Electronic Money Institution License in Ireland
Ireland is home to a substantial number of e-money institutions, some home grown and others drawn to Ireland by its active and thriving FinTech Sector.
Aside from Ireland’s position as a FinTech hub, there are a number of advantages to being authorised in Ireland as an e-money institution, including:
- a strong regulatory framework with a credible and experienced regulator, the Central Bank of Ireland (“CBI”);
- a favourable passporting regime with the ability to passport to other EEA Member States either on a branch or a cross-border services basis;
- a favourable tax regime, due to a combination of a 12.5% corporate tax rate and an exceptionally extensive and comprehensive set of double tax agreements; and
- access to a sophisticated financial services ecosystem with a deep pool of staff, managers, professional advisers, regulators and service providers including not only native English speakers but a sizeable international population.
Regulatory Framework
E-money is regulated under the European Communities (Electronic Money) Regulations 2011 (the “E-Money Regulations”), which transpose the E-Money Directive 2009/110 into Irish law, without any significant additional national measures or “gold plating”.
The CBI is responsible for the authorisation, prudential regulation and supervision of e-money institutions in Ireland.
An e-money institution is an undertaking that has been authorised to issue e-money in accordance with the European Communities (Electronic Money) Regulations 2011, as amended (EMR).
The minimum number of employees who should be in the company:
- Local Executive director;
- Local AML officer;
- Local Compliance officer;
- Lawyer (can be outsourced);
- IT specialist (can be outsourced);
- Accountant (can be outsourced).
Licensing Fees:
There is no registration, application fee or annual fee for Payment Institution and E-money institution license in Ireland.
To get a new EMI license, Finance-Assistant provides full support during the project:
- Company formation in Ireland
- Legal address for a year
- Contact person for obtaining documents from the register for a year (company secretary)
- Power of attorney (translation, notarization)
- The act of registering the company at the notary
- Assistance with payment of state duties
- Preparing all documents required for applying for a license
- Applying for the license
- Representation during the registration process
- Assistance with hiring and recruitment of required local employees: Director, AML officer and compliance officer
- Assistance in searching local physical office
- Legal assistance within the project
This is full package covers all services needed to register a company with a foreign shareholder(s) and obtain the license in a fully compliant way.
FAQ for Electronic Money Institution (EMI) License in Ireland
What is an Electronic Money Institution (EMI) License?
An EMI license allows a company to issue electronic money and provide financial services in compliance with the European Communities (Electronic Money) Regulations 2011. It is required for businesses that wish to offer e-money services such as payment processing and digital wallets.
Who regulates e-money institutions in Ireland?
The Central Bank of Ireland (CBI) is responsible for authorizing and supervising e-money institutions under the European Communities (Electronic Money) Regulations 2011.
What are the key advantages of obtaining an EMI license in Ireland?
- Strong regulatory framework,
- Favorable corporate tax regime,
- Passporting rights within the EEA,
- Access to a sophisticated financial services ecosystem,
- Multilingual and international workforce
What is the minimum staff required to operate as an EMI in Ireland?
- Local Executive Director
- Local AML Officer
- Local Compliance Officer
- Lawyer (can be outsourced)
- IT Specialist (can be outsourced)
- Accountant (can be outsourced)
Are there any licensing fees for an EMI license in Ireland?
There are no registration, application, or annual fees for obtaining an EMI license in Ireland.
Are there any licensing fees for an EMI license in Ireland?
There are no registration, application, or annual fees for obtaining an EMI license in Ireland.
What services does Finance-Assistant provide for obtaining an EMI license?
- Company formation in Ireland
- Providing a legal address for a year
- Serving as a contact person for documents from the company register
- Preparing power of attorney and notarization
- Registering the company at the notary
- Assisting with the payment of state duties
- Preparing all necessary documents for license application
- Representing you during the registration process
- Assisting with hiring local employees (Director, AML Officer, Compliance Officer)
- Helping to find a local physical office
- Legal assistance throughout the project
What is included in the full package offered by Finance-Assistant?
Our full package covers everything needed for a company with foreign shareholders to register and obtain an EMI license in Ireland, ensuring full compliance with local regulations. This includes company formation, license application, staffing assistance, and legal support.
How long does it take to obtain an EMI license in Ireland?
The timeline may vary based on several factors, such as the preparation of required documents and the response time of the Central Bank of Ireland. Finance-Assistant will guide you through the process to ensure smooth and timely completion.
Can I operate in other European countries with an Irish EMI license?
Yes, once authorized in Ireland, you can passport your services to other EEA countries either through branches or by providing cross-border services.
We can schedule a ZOOM call and discuss your project in details with our qulified specialist !