Licensed and regulated companies
Estonian payment institution authorisation — application preparation and management
Preparation and management of an application for authorisation as an Estonian payment institution.
In short
Preparation and management of an application for authorisation as an Estonian payment institution. The price is from €16,000, excluding VAT. How long it takes: drafting 6–10 weeks; FSA decision within 3 months of a complete application (often longer with questions). It is ordered and paid on micaconsult.com.
Who it is for
Companies that will provide payment services — money remittance, payment accounts, acquiring, initiation — in Estonia and, by passport, in the EEA.
Price
| Service | Price | Order |
|---|---|---|
| Estonian payment institution authorisation — application preparation and management | from €16,000 | 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 a payment institution under MERAS (PSD2)
- Management of Finantsinspektsioon's questions until the decision
- Programme of operations and business plan
- Governance, internal control and AML/CFT documents
- Application file to the Financial Supervision Authority
- Answers to the authority's questions
Not included in the price
- State fees and the regulatory capital
- IT systems, audits and 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 (State Fees Act)
- Annual supervision fee after authorisation
Requirements
The company must hold the initial capital required for its services, have fit and proper managers, a real presence and a safeguarding arrangement. 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
- Estonian company with management in Estonia
- Initial capital paid in
- Fit and proper board
- AML officer and compliance function appointed
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 6–10 weeks; FSA decision within 3 months of a complete application (often longer with questions)
Law and requirements
- Payment Institutions and E-money Institutions Act
- Payment Services Directive (EU) 2015/2366
- Money Laundering and Terrorist Financing Prevention Act
General information about our service, not legal advice.
Cost and time at a glance
| Our fee | from €16,000 — 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 6–10 weeks, depending on how complete your information is |
| Time of the authority | FSA decision within 3 months of a complete application (often longer with questions) — the authority's own term, which we do not control |
| Decision | made by the authority alone; no outcome is promised |
How a payment institution application is prepared and filed
Your payment services
You: You tell us which payment services you plan: money remittance, payment accounts, acquiring or payment initiation.
We: We map them to the authorisation of an Estonian payment institution and tell you what the application will need.
Order and document request
You: You order the payment institution application on the licensed companies page.
We: We run our due diligence on the company and its owners and send the document request.
Capital, presence and safeguarding
You: You hold the initial capital required for your services and set up a real presence and a safeguarding arrangement.
We: We describe the safeguarding of customers' funds in the file; its policy and account documentation is a separate add-on.
Programme, plan and internal documents
You: You give us the business figures and the managers' CVs and records for the fit and proper assessment.
We: We draft the programme of operations, the business plan and the governance, internal control and AML/CFT documents.
Submission through the authority's portal
You: You sign the application as the future payment institution.
We: We submit it to the Financial Supervision Authority through its application portal.
Questions and additional information
You: You answer, with our help, the questions the authority usually asks about the business model.
We: We write the answers to the authority's questions and send the additional information it requests.
Decision of the Financial Supervision Authority
You: You receive the decision; the authority's term is 3 months from a complete application and is often longer with questions.
We: We do not make or promise this decision; the Estonian Financial Supervision Authority (Finantsinspektsioon) grants or refuses the authorisation.
Questions and answers
Estonian payment institution authorisation: what does it cost?
From €16,000, excluding VAT. State fees and the fees of the supervisory authority are not included in the price; you pay them yourself.
Estonian payment institution authorisation: who is it for?
Companies that will provide payment services — money remittance, payment accounts, acquiring, initiation — in Estonia and, by passport, in the EEA.
Estonian payment institution authorisation: how long does it take?
Drafting 6–10 weeks; FSA decision within 3 months of a complete application (often longer with questions)
What is not included in the price?
State fees and the regulatory capital; IT systems, audits and third-party costs.
Who makes the decision?
Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) 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 payment institution authorisation · from €16,000 See it in the price list