Ireland Electronic Money/Payment Institution License

The Central Bank of Ireland (the CBI) is responsible for both the prudential and conducts of business regulation of payment and e-money institutions in Ireland, according to the Payment Services Directive (“PSD”) and the 2nd E-Money Directive respectively. The CBI has historically had complete overall responsibility for the authorisation and supervision of regulated financial service providers in Ireland.

Key Features

An Electronic Money Institution (E-Money Institution) is an undertaking that has been authorised to issue E money. This may be in the form of value stored on a technical device such as a chip card or indeed, a computer memory. Electronic money (E-Money) can be best described as a digital form of cash since it has many of the characteristics of cash.

A ‘payment institution’ is defined in the Payment Services Directive as a legal person (i.e. must be incorporated – sole traders cannot be authorised) that has been granted authorisation to provide and execute payment services throughout the European Community.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Company

  • Local physical office required

Yes

Share capital or equivalent

·         Minimum paid-up capital

EUR 20,000 to 125,000 (depending on the service offered)

Directors

  • Minimum number

3

  • Corporate directorship allowed

No

  • Local director required

Minimum of 2 local directors

Shareholder

  • Minimum number

1

  • Corporate shareholders allowed

Yes

  • Local  shareholders required

No

Service Providers Required

  • Company secretary

Yes

  • Auditors

Yes

Tax Treatment

12.5% corporate tax rate on income.

Duration to Set Up

About 6 months

Distinctive Benefits of Licence

  • The ability to passport throughout the European Economic Area (“EEA”), either on a branch or a cross-border services basis;
  • A favourable tax regime, due to a combination of a 12.5% corporate tax rate and an exceptionally extensive and comprehensive set of double tax agreements; and
  • Access to a sophisticated financial services ecosystem with a deep pool of staff, managers, professional advisers, regulators and service providers including not only native English speakers but a sizeable international population (roughly 17%).

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers