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 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.