Services Magrat

Payment service provider licence

Incorporate a payment service provider company in Estonia. Provide financial services as a licensed European payment service provider institution.

 25,000
One-time fee
Experts
Andrei Novikov

Liaising with the regulator and revision of documents (if necessary) is done based on the applicable hourly rate.

  • coordination of work with specialised legal partners for obtaining the licence
  • please refer to the table below to find requirements for different types of financial licences and related costs:
  Investment firm Payment service provider E-money institution Provider of virtual currency services
Regulator Financial Supervision Authority Financial Supervision Authority Financial Supervision Authority Financial Intelligence Unit
Possibility of EU passporting Yes Yes Yes No
Mandatory location of seat and head office Estonia Estonia Estonia Estonia
Minimum number of directors Two Two Two One
Fit & Proper requirements for directors Yes Yes Yes Yes
Fit & Proper requirements for shareholders over 10% Yes Yes Yes Yes
Need for internal auditor Yes Yes Yes Yes
Requirements for internal rules Yes Yes Yes Yes
Requirements for outsourcing Yes Yes Yes No
Minimum share capital (EUR) 50,000–730,000 125 350 100,000–250,000
Requirements for own funds Yes Yes Yes Yes
Requirements for safekeeping of assets Yes Yes Yes No
Regular reporting to FSA Yes Yes Yes No
Requirements for recording of communications Yes No No No
FSA processing time 2–6 months 3–6 months 3–6 months 60–120 business days
FSA processing fee (EUR) 1 1 1 10
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR) 50,000–70,000 25,000–30,000 25,000–30,000 15,000–20,000
  • The client should provide a business plan and general principles of the company’s investment policies, since they are required for the registration process.
  • A payment service provider is supposed to have a physical office in Estonia.

The decision on the licence provision is issued within 3 to 6 months.

Available for an extra fee

Liaising with the regulator and revision of documents (if necessary) is done based on the applicable hourly rate.

Included
  • coordination of work with specialised legal partners for obtaining the licence
  • please refer to the table below to find requirements for different types of financial licences and related costs:
  Investment firm Payment service provider E-money institution Provider of virtual currency services
Regulator Financial Supervision Authority Financial Supervision Authority Financial Supervision Authority Financial Intelligence Unit
Possibility of EU passporting Yes Yes Yes No
Mandatory location of seat and head office Estonia Estonia Estonia Estonia
Minimum number of directors Two Two Two One
Fit & Proper requirements for directors Yes Yes Yes Yes
Fit & Proper requirements for shareholders over 10% Yes Yes Yes Yes
Need for internal auditor Yes Yes Yes Yes
Requirements for internal rules Yes Yes Yes Yes
Requirements for outsourcing Yes Yes Yes No
Minimum share capital (EUR) 50,000–730,000 125 350 100,000–250,000
Requirements for own funds Yes Yes Yes Yes
Requirements for safekeeping of assets Yes Yes Yes No
Regular reporting to FSA Yes Yes Yes No
Requirements for recording of communications Yes No No No
FSA processing time 2–6 months 3–6 months 3–6 months 60–120 business days
FSA processing fee (EUR) 1 1 1 10
Indicative cost: drafting of documents other than commercial and technical documents (business plan, description of services, IT policies, etc.) and assisting in execution and filing (EUR) 50,000–70,000 25,000–30,000 25,000–30,000 15,000–20,000
Main requirements
  • The client should provide a business plan and general principles of the company’s investment policies, since they are required for the registration process.
  • A payment service provider is supposed to have a physical office in Estonia.
Timing

The decision on the licence provision is issued within 3 to 6 months.