GETTING AN AEMI LICENSE IN THE UK

In 2023, one of the most relevant countries for doing business is the UK. The legislation of the country is sufficiently adapted to obtain a license in the implementation of financial activities of the FCA.

When is permission needed?

In the case of a turnover with virtual transactions of more than 5 million euros or more than 3 million euros with other payment services.

AEMI license features

First of all, an AEMI license in the UK guarantees financial market customers confidence in the country’s financial system as a whole.

AEMI license recipients will have equal access rights to the country’s financial market.

Advantages of AEMI license:

• Ability to legally reside in the UK
• Financial market stability
• The official language for communication and documentation is English.

What financial business can be bought in the UK?

1. Bank
2. IT company
3. Ready-made company with an open bank account

Basic requirements for obtaining an AEMI license:

1. Primary place of employment must be in the United Kingdom
2. All company management decisions must be made in the UK
3. MLRO must also be in the UK
4. Having a clear and consistent business plan
5. A mechanism for managing the company and its internal control has been developed
6. Clear tools have been developed to regulate information security, as well as a developed security policy
7. Existing mechanism for combating financial crimes
8. Ways to control whether payment details were kept private
9. Providing evidence that the company will meet capital requirements, as well as how financial data security requirements will be met
10. Occupational insurance exclusively for AIS/PIS
11. Information about the top management of the company

AEMI License Procedure

In order to obtain this type of license, you must contact the local financial regulator (FCA), acting on the basis of the Directive on payment services.

The FCA in the UK is the main regulator of the country’s financial market after the UK left the European Union.

Any company that intends to carry out activities related to finance in the UK must obtain permission from the FCA. The regulation covers insurance services, electronic means, payments and other money services.

The AEMI license must fully comply with the FCA. Before considering an application for a license, the FCA analyzes in detail the business plan, financial risks and other mandatory data about the company, its owners and managers.

When obtaining a license, detailed attention should be paid to the fact that it will allow legally providing financial services and issuing electronic money exclusively in the UK. If a company has a SEMI license, then it has every chance of obtaining an AEMI license.

Documents for AEMI license

1. Full list of payment services
2. Detailed business fees and operating procedures of the company
3. Description of the company structure
4. Evidence of start-up capital
5. Documents confirming the plan to save money in bank accounts
6. Documentation of the company that will regulate the management of the company, the management of the security system and the activities related to handling customer complaints
7. The procedure that will provide information on messages related to confidential and payment data is described in detail.

AEMI License Taxation

• The tax for obtaining permission for the UK payment system is 5 thousand pounds sterling, if the company provides money transfer services, then another 1500 pounds sterling.
• Permission for transactions with virtual money – 5 thousand pounds sterling.
• For small electronic payments and electronic money – about 500 pounds.
• There is also an obligation for the licensee to pay an annual fee set by the FCA after authorization of the company’s services.

But for each AEMI license, personal documents are installed.

Therefore, obtaining an AEMI license is not an easy process, but it is quite real. This is what attracts many investors.