ELI UK
Financial, LEGAL and consultancy services

ELI United Kingdom

High-quality financial, legal and consultancy services with client-oriented approach.
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Ready-Made Company in the UK

In the heart of the UK, also known as Great Britain (GB), the business landscape offers unparalleled capabilities for venturers and financiers. For those eager to commence their ventures quickly, ready-made establishments, often alluded to as shelf companies, assures an apprehensive and productive pathway to commercial proprietorship. This article discovers the notable information of procuring…

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Opening a Bank Account in the UK

This direction suggests a resilient monetary network catering to residents and non-residents alike. Whether you’re a student, professional, venturers, or overseas financiers, commencing a monetary establishment account is a notable avenue to ease your monetary functions. This guide explores the workflow, readiness, and favours, while addressing typical concerns, such as the demands for opening a…

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Company formation in UK

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…

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FCA licensing

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.

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Tax optimization in the UK

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…

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Who we are

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 UK-based

We are tier 1 local UK provided.

Fast

Incorporations done within 72 hours.

Quality

Our focus is high quality and client-oriented service.

Stay updated with our latests news

Check our blog to keep yourself informed about latest news and regulatory changes!

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  • January 7, 2025

    With just six months remaining until the implementation of the CASP under the European MiCA Regulation, the AMF has started accepting requests for authorization to operate as a CASP, effective from the summer of 2024. As we prepare for this significant change, it’s important to explore the main features of MiCA, its rollout schedule, and…

  • December 26, 2024

    Cook Islands – well-known globally as a leader in legal trusts – provides an ideal space for establishing financially-related mechanisms prioritizing resilience and confidentiality. Country’s unique legal ecosystem, bolstered by unyielding protective laws, grants unrivaled preservation of economic well-being for globally-active clientele. This material explores the steps, nuances, and unparalleled privileges of constructing a Cook…

  • November 28, 2024

    The UK is a leading hub for financial technology, with a regulatory environment that encourages innovation while safeguarding consumer interests. For companies aiming to break into this market, obtaining an Authorized Payment Institution (API) license is often essential. An API license grants the authority to access and share financial data securely, a fundamental requirement for…

Frequently asked questions

  • This is any of the below-mentioned legal entities carrying out payment activities and related operations:

    • Authοrized payment institutions (AEMI);
    • Small payment institutions (SPI);
    • Credit unions;
    • E-money institutions (EMI);
    • Retail post office company in the United Kingdom;
    • The Bank of England; and
    • Government organizations, other than when doing public functions.

  • After being approved by any EU Financial Authority, PI can provide the range of belowlisted operations:

    • Placement made by cash or electronic transfer;
    • Converting the account holdings into cash;
    • Payments, including crossborder bank-to-bank funds transfers;
    • Payments in which funds are included in LOC: direct debit, payments carried out a payment card or a similar tool; credit transferring, etc.;
    • Remittances, etc.

  • 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:

    • Overall payments as per month in the previous year must not be over 3,000,000 EUR.
    • If you have not been offering services of transactional nature, or have been delivering them for less than one year, forecasted total monthly payment transactions must not be over 3,000,000 EUR.
    • Employees must not have been accused of illegitimate turnover of funds and the transfer of funds to terrorists;

  • 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:

    • Proof that when you launch your business, your e-funds business will generate a median number of liabilities regarding e-funds of lesser than 5,000,000EUR.
    • Proof that, in one year preceding the application, the average of payments as per one month was not over 5,000,000EUR.
    • An overlook of how you will safeguard the funds of clientele.
    • Capital obligations must be fulfilled.
    • The max. storage sum on the client payment platform where the e-money is stored must not be over 250EUR.
    • When the business operations of the EMI bring average οutstanding e-funds less than 1,000,000EUR, it shall hold holdings (as a contributed capital) of at min. 50,000EUR. If the sum is over, the institution shall hold initial capital of at least 100,000EUR.

  • 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.