How to obtain a Swiss EMI license

How to obtain a Swiss EMI license

The Swiss authorities carefully monitor the operation of e-money providers and issuers. To obtain a permit there, you…

The Swiss authorities carefully monitor the operation of e-money providers and issuers. To obtain a permit there, you need to apply for a license with the primary regulator – FINMA (The Swiss Financial Market Supervisory Authority). You can also provide payment services without such a license if you are a member of an SRO (Self-regulatory Organization). However, in this case, you will face certain limitations. 

E-money is not a legal payment means in Switzerland, but the regulator applies this term to monetary funds in the national currency registered and/or stored in electronic form. E-wallets holding digital money are qualified as deposit accounts (only for non-cash transactions) which is why to provide such services a legal entity must obtain a banking or a fintech license.  

Requirements for e-money operations in Switzerland

The entities planning to register a Swiss payment service company or set up a company for e-money transactions must apply for the Swiss equivalent of the EMI permit or a FinTech license in this country. It enables them to use various business models as it is not purpose-oriented for specific types of business. The application procedure for this document is much simpler than a complete banking license application. However, it grants a FinTech company similar rights. 

The requirements are as follows:

  • A company registered in Switzerland;
  • EU country banking account;
  • Minimum authorized capital of 300,000 CHF;
  • Commercial operation on the Swiss territory;
  • A Swiss office;
  • Compliance with AML and KYC regulations;
  • Local director and employees;
  • Availability of internal procedures and policies as per regulator’s requirements.

The required documents are:

  • Company charter;
  • Confirmation of paid authorized capital;
  • A business plan and a three-year financial plan;
  • Information on the company’s structure;
  • CVs of the directors and shareholders, proof of their qualifications, certificates of non-conviction and no indebtedness;
  • Developed procedures of dispute settlement compliant with the Swiss legislation;
  • A range of internal policies and procedures;
  • Audit documents;
  • Proof of paid fees and duties.

How to obtain a Swiss payment license

If you want to get a FinTech license in Switzerland, our company is here to provide you with a “turnkey” service. This includes:

  • Legal consultations;
  • Comprehensive legal support;
  • Assistance with the paperwork;
  • Opening a bank account;
  • Company registration;
  • Coordination with FINMA until the license is granted.

You can contact us via the chatbot and the phone numbers above. We assist in obtaining a Swiss payment license for the citizen of Germany, Spain, Italy, the Czech Republic, Poland, Portugal, and other countries. 

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