The Italian government regulators (AAMS, other commissions) strictly monitor a compliance with the licensing rules, therefore, it is highly discouraged to start working with payment systems without properly issued permits. The authorities of the country, like other European countries, are guided by the current version of the EU Directive on the Regulation of Hardware and Software Products (Wallets, Electronic Money and so on).
The payment license of Italy is issued after the fulfillment of the standard requirements:
- a creation of a real, operating company with authorized capital (EU Directive specifies its minimum limit of 350 thousand euros);
- hiring of at least three directors - physical persons, employees with the required professional level, documented experience in the field (electronic payments, the relevant area of finance);
- availability of financial, technical opportunities for the business organization - you need to prove that business owners can maintain its efficiency;
- a confirmation of trustworthiness, ability to meet EU requirements for a security, a protection of customer data.
Obtaining an Italian Payment License
The payment system license in Italy is issued to companies that have a real (not virtual) legal address, so you need to purchase or rent an office space. Business shareholders must confirm that they have an experience in this field.
Entrepreneurs wishing to work in the field of e-money in Italy tend to operate according to the following procedure:
- establish a business that meets the regulator's requirements;
- provide the conditions for the implementation of MLD anti-money laundering directives, develop an internal security policy;
- install software and hardware required for the electronic money issuer;
- collect a package of licensing documents and submit it to the regulator, having paid the fee;
- receive the license and can begin to work providing for a correctness of documents filling in and an execution of all the requirements.
The electronic money license in Italy is issued upon the submission of the following documents to the regulator:
- a business plan describing the work model and a commercial forecast for the first few years;
- a description of security procedures, control and management mechanisms for the issuance of electronic money and the provision of payment services;
- an evidence of financial security to fulfill all the requirements;
- documents identifying the shareholders' personality, the company's management;
- constituent documents of the company;
- documents evidencing an office existence, a payment of utility services for it;
- a description of technical capacities necessary for the operation;
- letters of account verification from the bank on an account availability and other documents, at the regulator's discretion.
Support of "Prifinance"
"Prifinance" company will support the compilation, collection of necessary documents and a receipt of the payment license of Italy. Experts will accompany the customer at all stages of the procedure, prevent errors and help to avoid all "pitfalls". We provide all the necessary services to those who wants to receive EMI of Italy:
- a registration of the company in the most suitable form for business;
- an office selection;
- an opening of a bank account;
- a preparation of documents and a formation of a license package;
- a support for the applications filing, the implementation of EMI tools, processing tools;
- the whole range of consultancy.
We will develop an optimal tax model suitable for the business, an action strategy. With the support of our company, you will be able to start to operate effectively and legally in the European market of electronic money issue.