Practice Areas > Investment Services, Fintech & Capital Markets > E-Money Licence > Requirements and Fees
Overview
Certain requirements must be in place in order for an entity to be granted an E-Money licence by the Malta Financial Services Authority (MFSA). Some of these requirements have fairly recently been made less burdensome as a result of the transposition of the EU Electronic Money Institutions Directive in 2011. One particular benefit of this Directive is that the reqired initial capital has been considerably decreased from €1 million to €350,000.
Other Requirements
The other most essential requirement in order to obtain the licence from the MFSA is that the Institution must have at least two Malta-based business controllers. These individuals must show, to the satisfaction of the MFSA, that they will direct the business in a prudent manner. They need to show that they are fit and proper individuals who will act with integrity and maintain adequate transmission of information between the MFSA and the E-Money Institution.
Once the licence has been successfully obtained from the MFSA, normally within a timeframe of three months from receipt of the initial application, the E-Money Institution would receive all the considerable benefits offered by Maltese legislation, including the right to passport such licence into other EU Member States by following some basic procedures of notification thereby enabling the E-Money Institution to provide its services within the relevant Member State/s and/or EEA State/s either through the establishment of a branch or remotely, under the freedom to provide services.
Fees
Application and Process Fee
The costs payable to the MFSA (excluding professional fees) for application submission and processing is EUR 3,500.
Annual Supervision Fee
Annual Supervision Fee payable to MFSA is equivalent to the total assets of the E-Money Institution times 0.0002. This amount may not come to less than €2,500.
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How we can help
Gonzi & Associates, Advocates has assisted various clients in acquiring e-money licenses and payment services. The firm is able to provide you with a comprehensive consultancy and support service throughout the application process, and beyond, such as during the establishment of the appropriate company set-up required to conduct the business enterprise in Malta. Any post-licensing requirements can also be included within our service.