There are several financial rules and international laws that must be adhered to in order to receive an Electronic Money Institution (EMI) license as a foreigner. However, some nations’ rules are written in ways that are friendlier to non-native speakers who want to establish a financial services firm there.
The nations where a foreigner may have an easier time getting an EMI license are discussed below.
Lithuania EMI license is presently a popular option. The Bank of Lithuania’s central bank has simplified the procedure, making it quicker and more efficient than in many EU nations.
Lithuania promotes fintech businesses to enhance its economy. Therefore, it has made conditions favorable for financial technology startups like EMI.
The licensing procedure is expected to take about six months, according to the Bank of Lithuania. When compared to the norm in other nations, this is a very little time frame. Additionally, the cost of getting an EMI license in Lithuania is inexpensive, making it a desirable alternative for new businesses.
2. The United Kingdom
Despite Brexit, the United Kingdom is still a desirable country for fintech companies looking to get an EMI license. The FCA and other regulators support the nation’s fintech sector.
After establishing a “sandbox” for fintech startups to test new ideas, the UK is known for its forward-thinking laws. This, in addition to the country’s well-established legal system and stellar international reputation for creativity, making it a top choice for anyone seeking an EMI license.
Singapore has a world-class regulatory and economic climate. Singapore is a fintech hub because the MAS promotes financial services innovation.
The MAS lays out the steps for getting an EMI license, and its regulatory sandbox gives fintech businesses a safe place to experiment with their products. Foreigners would appreciate the straightforward and quick application procedure.
Among the many desirable EU jurisdictions for fintech companies is Malta. Getting an EMI license from Malta’s regulating body, the Malta Financial Services Authority (MFSA), is straightforward.
The government takes measures to entice international investors, especially in the IT and banking industries. As a consequence, the government offers a variety of incentives to make the nation an attractive location in which to establish an EMI.
While it is true that EMI licenses may be obtained rather easily in these nations, it is vital to keep in mind that each situation is unique. Depending on their demands and business style, fintech firms may have different procedures.
It is recommended that any non-citizen who wishes to apply for an EMI license:
- The procedure will go more smoothly if you familiarize yourself with the local regulatory environment.
- Find a trusted local guide: Expert guidance from a trusted expert on the ground may help smooth the way and eliminate surprises.
- Make a solid business strategy by: For regulators to assess the sustainability of a corporation, a thorough business plan is required.
- Guarantee conformity by: There must be strict adherence to laws on the prevention of money laundering and the suppression of the funding of terrorism. To guarantee this, the licensing procedure will include extensive inspections.
- Please wait: It may take some time to get an EMI license, even in nations with simplified procedures.
Keep in mind that the convenience of acquiring an EMI license is only one consideration among many when choosing where to locate your firm. Think about the local potential in the fintech sector and the business climate in general.