Setting up an Electronic Money Institution (EMI) or a Payment Service Provider (PSP) company in France requires registering a legal business entity first. The necessary authorization is issued by the Autorité de contrôle prudentiel et de résolution (ACPR) in France. This article offers essential information about the EMI/PSP license, mentioning that our specialists in company formation in France can assist throughout the application process and business incorporation.
Requirements to get an EMI/PSP license in France
Obtaining an EMI/PSP license requires first opening a company in France. In most cases, a SARL, the limited liability variant known worldwide, is the proper option. There is also the possibility of establishing a joint stock company, Société par Actions Simplifiée (SAS). Here are other conditions to bear in mind when applying for these types of licenses:
- Documents – All company incorporation documents, such as Articles and Memorandum of Association, must be translated into French and notarized. These will be used when applying for an EMI/PSP license.
- Name verification – It is important to verify and reserve the business name when opening an EMI/PSP company in France. These procedures are done with the French Trade Register.
- License payment – The EMI license requires a minimum share capital of EUR 350,000, while the PSP license requires EUR 125,000.
- Bank account – the EMI/PSP license company in France must have a corporate bank account to deposit the minimum share capital of EUR 1 for SARL or SAS.
- SIREN number – SIREN is the company ID, which is issued at the time the company is incorporated. This ID will serve at the time the EMI/PSP license application is commenced.
- Business plan -A 3-year business plan is also required for obtaining an EMI/PSP license in France.
- Policies – Applicants must also offer proof that they implemented the Anti-Money Laundering and Counter-Terrorism Financing policies.
Once these formalities and conditions are concluded, due diligence will take place. If all the documentation is accepted, the EMI/PSP license can be issued. We remind that our French agents can represent businessmen in setting up a company in Franceand get an EMI/PSP license.
Timeframe to get an EMI/PSP license
It takes around 2 weeks until the EMI/PSP company is incorporated. However, the licensee might take a little more time until the due diligence process and the approvals are completed. As such, we suggest you ask for advice, assistance, and consultancy when setting up an EMI/PSP company in France.
What can you do with an EMI/PSP license in France?
The Electronic Money Institution license lets company owners issue electronic money and also hold client funds. E-wallets are proper tools for such a type of currency. On the other hand, the Payment Service Provider license is used for payment settlement and execution. Other services can also be provided.
About the financial sector of France in a few lines
We present you with some data about the French financial sector that can be useful when incorporating an EMI/PSP company in France:
- About 72% of the French population uses online banking services.
- The banking assets in France reached around EUR 91.9 trillion in 2024.
Ready tostart a company in France and obtain an EMI/PSP license? Our specialists in company incorporation in France are at your disposal with tailored assistance and support in various procedures. Contact our team and find out more about the services we offer to local and international investors.