Hungary is a part of the European business space, and all electronic money issues are regulated by the relevant EU Directive. Any payment systems that issue or use e-tools can only be created as standardized EMI. If the company wants to work with electronic money, it must confirm an availability of technical capabilities (software, servers, contracts with operators and so on).
To activities related to e-money, Hungary allows credit and financial organizations that have passed the licensing procedure at National Agency for Financial Supervision. Based on statutory enactments (in particular, Act CXII HFSA, Section 6C), in order to perform operations, the registrar shall obligate applicants to create a legal entity at the territory of the country. It can be a joint-stock company, an analogue of LLC or a branch of an organization with a head office in the EU. The authorized capital of the enterprise can not be less than 35 thousand euros and it must be paid in full. The payment license of Hungary costs from three thousand euros, depending on the type. Also, the applicant must fulfill organizational and documentary requirements.
If a company is not registered in Hungary but in the other EU jurisdiction, it needs a representative in the person of a local lawyer or a branch of a serving bank in a territory of the country. It is necessary to provide a description of the structure and management and control mechanisms of the company, a confirmation of the funds for work availability. A competence of the director and staff shall be also required to be proved.
Payment structures and operators who need an electronic money license in Hungary shall be required to provide:
Additionally, a company that needs a license of the Hungarian payment system makes up a statement where it ensures that its activities do not pose a threat to the e-money operator. The Financial Supervision Agency may make other demands, so licensees should seek for a professional support.
Our company will take care of all the formalities and will help to get permission within the shortest possible time. We minimize the dismissal risk, we provide the support with:
Applying to "Prifinance" customers shall quickly gain an access to international markets, where they can run a prospective business. The experts of the company are experienced, competent and ready to provide all necessary consultations.