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
  • 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 firmPayment service providerE-money institutionProvider of virtual currency services
RegulatorFinancial Supervision AuthorityFinancial Supervision AuthorityFinancial Supervision AuthorityFinancial Intelligence Unit
Possibility of EU passportingYesYesYesNo
Mandatory location of seat and head officeEstoniaEstoniaEstoniaEstonia
Minimum number of directorsTwoTwoTwoOne
Fit & Proper requirements for directorsYesYesYesYes
Fit & Proper requirements for shareholders over 10%YesYesYesYes
Need for internal auditorYesYesYesYes
Requirements for internal rulesYesYesYesYes
Requirements for outsourcingYesYesYesNo
Minimum share capital (EUR)50,000–730,000125350100,000–250,000
Requirements for own fundsYesYesYesYes
Requirements for safekeeping of assetsYesYesYesNo
Regular reporting to FSAYesYesYesNo
Requirements for recording of communicationsYesNoNoNo
FSA processing time2–6 months3–6 months3–6 months60–120 business days
FSA processing fee (EUR)11110
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)50,000–70,00025,000–30,00025,000–30,00015,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!

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

  • 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.

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 firmPayment service providerE-money institutionProvider of virtual currency services
RegulatorFinancial Supervision AuthorityFinancial Supervision AuthorityFinancial Supervision AuthorityFinancial Intelligence Unit
Possibility of EU passportingYesYesYesNo
Mandatory location of seat and head officeEstoniaEstoniaEstoniaEstonia
Minimum number of directorsTwoTwoTwoOne
Fit & Proper requirements for directorsYesYesYesYes
Fit & Proper requirements for shareholders over 10%YesYesYesYes
Need for internal auditorYesYesYesYes
Requirements for internal rulesYesYesYesYes
Requirements for outsourcingYesYesYesNo
Minimum share capital (EUR)50,000–730,000125350100,000–250,000
Requirements for own fundsYesYesYesYes
Requirements for safekeeping of assetsYesYesYesNo
Regular reporting to FSAYesYesYesNo
Requirements for recording of communicationsYesNoNoNo
FSA processing time2–6 months3–6 months3–6 months60–120 business days
FSA processing fee (EUR)11110
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)50,000–70,00025,000–30,00025,000–30,00015,000–20,000
  • hourly fee is charged for additional consultations over 20 minutes NB!
Available for an extra fee

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

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.