The process of e-money license obtaining in Ireland
Ireland was one of the most underdeveloped countries in Europe in economic terms. Recently the country make great economic breakthrough. Today, Ireland has bravely taken the lead position in the EU in the development of all areas of activity. It is important to note that Ireland is considered extremely attractive for business, as it offers entrepreneurs a moderate taxation regime. In recent years, the license E-money has gained wide popularity.
What is e-money?
E-money is considered as electronic money, which is exchanged in electronic format using PC or phone. E-money works as a prepaid document to the bearer. Bitcoin is considered as one of the most popular, which is bought for real money.
Despite to the obvious electronic money advantages, the majority of the population still does not decide to switch to this kind of transaction because of the lack of the necessary legislative framework. It should be mentioned PayPal, which is in demand. Confidence is confirmed by the availability of appropriate license. PayPal is worried about own reputation, so the payment system carefully monitors the license in each region and state, without leaving the leading position in the list of the priority of payment systems.
The main advantages of electronic money:
• No costs for protection, packaging, as e-money is presented in electronic form.
• Savings of resources, as e-money does not need to be printed, therefore, the cost of creating them is significantly reduced.
• In the event of a bank crash, electronic money will not disappear from the bank account.
• No need for storage space.
• Transaction speed, which takes several minutes.
• Safety of savings in a virtual wallet.
IT-OFFSHORE invites you to obtain an e-money license in Ireland, which will allow you to conduct your business in compliance with the law. Our specialists will help you with advice and answer all your questions.
E-money and payment systems in Ireland
In Ireland, payment institutions are regulated in accordance with the Regulation on European Communities 2009. The new regulatory regime plans to replace the existing one immediately after the country's revision of the Payment Services Directive, scheduled on January 2018. The Central Bank of Ireland is responsible for issuing licenses, regulating and supervising payment institutions in Ireland.
Stages for license obtaining
The Central Bank of Ireland is engaged in the processing and issuance of e-money licenses. There are the following 5 stages for license obtaining:
1. Submission of all necessary information and documentation to the Central Bank of Ireland.
2. Confirmation by the Central Bank of the application receipt for a license and all necessary documents.
3. Evaluation of the application by the bank and clarification of all issues. At this stage, there may be refuses, so experience is important.
4. Notification by the Central Bank of the applicant about the results of the evaluation process.
5. Satisfaction or rejection by the bank on the applicant request.
In terms, issuing an e-money license in Ireland takes about 6 months, depending on when the regulatory body receives the documentation.
For license obtaining it is necessary:
• At least 2 resident directors from Ireland.
• The person in charge of the main business of the Irish company.
• A local official (not necessarily a full-time employee, depends on the employment and volume of transactions).
• A local risk officer (not necessarily a full-time employee, depends on the employment and volume of transactions).
• Registered office.
If you are seriously thinking about getting an e-money license in Ireland, IT-OFFSHORE specialists will be happy to help you. Since obtaining a license of this kind is quite a painstaking moment, we have the relevant experience and knowledge. Also we will answer to all your questions.