- coordination of work with specialized 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 Supervisory 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 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 |
Investment firm | Payment service provider | E-money institution | Provider of virtual currency services | |
Minimum share capital (EUR) | 50,000–730,000 | 125,000 | 350,000 | 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 | Yes | Yes | No |
FSA processing time | 2–6 months | 3–6 months | 3–6 months | 60–120 business days |
FSA processing fee (EUR) | 1,000 | 1,000 | 1,000 | 10,000 |
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 |
- hourly fee is charged for additional consultations over 20 minutes NB!