In the heart of the UK, commonly known as Great Britain (GB), the business landscape is ever-evolving. For businessmens and investors seeking to embark on their business journey swiftly and seamlessly, the concept of obtaining a ready-made company shines as a beacon of opportunities. In this article, we will delve into the intricacies of purchasing…
Opening a bank-account in the UK is a straightforward operation, especially if you are well-prepared and familiar with the demands and procedures. Whether you are a UK resident, an international student, or a non-resident looking to establish a financial foothold, having a bank-account is essential for managing your finances efficiently. How to open a bank-account…
How we can help you and what the service includes When you establish a company in the United Kingdom, you become liable for many obligations and it is always better to take advice from professionals as to the finest way an entity should be established and operated. This is an overview of the main terms…
The quick emergence of new niches in the market of finances, such as BaaS has resulted in the development of new directions in Fintech. New alternative banking is getting more and more popular with the use of digital currencies which are grounded on blockchains.
A group of scientists led by University College London has created AI algorithms that is able to find brain abnormalities anomaly in people that have a diagnosis of epilepsy. This approach was implemented in the frames of the MELD program: to create an algorithm, more than a thousand MRI images from twenty-two brain-disorders treatment institutions…
Eli-UK is an independent, newly-established law firm, keeps in pace with the changes and updates of the regulatory framework in its practice areas and has positive attitude toward new technology trends. We support our medium-sized clients with a comprehensive financial and legal advice, consolidate their position as auditors vis-à-vis authorities and enhance their management skills, for example in corporate finance.
The client-oriented approach is the key value of Eli-UK’sd philosophy: our firm is committed to bettering its excellent performance and service provision, relying on steady client feedback and newest standards in the legal industry.
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The commercial industry has experienced a vital growth, characterized by quick developments that have transformed the methods of money lending. The commercial sector is evolving. We are going to investigate the greatest payment innovations to change the industry in 2024. Twenty-first century payment formats The payment modernization today is undergoing an integral alteration driven by…
For entities venturing into the realm of contemporary assets such as cryptocurrencies, a pivotal contemplation surfaces: the imperative acquisition of requisite authorizations for this undertaking. The jurisdiction where your operations transpire might develop a vested concern in scrutinizing your fiscal conduct concerning these unconventional assets. By securing a fitting accreditation, even if it assumes the…
This article presents a concise overview of 5 offshore jurisdictions which are relatively unknown to many. Samoa Samoa is an island sovereign group situated in the South Pacific Ocean, halfway between Hawaii and New Zealand. It is in the late 1980s that Samoa became an offshore authority with the passing of the 1987 International Companies…
This is any of the below-mentioned legal entities carrying out payment activities and related operations:
After being approved by any EU Financial Authority, PI can provide the range of belowlisted operations:
The main contrast between these approvals is that only E-Money Institutions can provide digital currency or e-wallet or other device. EMI can deliver all the services an API is authorized to offer.
Though there are some similar features between virtual currency and electronic funds, crypto assets are not deemed electronic funds. While e-funds are applied for operations with government-issued and regulated monetary units such as USD and EUR, cryptocurrency is a virtual currency that has no fiat equivalent. If you wish to offer cryptocurrency exchange and cryptowallets, you may be mindful of acquiring a separate authorization.
You can become a SPI license holder, if you meet the following criteria:
The main difference between an API and SPI license is an average monthly turnover in payments.
If it is under 3,000,000EUR, you can start operation as a SPI. If it exceeds this amount, then you will have to apply as an API.
You can acquire a SEMI license, if you meet the following criteria:
The main contrast between these approvals is a volume of payments circulation.
If your monthly turnover transactions are less than 5,000,000 EUR, you can become a small electronic money institution. If your monthly transaction amount exceeds this, then you will have to apply as an EMI.
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