Electronic Money Institutions (EMIs)Vertu can help you to optimize
the process of an electronic
money license obtaining in Cyprus.

Licensing and supervision of electronic money Institutions is controlled by the Central Bank and Exchange Commission, and it strictly monitors compliance with the formalities. To obtain a license of a payment institution, one must be registered in the jurisdiction, its directorate must have a positive reputation and a high level of professional knowledge (nominal management is not enough).

Also, it is necessary

• to provide a description of all payment services and to provide a business plan for three years.
• to prove the availability of initial capital in the amount established for the type of organization, technical and administrative resources.
• to have a legal advisor and an external auditor.
• to register a business unit in the register of the State Bank of Cyprus.
• to submit to the Commission documentation on internal procedures, an application with copies of the participants' personal documentation.

It is required to visit the Commission with a package of documents for a conversation. Applications are considered, usually about 4 months, then a decision is taken.

Vertu can help you to optimize the process of an electronic money license obtaining in Cyprus. With us, it will pass as quickly as possible, in accordance with the rules and without extra hassle for the customer.