Obtaining an E-Money License in England
UK legislation provides for the possibility of creating an organization on the territory of the country with a financial license from FCA. The procedure of organizing a business allows you to create a profitable project that is engaged with electronic currencies in less than 1 year. For such companies, opportunities are opened for opening accounts using IBAN technology, an institution becomes a member of SWIFT, SEPA and is given the opportunity to issue its own cards for making payments.
Features of the activities of British companies
The main difference between such an organization and a bank in the classical sense is that such a financial institution is not entitled to engage in the issuance of loans and interest on deposits of customers. However, the advantage is the lack of need to obtain a banking license and lack of interest of the financial supervision authorities.
For the establishment of the organization will require a capital of up to 350,000 British pounds sterling. Payment is made in favor of the regulator at the time of registration of the license. On the successful completion of registration The English financial market sends confirmation to the founder applicant.
The company's capital is irreducible, money is always available for withdrawal or exchange, and other financial transactions.
This type of license is called AEMI (Authorized Electronic Money Institution). Such a tool provides an opportunity for business development in the field of blockchain technologies, allows you to quickly launch activity regulation tools.
The Authorized Electronic Money Institution allows you to carry out financial operations outside the UK and enter into agreements with leading banks abroad to issue your own banknotes. In the competence of organizations both working with legal entities and individuals.
What you need to get a license
Documentation on the AML system is bureaucratic easier than with the usual procedure. It is enough to carry out identification via remote communication via the Internet. The service is offered remotely to customers worldwide.
Transactions conducted by such organizations are not subject to VAT taxation. The only mandatory fee is the income tax paid at the end of the year, which is adopted in the UK as progressive.
Benefits of the UK licensing system
Electronic Money Institution system allows to solve several problems of transnational business - carrying out international transfers and services abroad with conducting operations in US dollars. Also to the advantages of obtaining SWIFT and IBAN in the UK are opening accounts for citizens and organizations, issuing MasterCard payment cards with currency turnover in USD / EUR / GBP, currency of other countries, the possibility of creating your own AML department.
According to the rules for the automatic exchange of financial information for 2018, the CRS data verification directive applies to credit institutions and other subjects of financial services. When using the AEMI (Authorized Electronic Money Institution) standard, information about transactions performed and account holders is kept confidential.
Types of English licenses
Permission to conduct operations in the financial sector upon receipt in the UK are divided into two types: small (SEMI) and large (AEMI). In the first case, it is enough to place funds in the capital of up to 50,000 pounds sterling, the period for issuing a license is 4 months, the founder needs only to put one citizen of the Kingdom. In the case of a large license, it is necessary to provide capital in the amount of 350,000 pounds sterling, registration will take 6 months, 2 residents of the country with English passports are required.
The license for blockchain operations issued in the UK opens up broad opportunities for business development in this area.