Obtain a EMI/PSP License in Jersey

To obtain an EMI/PSP license in Jersey, interested companies apply for a special license and will observe the sector-specific regulations for electronic money institutions (EMIs) and payment service providers (PSPs). Our team can help you open a company in Jersey and apply for the mandatory licenses for your business sector.

How to open an EMI/PSP company in Jersey

Investors who want to open a company in Jersey and then obtain an EMI/PSP license in Jersey follow the main rules for starting a business in this jurisdiction.

In most cases, businesses that apply for an EMI/PSP license in Jersey are structured as a limited company; however, in some cases, this can also take the form of a partnership. Discussing the business structure is possible prior to incorporation and is offered by our experts in company formation in Jersey.

The steps below are relevant to those interested in setting up a business in Jersey:

• Choose the business form;
• Check if the desired business name is available for use;
• Select a registered address based in Jersey – this is mandatory as all Jersey-incorporated businesses must maintain a local office at all times;
• Choose the business activities (select this from the available business codes; our team can advise as needed);
• Decide on the particulars. These include the shareholders, share capital structure, and nature of shares;
• Prepare the Articles of Association and the Memorandum;
• Submit all the required documents to the company registry;
• Once the company is incorporated, follow the procedure to obtain an EMI/PSP license in Jersey.

The following registration fees are useful for those who open an EMI/PSP company in Jersey. Please keep in mind that these fees change yearly and are not the only costs incurred by those who start a business in the Bailiwick:

• £205 for company incorporation within 5 business days;
• £395 for company incorporation within 2 business days;
• £543 for incorporation within 1 business day;
• £856 for same-day incorporation (within 2 hours if all the documents are in order)

How to obtain an EMI/PSP license in Jersey

The license for a company that offers electronic money and/or payment processing services is issued by the Jersey Financial Services Commission.

Most companies that are required to obtain an EMI/PSP license in Jersey will apply for a money service business license. However, in some cases, part of the activities they will engage in can also overlap with those for which a VASP license is required.

Companies that apply for money service business licenses are required to be duly incorporated, meet certain capital requirements, pass the fit and proper test for their key members and follow certain principles such as:

• Conducting the business with integrity;
• Having due regard for the clients’ interests;
• Implement and demonstrate the use of adequate risk management systems;
• Cooperate with the JFSC as required.

Laws that regulate EMI/PSP companies in Jersey

The requirement to obtain an EMI/PSP license in Jersey is an important one; however, these types of companies are also required to observe other relevant laws and regulations.

Entrepreneurs who open an EMI/PSP company in Jersey and will offer electronic money services and/or payment processing services must apply certain measures to ensure customer due diligence, as part of the anti-money laundering rules they adhere to.

The Money Laundering Order and the rules for countering the financing of terrorism are followed by EMI/PSP companies. Our lawyers in Jersey can give you more information about the AML/CFT rules upon request.

Contact us for more information about licensing for EMI and PSP companies.