EMI License in Poland

Poland is known worldwide as a favourable jurisdiction for financial services due to its legal regime. Particular attention from entrepreneurs is paid to Electronic Money Institution (EMI) licences, which unlock a world of possibilities for your business. This article describes the EMI license in Poland, its benefits, process, required documents, costs, and timeline of obtaining.

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Benefits of Obtaining an EMI License in Poland

Having an e-money license in Poland provides many advantages. Firstly, obtaining a license allows you to provide a wider range of payment services compared to a traditional Payment Institution license such as issuing electronic money, processing payments, and providing related services. Secondly, the Poland EMI license allows you to work on the EEA market without additional authorisation. Moreover, its presence inspires confidence in both customers and counterparties.

Process of Obtaining an EMI License in Poland

The process of obtaining an electronic money institution license in Poland involves several steps:

1) Preparation:

You have to bring your business in line with the requirements of appropriate Polish regulations.

2) Application filing:

After that, you must submit a special application to the Polish Financial Supervision Authority (KNF), accompanied by the necessary documents.

3) Review and Approval:

Then, the KNF will review your application in detail, evaluating the entity’s business model, risk management strategies, and compliance with AML regulations.

4) License Issuance:

After a successful review, the KNF issues the EMI license enabling you to provide e-money financial services.

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Required Documents

When applying for an EMI license in Poland, you must submit to the KNF the following documents:

Articles of Association, registration certificate, ownership structure details and other company documents.
A detailed plan outlining your business strategy, target market, and projected financials for at least three years.
A comprehensive financial plan demonstrating your ability to meet regulatory capital requirements. This also includes proof of minimum share capital (around EUR 125,000 equivalent in Polish Zloty).
Documentation outlining your internal control systems and procedures for mitigating financial and operational risks.
AML and KYC policies.
KYC documents and detailed management personnel and key shareholders profiles.

Cost and Conditions

The associated expenses with obtaining an EMI license in Poland include application fees, regulatory charges, and professional consultancy fees for legal and compliance assistance. For instance, there is an authorisation fee of EUR 1,250. Moreover, the KNF imposes strict conditions on EMIs, including maintaining adequate capital reserves, implementing robust risk management practices, and adhering to AML/KYC regulations.

Process Timeline for EMI License

The timeline depends on various factors, including the complexity of the application, the completeness of your documentation and the responsiveness of regulatory authorities. On average, the whole process may take several months, from the initial application submission to the final approval.

Expert Assistance and Support

Obtaining an EMI license in Poland is a complex process which requires expert guidance and support. Involving competent lawyers in this process will save you money and time, make it much easier and protect you from potential problems and difficulties.

Contact

For further inquiries and assistance regarding obtaining such a license in Poland, please don’t hesitate to contact us.

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