Best jurisdiction for EMI outside Europe

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John Cockle

New member
Hi everyone!

I’m looking for a comfortable jurisdiction outside Europe to set up a new company and acquire an EMI license. We’d like to focus on Africa (mainly SAR) first.

So this EMI licence should provide opportunity to work in South Africa and preferably in other African countries (at least 3-5 more). Ability to work in other regions (Asia, Latam) will be very nice.

What jurisdiction would you recommend in this regard?
 

Don

Entrepreneur
Hi everyone!

I’m looking for a comfortable jurisdiction outside Europe to set up a new company and acquire an EMI license. We’d like to focus on Africa (mainly SAR) first.

So this EMI licence should provide opportunity to work in South Africa and preferably in other African countries (at least 3-5 more). Ability to work in other regions (Asia, Latam) will be very nice.

What jurisdiction would you recommend in this regard?
Maybe this is what you need.

 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
So this EMI licence should provide opportunity to work in South Africa and preferably in other African countries (at least 3-5 more). Ability to work in other regions (Asia, Latam) will be very nice.

Africa and South America does not work like EU. There is no right to operate in those sovereign countries like EU has passporting to other member states.

I’m looking for a comfortable jurisdiction outside Europe to set up a new company and acquire an EMI license. We’d like to focus on Africa (mainly SAR) first.

Do you actually need an EMI license or will a payment service provider (PSP) license do? You can google the difference between the two if you don't already know.

What jurisdiction would you recommend in this regard?

Whats your budget?
 

Sols

Staff member
Mentor Group Gold
EMI licenses in EU work because they are recognised across the whole union. However, you can get an EMI license in EU and accept customers from your target countries. Doing so might be fine to your home regulator, but technically not permitted without additional license in the countries where your customers are based.

Regardless of where you get your license, access to banking is going to be the hardest part. For example, there are a lot of EMIs licensed in EU that can only access SEPA for EUR transfer and nothing else.

I'd look into Mauritius, UK, and Singapore for licensing. But the license will mean nothing without ability to access the financial systems of your customer locations, so make sure you can solve that as well.
 

jkl197

New member
did you consider Mauritius?
EMI business is more complicated than most people think, do you have strong connections and money critical mass to open accounts with the clearing/intermediary banks?
 

John Cockle

New member
did you consider Mauritius?
EMI business is more complicated than most people think, do you have strong connections and money critical mass to open accounts with the clearing/intermediary banks?
As Martin Everson said above there is no other jurisdiction except for the EU (and probably West African region) that could give a legal option to work outside a county of license origin. Mauritius is not an exception.
 

JackAlabama

Entrepreneur
Hi everyone!

I’m looking for a comfortable jurisdiction outside Europe to set up a new company and acquire an EMI license. We’d like to focus on Africa (mainly SAR) first.

So this EMI licence should provide opportunity to work in South Africa and preferably in other African countries (at least 3-5 more). Ability to work in other regions (Asia, Latam) will be very nice.

What jurisdiction would you recommend in this regard?
Inside the country which you target first. Since you have budget-is-not-an-issue, it is easy.
 

uplana

Corporate Services
Mentor Group Gold
What would be the requirement to the company for setting up this EMI in the EU ?
 

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