Electronic Money Institution (EMI) License in Denmark under DFSA Regulation

In accordance with the rules, the payment license of Denmark is required for companies-providers of EMI services and products, with the exception of companies, which activities are related to so-called “limited networks” (limited use tools).

Requirements for Payment Licenses Obtaining in Denmark

In accordance with the second EU Directive, requirements are imposed on the license companies, which supplement and stiffen the rules of local legislation (in particular, regarding a liability for the customer authentication in payments). Entrepreneurs who need a license for electronic money in Denmark are obligated to create a real company in the country and to deposit the authorized capital (standard EU requirements – from 350 thousand euros).

Companies in the country are created in two basic forms – open and closed joint-stock company. Only individuals can be directors in them. To create an open joint-stock company, it is necessary to hire at least three directors who have work experience and a knowledge in the field of finance and electronic settlements. The same professional requirements the EU are put forward also to shareholders who can be non-residents in Denmark.

Also, the licensee company must:

• provide a detailed description of the business model, policies for its provision, a commercial plan;
• create mechanisms to counter money laundering and support the customers safety;
• to deposit a duty in accordance with the scope and nature of the services licensed.

The payment license of Denmark is issued to applicants who have proved that they have technical and financial capabilities to provide business under the model described. Upon receipt of the permission, you will be required to pay an annual fee for its renewal, as well as submit financial statements. The company will be able to work in other EU markets upon a pass through the certification procedure.

Services for the Payment Licensing from “Prifinance”

Our company provides the full range of professional support for e-money licensing in Denmark. Experienced experts will tell about the current conditions for permits obtaining, help to select the best business form, to develop a tax model. “Prifinance” services are:

• a preparation of the license documentation package,  apostilization, translation and other legalization procedures;
• registration of business “from and to” – an address selection, staff hiring, bank accounts registration, a collection and a preparation of documentation;
• assistance in the security policies  formation under EU requirements (MLD and other directives);
• a support of an application submission to the Regulator and its consideration monitoring.

Having secured our support, you can be assured in the business legality, in the documentation correctness and the completeness of all the Regulator’s requirements meeting. We will provide consultations, maximize and simplify the receipt of the Danish payment license.