The electronic money sphere has been developing rapidly in the past years and more and more fintech businesses have started to appear. And even though there are many companies on the market that deal with electronic money, there are still many opportunities for new companies to enter this market. Of course, every company that wants to start business with digital money, should obtain a special financial license, such as an EMI license. In this blog you can find the benefits of obtaining an EMI license in Ireland.
What is an EMI license?
EMI license is a financial license that allows the issuing of electronic money. What’s more, an EMI license permits using it to service third party payments. With Universepay it is possible to obtain electronic money licenses in various jurisdictions, such as Singapore, Spain, Ireland etc. In 2020 a total of 75 EMI licenses were granted in EEA countries.
Benefits of obtaining an EMI license in Ireland
An EMI license obtained in Ireland is internationally recognized
One of the benefits of obtaining an EMI license in Ireland is that the license issued there will be recognized in all other European Economic Area member states. Via ‘passporting’ it will give a business the possibility to operate in other member states with a single license. Of course, no need to obtain licenses in other jurisdictions will save both time and money. Ireland is one of the top-5 regulators with the highest number of EMI licenses issued in 2020.
Favorable tax regime
The second on the list of the benefits of obtaining an EMI license in Ireland is a favorable tax regime. A corporate tax rate of 12.5% and extensive double-tax agreements, in order to avoid international double-taxation of income and property, make Ireland an appealing country for obtaining an EMI license.
Not only Ireland has an important position in the fintech industry, but it also has an experienced and reliable regulator. The regulator that deals with issuing EMI licenses in Ireland is the Central Bank of Ireland. Some of the requirements and application forms for obtaining an EMI license can be found on the bank’s website.
The next benefit of obtaining an EMI license in Ireland is experienced fintech professionals. When obtaining an EMI license in Ireland you can be sure that you will have an access to a team of professional advisers, regulators and service providers.
What activities does EMI in Ireland allow doing?
If a company obtains an EMI license in Ireland, it will allow issuing electronic money, providing services of the electronic payment operator, making payments for third parties, and operating in all other European Economic Area member states.
In conclusion we can say that Ireland is a favorable country for obtaining an EMI license. Some of the benefits of obtaining an EMI in Ireland include favorable tax regime, such as low corporate tax rates and double-taxation agreements; experienced regulator – Central Bank of Ireland that issues EMI licenses; and, of course, the fact that an EMI license obtained in Ireland will be internationally recognized makes this country even more appealing. Although, the process of obtaining a license is quite understandable, there are many things that should be taken into account. In order to increase the chances that the license will be successfully obtained, it is better to leave the work to professionals. If this sounds reasonable to you then you can easily get an EMI license in Ireland with the help of the professional team of Universepay. Contact us and we will lead your company through the process.