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A Cyprus Electronic Money Institution License is issued by the Central Bank of Cyprus for operating an Electronic Money Institution in Cyprus. Electronic Money Institutions provide services such as magnetic cards, chargeable internet accounts, and prepaid payment mediums.
A Cyprus Electronic Money Institution License is only awarded to a legal person which has been incorporated under the laws of Cyprus and has its registered office and head office within the country.
During the application process, information needs to be provided about the service provided, the manner of functioning, details of agents to be appointed, internal governance arrangements and control mechanisms and safeguard measures for fund holders. The applicant must also hold a minimum initial capital of at least 350.000 Euros.
Besides the applicant company itself, the shareholders who hold over 10% of the Cyprus EMI License applicant and Natural Persons who are members of the Management Body of the Cyprus Electronic Money Institution License applicant or a Key Function holder must also submit completed questionnaires. The identity of directors and persons responsible for the management of the Cyprus electronic money institution and the Ultimate Beneficial Owners are also required. Considering, the specialized nature of the application process, it is essential that the services of a specialized Cyprus Electronic Money Institution Consultant are obtained for the entire process.
A successful applicant should receive the license within 3 months of submission of a completed application. If you are interested in learning more about a Cyprus Electronic Money Institution License and how it can help your business, please complete the form on this page and one of our dedicated team of experienced professionals will assist you through the entire process of obtaining a Cyprus Electronic Money Institution License.
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