FINANCIAL LICENSE (EMI) IN THE UK
EMI's British license remains a symbol of high standards and international authority. The UK jurisdiction is traditionally known for its strict requirements for financial reporting, clear company structure and careful preparation of documents.
Among the disadvantages is the long review period, which can last from a year or more. However, by receiving a British license, the company automatically increases the level of trust from partners and customers around the world. One of the most famous examples of holders of this license is Revolut.
Key benefits:
- Prestigious jurisdiction with a strong financial reputation
- High level of trust from banks and partners
- Transparent regulatory process
- Ability to serve clients throughout the UK
- Allowed to integrate payment services, cards, wallets, APIs
MAIN REQUIREMENTS
Legal form: a company registered in the UK with a minimum share capital of £350,000 (for AEMI).
Fit & Proper Test: Directors, UBOs and key officers must have the appropriate qualifications, experience and reputation
Operational presence: physical office in the UK, minimum 1 resident director
Business model: clear description of the product, cash flows, revenue sources
Control systems AML / KYC policies, Risk Management, IT Security, Data Protection (GDPR/UKDPA)
Protection of client funds Segregated accounts or insurance according to EMRs 2011 Regulation 20
The procedure for obtaining an EMI (Electronic Money Institution) license in the United Kingdom, supervised by the Financial Conduct Authority (FCA).
Regulation: Financial Conduct Authority (FCA) — fca.org.uk
Main legislation:
- Electronic Money Regulations 2011 (EMRs 2011)
- Payment Services Regulations 2017 (PSRs 2017)
License types:
Small Electronic Money Institution (SEMI):
- For small companies with annual payments up to £5 million.
- No passporting, valid in the UK only.
Authorised Electronic Money Institution (AEMI):
- Full license with no restrictions on the volume of transactions.
- Yes, throughout the UK (before Brexit - throughout the EU).
Submitting an application to the FCA
- The FCA will review the application for completeness within 10 days.
- If the package is complete, a formal assessment will begin.
FCA Assessment and Review Review Duration:
- Small EMI - Up to 3 months
- Authorised EMI - Up to 6 months (depending on model complexity)
During the FCA review:
- Analyzes the company structure, ownership, financial stability
- Conducts a “fit and proper” test for directors
- May request additional explanations or interviews
Obtaining an EMI License
- Once approved, your company is added to the FCA Register
- You are granted Authorised Electronic Money Institution status
- You can commence operations within the UK
Post-licensing obligations
- FCA annual audit and reporting
- AML/KYC client checks
- Safeguarding daily client balances
- FCA may conduct onsite inspections
- Compliance with Operational Resilience Framework
Estimated Process Timeline
- Company Registration: 1–2 weeks
- Document Preparation: 1–2 months
- Submission and Review: 3–6 months
- Total Time: 4–8 months
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WHY YOU SHOULD USE OUR PROFESSIONAL SUPPORT
We are an Authorised Corporate Service Provider (ACSP) registered with Companies House.
We carry out verification quickly, online and without bureaucracy.
We work with clients from the UK and other countries.
We guarantee compliance with all Companies House standards.
We provide support in Ukrainian, English, and Russian.
OUR TEAM
Yevhen Sarafanov
Owner and CEO LOCMAN ICS LTD
Ludmila Chilik
Corporate and tax lawyer (Europe, USA, East Asia, UAE)