E-Wallet License
In Cyprus

Company Structure :

• One shareholder
• 2 Executive & 2 Non Executive Directors 

Taxation :

• Standard corporate tax rate of 12.5% 
• 0% Tax For Corporate Gain
• Lowest VAT at 19%
• No withholding tax on dividends
• An extensive network of double taxation treaties

Accounting & Auditing:

• Audit should be done from Cyprus
• The Company will be required to fil audited financial statements and tax return within 3 months from its balance sheet date.
• Accounting records should be kept at the local offices of the administrator.

Registered Agent & Office – Required

Company Secretary- Required

PI Insurance Cover- Required

Local Employees in Cyprus – Required

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

1. Electronic Money Institutions (EMIs) with Capital Requirement of 350,000 Euros
2. Payment Institutions (PIs) License with Capital Requirement of 125,000 Euros

Electronic Money Institutions (EMIs)

E-money institution under EMI Directive (Directive 2009/110/EC) is a business very similar to Payment Institution, but there’s a key differentiator. E-money institution (EMI) can issue electronic money (the digital equivalent of cash stored on an electronic device). EMI can do all the things the Payment Institution can do and is also is allowed to provide IBAN accounts, payment cards and e-wallets.

Activities Allowed Under EMIs

1. Services that allow cash to be placed in a payment account, as well as all activities required to maintain a payment account.
2. Services that allow cash withdrawals from a payment account, as well as all the activities needed to maintain a payment account.
3. Execution of payment transactions, including capital transfers, to a payment account to the user’s payment service provider or to another payment service provider:
   • execution of direct charges, including one-time direct charges;
   • execution of payment operations with a payment card or similar device;
   • execution of credit transfers, including fixed orders.
4. Execution of payment operations, when the money is covered by a credit opening for the user of payment services
   • execution of direct charges, including a one-time direct charge;
   • execution of payment operations with a payment card or similar device;
   • execution of credit transfers, including fixed orders.
5. Issuance of means of payment and/or acceptance of payment transactions.
6. Remittance services.
7. Payment startup services.
8. Account information services.

Further to the above EMIs are permitted to issue electronic money, in addition to the provision of all the payment services listed above. Electronic money is a monetary value represented by a claim on the issuer, which is:

• Electronically-including magnetically-stored (e.g. chargeable internet based account, magnetic card).
• Issued on receipt of funds for the purpose of making payment transactions (conversion of bank money into electronic money).
• Accepted by a natural or legal person other than the electronic money issuer.

Payment Institutions (PIs)

Under PDS2 Directive (Directive 2015/2336/EU) offers services of execution of payment transactions, including credit transfers and direct debits, issuing or acquiring payment instruments, money remittances, foreign exchange services, and similar services. Payment Institution license is suitable for credit card processors, payment account operators, remittance businesses, foreign exchange businesses, payment initiation companies, and so forth.

Capital Requirements

1. 20,000 Euros, when it intends to provide payment of service 6
2. 50,000 Euros, when it intends to provide payment of service 7
3. 125,000 Euros, when it intends to provide payment of services 1-5

Activities Allowed Under EMIs

1. Services that allow cash to be placed in a payment account, as well as all activities required to maintain a payment account.
2. Services that allow cash withdrawals from a payment account, as well as all the activities needed to maintain a payment account.
3. Execution of payment transactions, including capital transfers, to a payment account to the user’s payment service provider or to another payment service provider:
   1. execution of direct charges, including one-time direct charges;
   2. execution of payment operations with a payment card or similar device;
   3. execution of credit transfers, including fixed orders.
4. Execution of payment operations, when the money is covered by a credit opening for the user of payment services
   1. execution of direct charges, including a one-time direct charge;
   2. execution of payment operations with a payment card or similar device;
   3. execution of credit transfers, including fixed orders.
5. Issuance of means of payment and/or acceptance of payment transactions.
6. Remittance services.
7. Payment startup services.
8. Account information services.

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

In order to acquire a license, following steps will be carried out :

• Reviewing & Due Diligence of KYC of Directors & UBO
• Name Check & Reservation at ROC
• Incorporation of Cyprus Company
• Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of License Application
• Filing Application with CySEC
• Follow up and liaising with CySEC

If you have any questions, please feel free to contact us or write to support@startingoffshore.com