Ireland Electronic Money/Payment Institution License

The Central Bank of Ireland (the CBI) is responsible for both the prudential and conducts of business regulation of payment and e-money institutions in Ireland, according to the Payment Services Directive (“PSD”) and the 2nd E-Money Directive respectively. The CBI has historically had complete overall responsibility for the authorisation and supervision of regulated financial service providers in Ireland.

Key Features

An Electronic Money Institution (E-Money Institution) is an undertaking that has been authorised to issue E money. This may be in the form of value stored on a technical device such as a chip card or indeed, a computer memory. Electronic money (E-Money) can be best described as a digital form of cash since it has many of the characteristics of cash.

A ‘payment institution’ is defined in the Payment Services Directive as a legal person (i.e. must be incorporated – sole traders cannot be authorised) that has been granted authorisation to provide and execute payment services throughout the European Community.

Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	Company
Local physical office required	Yes
Share capital or equivalent
·         Minimum paid-up capital	EUR 20,000 to 125,000 (depending on the service offered)
Directors
Minimum number	3
Corporate directorship allowed	No
Local director required	Minimum of 2 local directors
Shareholder
Minimum number	1
Corporate shareholders allowed	Yes
Local  shareholders required	No
Service Providers Required
Company secretary	Yes
Auditors	Yes

Tax Treatment

12.5% corporate tax rate on income.

Duration to Set Up

About 6 months

Distinctive Benefits of Licence

• The ability to passport throughout the European Economic Area (“EEA”), either on a branch or a cross-border services basis;
• A favourable tax regime, due to a combination of a 12.5% corporate tax rate and an exceptionally extensive and comprehensive set of double tax agreements; and
• Access to a sophisticated financial services ecosystem with a deep pool of staff, managers, professional advisers, regulators and service providers including not only native English speakers but a sizeable international population (roughly 17%).

The Valsen Advantage

• End to end comprehensive service
• Speedy and efficient service
• Expert advice on structuring options
• Dedicated ongoing compliance support
• Extensive network pool of service providers