In 2017-2018 the Danish National Payment System Regulator finalizes a preparation to the second EU Directive terms transition. Prior to this, FSA was guided by provisions of the local Law on Payments and Electronic Money. In accordance with the rules, the payment system license of Denmark is required for companies-providers of EMI services and products, with the exception of companies, which activities are related to so-called "limited networks" (limited use tools).
According to the current norms, any activity of operators and providers falls under the law protecting the consumers rights. Companies, which payment transactions exceed 1 million euros for 12 calendar months are required to report additionally to FSA. Accounts in banks are opened to companies with a license on non-discriminatory terms — objectively and in proportion to the scope and type of services.
In accordance with the second EU Directive, requirements are imposed on the license companies, which supplement and stiffen the rules of local legislation (in particular, regarding a liability for the customer authentication in payments). Entrepreneurs who need a license for electronic money in Denmark are obligated to create a real company in the country and to deposit the authorized capital (standard EU requirements - from 350 thousand euros).
Companies in the country are created in two basic forms - open and closed joint-stock company. Only individuals can be directors in them. To create an open joint-stock company, it is necessary to hire at least three directors who have work experience and a knowledge in the field of finance and electronic settlements. The same professional requirements the EU are put forward also to shareholders who can be non-residents in Denmark.
Also, the licensee company must:
The payment license of Denmark is issued to applicants who have proved that they have technical and financial capabilities to provide business under the model described. Upon receipt of the permission, you will be required to pay an annual fee for its renewal, as well as submit financial statements. The company will be able to work in other EU markets upon a pass through the certification procedure.
Our company provides the full range of professional support for e-money licensing in Denmark. Experienced experts will tell about the current conditions for permits obtaining, help to select the best business form, to develop a tax model. "Prifinance" services are:
Having secured our support, you can be assured in the business legality, in the documentation correctness and the completeness of all the Regulator's requirements meeting. We will provide consultations, maximize and simplify the receipt of the Danish payment license.