Requirements and stages of the KIP/KIPE license

KIP/KIPE license requirements

1.  Organization
   • limited liability company or joint stock company
2. Initial capital and own funds
   • EUR 20,000 (KIP with remittance license) of initial capital, as for own funds, see Calculator
   • EUR 50,000 (KIP with PIS license) of initial capital and own funds
   • EUR 125,000 (KIP with license for other payment services) of initial capital, as to own funds – see Calculator
   • EUR 350,000 (KIPE) of initial capital, as to own funds – see Calculator
3. Board of Directors
   • no numerical requirements;
   • competence requirements (guarantee of prudent and stable management)
4. Supervisory Board
   • no obligation to have
5. Special positions in the organization and cooperating entities
   • internal controller,
   • AML inspector
   • certified auditor and auditing firm

Stages of obtaining a KIP/KIPE license

1. Verification stage
   • review of the organization for eligibility to apply for a KIP/KIPE license
   • implementation of necessary adjustments
2. Preparation
   • legal qualification of the services
3. Application
   • provision of model internal documentation, operations program and financial plan
   • joint establishment of the final content of the internal documentation, the operations program and the financial plan
   • collection of a set of source documentation required from the Principal, board members and shareholders
   • submission of the application to the supervisory authority
4. Proceedings
   • periodic communication with the authority
   • preparation of responses to the authority’s summons
5. Provision of services
   • commencement of provision of payment services/electronic money services on the grounds of the obtained license
   • passporting to other EEA countries