Austria Payment System License

The EU directives are in effect in Austria. According to them, the financial-virtual instruments are divided according to the base of creation: hardware (in particular, digital wallets) and software products - "electronic cash". To work with them, it is necessary to comply with the requirements established by the EU and the state:

• to create a real company (virtual address is not enough), in which not less than three directors should work;
• management, business participants are required to prove their experience in the relevant field (finance and electronic settlements);
• to pay state fees when submitting applications and commission fee when annual renewal of permits;
• to enclose to the application for a license a package of documents proving the trustworthiness of the applicant, describing his technical and financial capabilities.

There must be the following in the package of documents that the applicant prepares for the Austrian payment system license:

• a detailed business plan and commercial forecast;
• a description of the technical capacities required for the system functioning;
• detailed security policies, management and control procedures, business model support and anti-money laundering (under the EU MLD directive) mechanisms;
• information on shareholders and management, inclusive a confirmation of their professional experience, a competence in the field;
• confirmation of the contributed authorized capital in the amount necessary for a particular business form - for an LLC analogue of ten thousand euros;
• additional business documentation for which an electronic money license is required, Austria reserves the right to review all the cases individually.

Requirements for the Company-License

If the applicant creates a business for which a payment license will be used, Austria requires:

• to bring in the authorized capital - half of the whole necessary amount;
• to have at least one shareholder;
• to provide apostilled documentation (the decision of owners, the Memorandum of Association, the conclusion of the Board of Directors), as well as the protocol and the certificate of shares.

In the work process it is necessary to submit annual financial reports, pay taxes. Austria, as the EU-jurisdiction, opens opportunities for work throughout the European Union to e-money license holders. To access the markets of specific countries, it is necessary to undergo an additional procedure - certification.

"Prifinance" company will help in solving all issues related to permits obtaining and companies registering in Austria.

Services of "Prifinance" Company

Our employees provide a full range of professional consultancy on the specifics of applying for a license, working with electronic payment instruments, as well as:

• form the strategy of actions and help to choose the optimal from the taxation point of view form of business;
• help in business plans drawing up, descriptions of policies and procedures;
• help to form, legalize, apostilize the submitted package of documents, check its completeness, correctness of filling in;
• if necessary, undertake the legal entity registration, opening bank accounts for it;
• support the application for a license and track the documents movement.

Experts of "Prifinance" will help to comply with the European legislation requirements, pass through bureaucratic procedures. You can order a full package of services or get help in specific problems solving. We know the whole process in practice, so we take into account even the non-obvious nuances.