual or corporate purposes;
  4. To have available documents confirming income (tax declaration or certificate from tax control authorities);
  5. Do not have restrictions or prohibitions from the regulatory authorities of the EU and Great Britain;
  6. Acquisition (or long-term lease) of real estate (building or office) for the company.

  Other tasks relating to the licensing of e-money institution which may require additional time include: 

  • Preparation of business model and business plan; 
  • The management positions (certain qualification and experience requirements are applicable); 
  • Preparing description of IT system (and other planned technical solutions); 
  • Preparing the accountancy system description; 
  • Contracting third parties (e.g. auditing company).

Documents for licensing of electronic money in United Kingdom

• Main list of documents to be submitted alongside the application includes:

  1. Articles of association;
  2. A program of operations;
  3. A business plan, including a forecast budget for the first three financial years which demonstrates that the electronic money institution is able to operate soundly and employs the appropriate internal control systems, procedures and resources;
  4. The evidence that the minimum size of the equity capital does not fall below the required amount;
  5. A description of the measures taken for safeguarding electronic money holders’ funds, and where payment services not relating to issuance of electronic money are to be provided, also a description of the measures taken (to be taken) for safeguarding payment service users’ funds;
  6. A description of the management roles and internal control mechanisms applied, including administrative, risk management and accounting procedures;
  7. A description of the internal control mechanisms established in order to comply with obligations in relation to prevention of money laundering and terrorist financing;
  8. A description of the structural organization, including the intended use of branches, agents, natural or legal persons through which the electronic money institution intends to distribute or redeem electronic money or other entities to which activities will be outsourced, and a description of participation in payment systems;
  9. The data on the identity of persons with holdings in the authorized capital and/or voting rights of the electronic money institution, the size of their holdings in the authorized capital and/or voting rights, evidence of the suitability of these persons taking into account the need to ensure the sound and prudent management of an electronic money institution;
  10. The identity of directors, including the people responsible for the management of the electronic money issuance activities of the electronic money institution as well as evidence that they are of good repute and meet the requirements set forth by the legislation;
  11. Data of an audit firm which performs audit or a certified auditor independently performing audits;
  12. The address of the registered office.