As a member of the EU, the dukedom is based on the act on electronic money regulation of 2011 and the European regulation 1781/2006, it requires licensees to meet the criteria of directives and MLD norms for: counteracting to illegal money laundering and terrorist organizations financing; the financial transactions control – it is necessary to provide a full supervision over them; standards of quality of services provided and ensuring the safety of money held by EU citizens.
Requirements to Companies Receiving a Luxembourg Payment License
To obtain an e-money license in Luxembourg, issuers of electronic money and payment license operators (merchant accounts, purses) must create in the dukedom a legal entity with a “physical” real head office and a minimum capital of 350,000 euros. The most attractive and convenient organizational form for the electronic money issuer is SICAR in the form of SeCS, a limited partnership (like Russian LLC). As a partner it can be a foreign, offshore company, nominal shareholders and directors are allowed.
The electronic money license in Luxembourg is issued to the company if the following conditions are met:
- at least three directors, one of whom is a resident of the dukedom (an individual person), and the rest may be non-residents or legal entities;
- an account with a local bank for business transactions performing;
- the number of shareholders is from one (it is not necessary to identify real beneficiaries in the official structures);
- hiring employees, renting a real office.
A Luxembourg payment license is issued to companies that have paid the fee and submitted a full set of documentation to the regulatory body. The procedure of an application consideration takes, on average, up to a year. To maximally simplify it and do not waste time in vain, after receiving a dismissal, you should gather a support of specialists.
“Prifinance” company will help in the documentation preparation and obtaining of permits for the activity electronic money issue and core services provision. Our experts, specializing in payment licenses, will check the license package for a completeness and a correctness, will help to draw up policies and other descriptions. We provide the support for:
- companies registration and bank accounts registration;
- a selection of organizational forms and tax models;
- a translation and legalization of documents;
- filing of documents with the licensing authority.
We will monitor the case progress and will help to receive all the permits. With us customers save time, minimize the dismissal risk and receive a company with EMI of Luxembourg on turnkey bases.