Licensed and regulated companies
Estonian e-money institution (EMI) authorisation — application preparation and management
Preparation and management of an application for authorisation as an Estonian electronic money institution (EMI).
In short
Preparation and management of an application for authorisation as an Estonian electronic money institution (EMI). The price is from €23,000, excluding VAT. How long it takes: drafting 8–12 weeks; FSA decision within 3 months of a complete application. It is ordered and paid on micaconsult.com.
Who it is for
Companies issuing e-money — prepaid accounts, wallets, cards — and providing payment services.
Price
| Service | Price | Order |
|---|---|---|
| Estonian e-money institution (EMI) authorisation — application preparation and management | from €23,000 | Order |
All prices are in euros and exclude VAT. VAT is added where it applies under the Estonian Value Added Tax Act.
What the price includes
- Full application file for authorisation as an e-money institution under MERAS (EMD2 + PSD2)
- Management of the FSA's questions until the decision
- Programme of operations and business plan
- Safeguarding, governance and AML/CFT documents
- Application file and the procedure with the authority
Not included in the price
- State fees and the regulatory capital
- Third-party costs
State and notary fees
State fees and the fees of the supervisory authority are not included in the price; you pay them yourself.
- State fee for the application review
- Annual supervision fee
Requirements
The initial capital for e-money issuance, own funds, safeguarding and fit and proper management are required. Ordered and paid on this page; the amount is our fee for the standard scope, and work beyond it is done only with your written agreement. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client. The authorisation is granted or refused by the competent authority — no service provider can promise it.
Before we start
- Initial capital EUR 350,000 paid in
- Management in Estonia
- Fit and proper board
Documents and information we need from you
- Articles of association and registry extract of the applicant
- Proof of registered office and place of management in Estonia (lease, premises)
- Organisational chart, staffing plan and job descriptions of key functions (compliance, risk management, internal audit, AML officer)
- For each management board and supervisory board member: CV, copy of passport, criminal record certificate(s) from every country of residence in the last 10 years, declaration on fitness and propriety (investigations, dismissals, insolvencies, sanctions), evidence of qualifications and experience, time commitment and conflicts of interest
- For each qualifying holder (10 % or more, direct or indirect): identity, ownership chart up to the ultimate beneficial owners, source of funds for the capital, financial statements (legal persons), fit-and-proper declaration and criminal record
How long it takes
Drafting 8–12 weeks; FSA decision within 3 months of a complete application
Law and requirements
- Payment Institutions and E-money Institutions Act
- E-money Directive 2009/110/EC
- Money Laundering and Terrorist Financing Prevention Act
General information about our service, not legal advice.
Cost and time at a glance
| Our fee | from €23,000 — the fee for the standard scope, paid when you order |
|---|---|
| Fee of the authority | paid by you to the authority, not part of our fee:
|
| Our drafting | usually 8–12 weeks, depending on how complete your information is |
| Time of the authority | FSA decision within 3 months of a complete application — the authority's own term, which we do not control |
| Decision | made by the authority alone; no outcome is promised |
How an e-money institution (EMI) application is prepared and filed
Your e-money product
You: You describe the e-money you will issue — prepaid accounts, wallets or cards — and the payment services around it.
We: We confirm that the plan needs an EMI authorisation and not only a payment institution one.
Order and intake
You: You order the EMI application in the form on the licensed companies page.
We: We verify the applicant and its owners, as we must for every client, and start the intake.
Initial capital and own funds
You: You provide the initial capital for e-money issuance and plan how the own funds requirement will be met after authorisation.
We: We set out in the file how the capital was paid in and where it came from.
Safeguarding and governance
You: You decide how customers' money will be kept separate and who your compliance officer will be.
We: We draft the safeguarding, governance and AML/CFT documents on the basis of those decisions.
Programme of operations and business plan
You: You check that the forecasts and processes in the drafts match your real plans.
We: We write the programme of operations and the business plan and assemble the complete application file.
Filing and the procedure
You: You sign, and later reply to the authority's requests for additional information.
We: We file the application with Finantsinspektsioon and conduct the procedure with it on your company's behalf.
Finantsinspektsioon's decision
You: You receive the outcome and, if authorised, meet the own funds and safeguarding rules continuously.
We: We have no vote in the outcome: Finantsinspektsioon alone decides whether your company becomes an e-money institution.
Questions and answers
Estonian e-money institution: what does it cost?
From €23,000, excluding VAT. State fees and the fees of the supervisory authority are not included in the price; you pay them yourself.
Estonian e-money institution: who is it for?
Companies issuing e-money — prepaid accounts, wallets, cards — and providing payment services.
Estonian e-money institution: how long does it take?
Drafting 8–12 weeks; FSA decision within 3 months of a complete application
What is not included in the price?
State fees and the regulatory capital; Third-party costs.
Who makes the decision?
Finantsinspektsioon decides.
Related services and add-ons
- AML/CFT internal rules, risk assessment and procedures — from €3,200
- Safeguarding of customers' funds — policy and account documentation — from €2,400
- DORA ICT risk management framework — from €39,500
- Banking and payment partner introductions — from €3,900
Part of
- Licensed and regulated companies — from €3,500
Order: Estonian e-money institution · from €23,000 See it in the price list