Ireland Payment License

The main regulator of Ireland, which is responsible for electronic money licensing, is the Central Bank. It issues permits for activities, regulates an operation of systems related to EMI, performs a control and supervision over them. The legal framework, which the regulator is governed, is the European Regulation of 2009, the existing Directive on payment services. In 2017-2018, it is revised to comply with EU standards.

Requirements for Applicants

The electronic money license of Ireland is issued only to applicants who are established in the country, have a real registered office over there. Seals and all documents of the company – from registers of shareholders, directors to the accounting and tax reporting shall be kept in it. Also there are specific requirements to the staff in the state:

  • two resident directors should be hired to work with e-money in Ireland;
  • a person responsible for the main business direction and an employee who manages risks (if there are few transactions, he can be hired on a part-time basis) are separately identified;
  • the company must cooperate with a specific Irish official – the scope of his work and employment depends on the number of transactions in the period.

It is convenient to create a company in the country in a private form, with the liability limitation by the number of shares. The minimum capital for such companies is not limited, but several conditions must be met:

  • hire a secretary who will keep the minutes, registers of directors, shareholders, income and expenses;
  • pay 1% of the announced capital;
  • limit the number of shareholders – maximum 50 people are allowed.

Companies, which need the payment license in Ireland, must meet the additional requirements of the Central Bank. A documentation package standard for European regulators shall be required: a business plan, prescribed security policies, control and management mechanisms, confirmation of financial and technical opportunities to support the activities. The licensing procedure consists of the following steps:

  • the documents package is submitted to the Central Bank – if it is complete, is drawn up correctly, the institution confirms that it has received the application;
  • the regulator evaluates the application, clarifies all the provisions of interest to it, notifies the applicant on the analysis result;
  • the Central Bank makes a decision whether to approve or reject the application.

The entire procedure takes up to six months – the Central Bank can request an additional documentation or ask questions on the business to the licensee. There may be dismissals during the applications examination, therefore it is important to obtain a professional support.

“Prifinance” – the whole range of services for Payment Licensing

Our company provides the full range of the support to customers who need a payment license for Ireland. Experts with an extensive practical experience will carefully study the situation, the needs of the customer company, provide detailed consultations and help to pass the procedure. Among the “Prifinance” services there are:

  • registration of companies, opening of accounts, assistance in hiring of personnel with the necessary competencies;
  • a complete documents package formation, compiled precisely in accordance with the legislation and the regulator requirements;
  • a support in applications filing and consideration, a preparation of additional documents requested;
  • monitoring of the application status, an assistance in paying fees and so on.

We will help you get access to work in the business field of Ireland with sparing taxation and extensive prospects. Employees of the company will speed up and simplify all procedures, minimize the dismissal risk.

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