Electronic segment services are in great demand today. In a number of states, this area is regulated by a set of rules, which allowfirms to legally operate in the legal field of the chosen jurisdiction. For legalization, a payment-licensed permission is required. Moreover, very often entrepreneurs choose Estonia for this purpose.Licenses are not issued to all companies, a thorough check is carried out, it is necessary to find out the goals of the company, to detect and prevent all illegal activities.
In order to legally operate in EU, organizationsobtain EMI. Having issued it, companies get right for issuing their own virtual currencies.If you want to start doing business, we recommend that you consider a company with a ready license for sale in the category “EMI for sale”, and consult specialist for professional advice.
What You Need To Know: Nuances and Subtleties
Licensed payment system entities are entitled to:
- open financial facilities;
Plus, EMI gives them additional powers:
- accept and process payments;
- offer any services do not contradict legal framework;
- issue loans.
The last point requires some explanation. A payment license is not verification to lend to customers. Nevertheless, if the borrowed funds are needed in order to secure the underlying transaction, the company can issue them, subject to a return within a year. To carry out such activities, the entity must have an impressive amount of its own financial resources. Such issues are controlled by a specially created body – EFSA.
Benefits of Estonian Jurisdiction
EMI in Estonian jurisdiction has a lot of advantages:
- the opportunity to work throughout EU;
- exceptionally advanced IT industry;
- developed online technologies segment;
- transparent legal space;
- simple demands for non-residents;
- no taxation on reinvestment;
- high country rating.
Some organizations registered in other countries are wondering if they will come under the control of Estonia. This indicates a high demand for jurisdiction.An important advantage of an EMI license obtained in Estonia is that the country is part of the EU; the law operates in such a way that, having received a license in EU states, you may carry out the entire range of services listed in other countries that are members of this union.
Registration consists of several stages. The first step is to open a commercial project:
- select auditor and prepare an employment contract with him/her;
- draw up a statute;
- open several settlement accounts;
- allocate authorized capital.
All needed papers are translated into Estonian, certified by a notary and apostilled (selectively). At the same time, for the six months allotted for consideration of the issue, the commission has the right at any time to request the papers that are deemed necessary.
Accordingly, a company operating in Estonia may open its branches in other countries or work through distributors. In order to obtain this license, you should contact the Financial Supervision Authority.It is extremely difficult to take into account all the nuances on your own. Therefore, it is advisable to turn to professionals at the initial stage of the procedure.