The first differ in that they have a right to make credit transactions. For all licensed organizations, there are standard for the European Union requirements to create policies and mechanisms to counter money laundering – companies that need a license for electronic money in Germany are subject to a special verification.
Conditions to Obtain Payment Licenses in Germany
A company, that is required a payment license in Germany, must submit a description of business model with a three-year financial plan together with an application, when applying to the Federal Agency. Sources, at the expense of which the applicant is going to fulfill all the requirements shall be indicated in the documents. It is necessary to prove an availability of funds sufficient to perform the operations described in the application. For example, if the company deals only with electronic payments, an entry level of 50 thousand euros will be enough.
The authorized capital should be proportional to the volume of services. The calculated indicators are used for this:
- planned costs for the first year of operation – the capital must be at least 10% of the amount;
- the volume of services provided – it is corrected by the scaling factor (about half a percent);
- the ratio of capital to the average turnover for three financial years -a need in capital is calculated based on it as 80-100% of the amount.
The second and third methods are often applied to the existing companies, the first method – to the newly created ones. For applicants, other conditions are stipulated:
- payment of the fee – its size varies depending on the activity composition (individual administrative services are needed for each type);
- hiring of professional directors – you need to confirm their competence and work experience;
- submission of legalized and translated documents containing information about shareholders, description of technical resources, work safety policies and so on.
“Prifinance” – the whole range of support for Payment Licenses obtaining
If you need a payment license in Germany, experts of “Prifinance” company will help to simplify and speed up its reception as much as it is possible. We perform all stages of the procedure:
- consultations on the selection of the enterprise form, business models, tax planning;
- an assistance in the formation of the necessary package of documents and the formalities performance (office rent, hiring of personnel);
- a support for applications filing – legalization, translation of documents, payment of fees, opening of accounts in banks and so on.
Applying to us, you receive an access to activity in the European market of electronic services without any hassle. We take care of the customers interests and help them to start a promising business smoothly and legally.