Ireland has emerged as a premier destination in Europe for Electronic Money Institutions (EMIs), offering a combination of swift approval processes and numerous advantages. The country’s seamless access to the European Single Market, favorable 12.5% corporate tax rate, and robust regulatory framework overseen by the Central Bank of Ireland make it an attractive location for financial service providers. Additionally, Ireland boasts a highly skilled workforce, a thriving tech ecosystem, and supportive government policies, providing an optimal environment for EMIs to flourish.
For assistance with your application, please contact us at [email protected].
Conditions for Obtaining an EMI License in Ireland
To establish an EMI in Ireland, applicants must meet the following conditions:
- Minimum Initial Capital: €350,000
- Professional Indemnity Insurance: Must be maintained
- Governance Arrangements: Adequate systems and controls must be in place
Director Requirements
Prospective directors are required to provide:
- Identification: Valid passport or national ID card
- Proof of Address: Recent utility bill or bank statement (dated within the last three months)
- Curriculum Vitae (CV): Detailed professional history
- Reference Letters: Professional references from previous employers
- Police Clearance: Criminal record check from the country of residence
- Director Declaration: Declaration of fitness and propriety
- Tax Clearance: Evidence of tax compliance
- Personal Financial Statement: Statement detailing financial status and assets
Experience Requirements for Directors:
- Significant experience in electronic money or payment services
- Expertise in governance, risk management, and compliance
- Proven track record in senior management roles, particularly in financial services
Shareholder Requirements
Individual Shareholders:
- Identification: Valid passport or national ID card
- Proof of Address: Recent utility bill or bank statement (dated within the last three months)
- Source of Funds: Documentation proving the legal origin of investment funds
- Shareholder Declaration: Declaration of shareholding intention and beneficial ownership
- Police Clearance: Criminal record check from the country of residence
Corporate Shareholders:
- Certificate of Incorporation: Legal proof of company registration
- Memorandum & Articles of Association: Foundational company documents outlining structure and purpose
- Register of Directors and Shareholders: Current list of company directors and shareholders
- Identification of Ultimate Beneficial Owners: Valid passport or national ID for beneficial owners
- Proof of Address for Ultimate Beneficial Owners: Recent utility bill or bank statement for beneficial owners (dated within the last three months)
- Source of Funds: Documentation proving the legal origin of investment funds
- Corporate Resolution: Resolution authorizing the investment and identifying signatories
- Financial Statements: Recent audited financial statements
Experience Requirements for Shareholders:
- Individual shareholders are not typically required to have specific experience.
- Corporate shareholders should have a background in financial services or relevant industry experience to support the business objectives of the EMI.
Application Process
- Preparation: Gather all necessary documents and information.
- Application Submission: Submit the application to the Central Bank of Ireland (CBI) via their online portal.
- Review: The CBI reviews the application and may request additional information.
- Decision: The CBI grants or denies the application within 90 days of receiving all required information.
Benefits of Establishing an EMI in Ireland
- EU Membership: Access to the European Single Market allows EMIs to operate across all EU member states without needing separate licenses.
- Favorable Tax Regime: Ireland has a competitive corporate tax rate of 12.5%, with various tax incentives and reliefs for businesses.
- Strong Regulatory Environment: The Central Bank of Ireland provides a robust regulatory framework that ensures financial stability and consumer protection, enhancing trust in the market.
- Skilled Workforce: Ireland has a highly educated and skilled workforce, particularly in the financial services and technology sectors.
- Tech Hub: Dublin is a major technology hub, attracting numerous fintech companies and offering a supportive ecosystem for innovation and growth.
- Business-Friendly Environment: Ireland ranks highly in ease of doing business, with efficient processes for company registration, licensing, and operations.
- Stable Economy: Ireland boasts a strong and stable economy, providing a secure environment for business operations.
- Language: English is the primary business language, facilitating communication and operations for international companies.
- Supportive Government Policies: The Irish government offers various supports and grants for businesses, especially in technology and innovation sectors.
- Global Connectivity: Ireland has excellent connectivity with major global financial centers, making it an attractive location for international business operations.
Ireland’s favorable conditions, comprehensive regulatory environment, and numerous benefits make it the top choice for EMIs looking to establish a presence in Europe. With its efficient approval process, skilled workforce, and supportive business ecosystem, Ireland provides an ideal environment for Electronic Money Institutions to thrive and expand their operations across the European market.
For assistance with your application, please contact us at [email protected].
