Licenses

Money Service Operators License (hereinafter referred to as the MSO license) is a license, which allows a company to provide:

• Money Exchange Services
• Remittance services

Period of license validity: 2 years

Requirements:

• Applicant can be a limited liability company in Hong Kong, unlimited company in Hong Kong, foreign company (but address in Hong Kong is required).
• Requirement for the participants of the company – there should be at least one shareholder, at least one director , a compliance officer and AML officer. For the last 2 positions one person can be hired.
• Obligatory legal address in Hong Kong (lease agreement required)
• No requirements for the authorized capital.
• AML/CFT policy and company business plan

Timing: 2-5 month

MSB license in Canada allows providing the following services: 

• Foreign exchange dealing.
• Money transferring.
• Issuing or redeeming money orders, traveler's cheques or anything similar.
• Money orders or bank spending.
• Check cashing.
• Operation of ATMs.
• Dealing in virtual currency, namely virtual currency exchange and virtual currency transfer services.

Requirements:

• Applicant should be a person obtaining a license - director, representative, or financial services partner of a limited liability company in Canada.
• There are no residency requirements for shareholders.
• Director (at least one), must be a resident of Canada and / or have a work permit.
• Compliance Officer and AML Officer must have a residence in Canada, and two positions can be held by one person.
• Legal address is mandatory in Canada. For companies managed and owned by non-residents of Canada, the most convenient province to register a company is British Columbia with an address located in Vancouver.
• No requirements for the amount and payment of the authorized capital.

Timing: 3-5 months

United States of America are considered one of the most popular and reliable locations for obtaining a MSB license due to economic incentives the country offers.

With MSB license you will be able to provide:

• Currency exchange services.
• Money transfer services.
• ATM operations.
• Virtual currency transactions and others.

Requirements:

• Fill in registration form;
• Submit all required documents (such as estimate of business volume, list of agents etc.);
• Establish an AML program;
• And others.

Timing: 1-6 months

DFC (Dubai Flower Center) is a relatively new hub that is situated at the Dubai International Airport. Some of the main benefits of obtaining a DFC license are that it is located in a free zone, you will get import and export tax exemption, repatriation of capitals and profits; and there are also no currency restrictions.

With DFC license you will be able to provide:

• any activities that are connected with trading, logistics and retail are allowed with DFC license.

Requirements:

• Fill in and submit an application form;
• Sign Memorandum of Understanding (MoU);
• Provide all required documents (such as business plan, financial report etc.);
• Sign lease agreement and receive a license.

Timing: 3-4 months

Electronic money (e-money) institution (or EMI) is a licensed financial institution which allows:

• to provide financial services with e-money and payment operations. The full list of operations is quite long, which includes payment transactions through a payment card, transfers of funds on a payment account, services enabling cash to be deposited or withdrawn into a payment account for operations, etc.

Besides that EMI in Singapore allows the company:

• Remote account opening
• Authorized payments to banks around the world in USD/EUR/GBP and other currencies;
• Payments from any international account in the SWIFT;
• Correspondent accounts opening around the world.

Requirements:

• Initial capital not less than 260 000 US dollars
• The board of directors should include:
• -At least one executive director should be a citizen of Singapore or have a permanent residence permit in Singapore
• At least 1 non-executive director who is a citizen of Singapore or have a permanent residence permit in Singapore
• At least 1 executive director who is a Singapore Employment Pass Holder.

Timing: Applicants usually receive an answer within 4-6 weeks after submitting an application.

With this EMI license your business will be allowed to provide the following services:

• e-money issuing and redemption,
• operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least EUR 350,000;
• To have all required documents;
• Prepare a business plan;
• Submit a document that confirms the level of income;
• And others.

Timing: 6-9 months

With this API license your business will be allowed to provide the following services:

operations required for operating a payment account, execution of payment transactions,

execution of direct debits, including one-off direct debits,

execution of credit transfers, including standing orders,

issuing payment instruments or acquiring payment transactions, money remittance etc.

Requirements:

• Initial capital should be at least EUR 125,000;
• To have all required documents;
• Prepare a business plan;
• Submit a document that confirms the level of income;
• And others.

Timing: 3-6 months

AEMI license obtained in Spain will allow you to provide such services:

• e-money issuing and redemption, operations required for operating a payment account, cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions, money remittance and other.

Requirements:

• Initial capital should be at least EUR 350,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 3-6 months

API license obtained in Spain will allow you to provide such services:

• operations required for operating a payment account, execution of payment transactions,
• execution of direct debits, including one-off direct debits,
• execution of credit transfers, including standing orders,
• issuing payment instruments or acquiring payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least from EUR 25,000 to EUR 125,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 3-6 months

AEMI license obtained in Cyprus will allow you to provide such services:

• e-money issuing and redemption,
• operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance and other.

Requirements:

• Initial capital should be at least EUR 350,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 12 months

API license obtained in Cyprus will allow you to provide such services:

• operations required for operating a payment account,
• execution of payment transactions,
• execution of direct debits, including one-off direct debits,
• execution of credit transfers, including standing orders,
• issuing payment instruments or acquiring payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least from EUR 25,000 to EUR 125,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 4-5 months

With this AEMI license your business will be allowed to provide the following services:

• e-money issuing and redemption,
• operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least EUR 350,000;
• To have all required documents;
• Prepare a business plan;
• Submit a document that confirms the level of income;
• And others.\

Timing: 12 months

With this API license your business will be allowed to provide the following services:

• operations required for operating a payment account,
• execution of payment transactions,
• execution of direct debits, including one-off direct debits,
• execution of credit transfers, including standing orders,
• issuing payment instruments or acquiring payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least from EUR 25,000 to EUR 125,000;
• To have all required documents;
• Prepare a business plan;
• Submit a document that confirms the level of income;
• And others.

Timing: 3-6 months

AEMI license obtained in the UK will allow you to provide such services:

• e-money issuing and redemption,
• operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance,
• payment initiation services,
• account information services.

Requirements:

• Initial capital should be at least EUR 350,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 9-12 months

API license obtained in the UK will allow you to provide such services:

• operations required for operating a payment account,
• execution of payment transactions,
• execution of direct debits,
• including one-off direct debits,
• execution of credit transfers, including standing orders,
• issuing payment instruments or acquiring payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least from EUR 25,000 to EUR 125,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 3-4 months

If you obtain an AEMI in Lithuania, you will be allowed to provide such services:

• e-money issuing and redemption,
• operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance and other.

Requirements:

• Initial capital should be at least EUR 350,000;
• Submit all essential documents;
• Have a pre-application meeting with a regulator;
• Submit an application form;
• And other.

Timing: 3 - 6 months

If you obtain an API in Lithuania, you will be allowed to provide such services:

• money remittance,
• payment initiation services,
• account information services,
• foreign exchange services,
• safe-keeping activities,
• storage and processing of data,
• operation of payment systems and other.

Requirements:

• Initial capital should be at least from EUR 25,000 to 125,000;
• Submit all essential documents;
• Have a pre-application meeting with a regulator;
• Submit an application form;
• And other.

Timing: 3 months

AEMI license obtained in Ireland will allow your business to provide such services:

• e-money issuing and redemption, operations required for operating a payment account,
• cash withdrawals from a payment account,
• execution of payment transactions,
• issuing of payment instruments and/or acquiring of payment transactions,
• money remittance and other.

Requirements:

• Initial capital should be at least EUR 350,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 12 months

API license obtained in Ireland will allow you to provide such services:

• operations required for operating a payment account,
• execution of payment transactions,
• execution of direct debits, including one-off direct debits,
• execution of credit transfers, including standing orders;
• issuing payment instruments or acquiring payment transactions,
• money remittance etc.

Requirements:

• Initial capital should be at least from EUR 25,000 to EUR 125,000;
• Provide details of services you want to provide;
• Prepare a business plan;
• Provide information about security measures;
• And other documents.

Timing: 3 months

EMI license obtained in Romania will allow you to provide such services: e-money issuing and redemption, operations required for operating a payment account, cash withdrawals from a payment account, execution of payment transactions, issuing of payment instruments and/or acquiring of payment transactions, money remittance and other.

Requirements:

• Initial capital should be at least EUR 350,000;
• A permanent office from the moment of foundation;
• An incorporation act of the company must describe the administrative organization along with the attributions of each body;
• The shareholders must designate at least 3 members for the board of directors;
• The company must have an internal auditor;
• And others.

Timing: 3-5 months