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

Process

You: Provide information, capital and people that meet the legal requirements; sign and answer the authority's questions.
LexorCorp: Prepare the application and its documents and manage the procedure until the decision.
Authority: Finantsinspektsioon decides.

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.

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?