Electronic Money Institution (EMI)

Business Description

FCA Permissions:

a) Services enabling cash placement on a payment account
b) Services enabling cash withdrawals from a payment account
c) Execution of payment transactions (not covered by a credit line)
d) Execution of payment transactions (covered by a credit line)
e) Issuing payment instruments or acquiring payment transactions
f) Money remittance
g) Issuing Electronic Money
h) Category: Banks & Other Financial Service

A ‘passport’ enables an authorised firm to provide financial products or services, set up a base, or run its permitted activities in another country in the European Economic Area (EEA). This includes where a firm regulated in another EEA country passports into the UK. 31 countries: AUSTRIA | BELGIUM | BULGARIA | CROATIA | CYPRUS | CZECH REPUBLIC | DENMARK | ESTONIA | FINLAND | FRANCE | GERMANY | GIBRALTAR | GREECE | HUNGARY | ICELAND | IRELAND | ITALY | LATVIA | LIECHTENSTEIN | LITHUANIA | LUXEMBOURG | MALTA | NETHERLANDS | NORWAY | POLAND | PORTUGAL | ROMANIA | SLOVAKIA | SLOVENIA | SPAIN | SWEDEN |

Details of this transaction

1. Incorporation between 6-9 Years
2. Capital Requirement: minimum EUR 350k (some addition may be required to convince thataforementioned firm is well-capitalised)
3. Client Types: Eligible Counterparty, Professional, Retail
4. Bank with Bank of Singapore. Safeguarding bank accounts at a Latvia Bank will be openedbefore completion of change of control.
5. Currently has passporting to Europe
6. The company currently does not have any clients or supplier contracts following a period ofrestructuring
7. Operating Costs – to be given if there is firm interest