UK EMI Licensing Made Easy
Need to launch your e-wallet in the UK market quickly and efficiently? To make it happen, you’ll need an Electronic Money Institution (EMI) licence.
- Your External Compliance Team: We’ll handle the complex FCA requirements, letting you focus on your business. We’ll build a strong application to boost your approval chances.
- Comprehensive Support: We offer a one-stop service for UK EMI application, including legal consultation, document review, AML/KYC policy development, external audit arrangements, and more. We streamline the process to save you time and effort.
- Flexible Options: Need speed? We can help you explore EMI acquisitions for a faster route, if your budget allows.
Ready to launch your UK EMI? Let’s partner up! Contact us today.
- Expand Your Reach: Offer a diverse range of services like e-money issuance, payment processing, IBAN accounts, payment cards, and SWIFT payments.
- Build Trust: Gain credibility, attract customers and investors by operating as a regulated entity.
- Valuable Asset: Your EMI licence can increase your business value and open doors to new partnerships or funding opportunities.
To secure a UK EMI licence from the FCA, you must meet these requirements:
- Initial Capital: GBP 350,000.
- Registration Fee: GBP 5,000.
- Safeguarding: Have a plan to protect client funds (segregated accounts or insurance).
- Leadership: Appoint UK-based leadership with proven financial services experience.
- Plan: Submit a detailed business plan outlining operations, risk management, forecast budget for the next three years, and security.
Step 1: Evaluation
2 - 4 weeks
We'll assess your business plan, advise on structure, and outline requirements, costs, and timelines.
Step 2: Fit & Proper
Estimated 1 - 2 weeks
We ensure your team is qualified and ready for FCA compliance.
Step 3: Company Formation
Approximately 1 week
We'll set up your UK LLC.
Step 4: Documentation & Preparation
Estimated 4-6 weeks,
complex cases may take longer
We'll help craft your plan, forecasts, policies, and coordinate with your departments to build a strong application package that meets FCA’s standard.
Step 5: Local Presence
Estimated 2 - 4 weeks, can be done in parallel with Documentation Prep
We'll assist with recruiting local staff (director, CoSec, MLRO) and securing office space.
Step 6: Safeguarding Accounts
Estimated 2 - 4 weeks
We'll leverage our connections to help open safeguarding accounts and access payment infrastructure
Step 7: FCA Submission
Estimated 1 - 2 weeks
We'll submit your application electronically via the FCA's Connect system.
Step 8: FCA Follow-up
Estimated variable,
can range from a few weeks to several months
We'll support you throughout any follow-ups, questions, or interviews with the FCA.
- Costs: Expect setup costs (local staff, accounting), licensing fees, and ongoing compliance like auditing and reporting. Contact us for a clear breakdown.
- Timeline: Based on our experience, the process can take several months. We’ll streamline it, aiming for the fastest possible outcome. Our FCA experience helps minimise delays.
UK EMI licences no longer offer automatic EEA access. Let’s discuss your European expansion strategy – we’ll help you navigate the options.
1. Why choose the UK for my e-money business?
VAT exemption on most financial services, potential for remote onboarding, no transaction caps, and a globally respected jurisdiction with a well-developed fintech ecosystem.
2. Small EMI vs. Full EMI – what's the difference?
Small EMIs have limits on transaction volume and e-money balances while Full EMIs offer unrestricted operations. We'll analyse your business model and revenue projections to help you choose the right licence.
3. How long does the application take?
Based on our experience, expect several months. We'll streamline the process for the fastest possible outcome.
4. Do I need a UK office?
Yes, your leadership must be UK-based. We can help find suitable staff and space.
5. Do I need prior financial experience?
Experience helps, but we can guide you in building a strong team or connect you with experienced compliance professionals, ensuring a strong application.
6. Can I reach the EU with a UK EMI licence?
No, Brexit changed that. We'll help you craft a European expansion strategy.
7. Are there good EU countries for an EMI subsidiary?
The best fit depends on your target markets, preferred languages, local talent pool, and specific regulatory considerations. Popular choices include Lithuania (fast licensing), Ireland (established fintech hub), and Luxembourg (strong financial reputation). Let's develop a tailored expansion strategy together – we'll help you choose the jurisdiction that best suits your business goals.
8. Are there hidden costs in getting an EMI licence?
Beyond FCA fees, expect legal, tech, and office setup costs. We’ll also assess potential costs for recruitment and external audit requirements to give you a realistic picture.
9. What are the ongoing costs?
Expect FCA fees (based on income), compliance monitoring, audits, and potential insurance. We can help with estimates.
10. What technology do I need?
Secure customer onboarding platforms, transaction processing systems, AML/KYC monitoring software, and risk management tools. We can advise on suitable solutions or connect you with trusted technology providers.
11. Can you provide ongoing compliance support?
Yes! We offer ongoing compliance services to keep you on track.
12. Why choose your company?
We have a proven track record and a client-focused, streamlined project management approach for licensing applications. We're experts in navigating UK and global regulations, aiming to be your long-term partner for both UK compliance and global expansion.
13. Can you help me with the entire EMI application process?
Absolutely! From company formation to application submission and FCA communication, we'll guide you every step of the way.
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