An electronic money institution (EMI) and a payment service provider (PSP) offer services related to the issuance of e-money and making payments. The requirement to obtain an EMI/PSP license in the BVI applies to these types of companies. For those interested in BVI company formation, our team can assist with both the incorporation phase and the subsequent licensing phase.
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EMI and PSP licenses in the British Virgin Islands
Companies that are defined as electronic money institutions in the BVI are subject to licensing for their activities related to issuing e-money and handling money for clients (including making payments). While there is no distinct EMI license, companies that must obtain an EMI/PSP license in the BVI will generally apply for a money service business license.
According to the law, deposit-taking institutions and financing and money services businesses are subject to the Financing and Money Services Act and must apply for a Financing and Money Services license.
Other types of licenses are also in place in the BVI, such as the one for general banking or trusts; however, for those who will obtain an EMI/PSP license in the BVI, their activities fall under the broader purpose of the laws governing money services.
Investors interested in British Virgin Islands company formation in the financial and money services sector follow the same rules for incorporation as for any type of company, the difference being in the final licensing phase, when they are required to submit an application to the Financial and Services Commission, the BVI FSC.
EMI and PSP companies in the BVI
To open an EMI/PSP company, the BVI company set up steps are generally the following:
- Select the business form;
- Decide on the company’s particulars;
- Prepare the incorporation documents;
- Register the new business;
- Complete the licensing approves with the Financial Services Commission according to the types of financial services offered to clients (electronic money services, payment processing, others).
In addition to meeting the mandatory requirements to obtain an EMI/PSP license in the BVI, companies that are involved in a money services business are required to observe special laws and regulations. The anti-money laundering law and countering the financing of terrorism procedures are key requirements followed by these types of companies. Our lawyers in the BVI can give you more details about the current legal provisions.
How to obtain an EMI/PSP license in the BVI
Some of the supporting documents required for companies that apply for a money services license are listed below by our team:
- A complete business plan for the business, drawn up according to the Regulatory Code;
- Filled-in application forms for each key member of the company;
- The non-refundable application fee;
- A statement to establish physical presence in the BVI within the following years;
- A description of how the licensed company would bring added value to the BVI economy.
The Commission may ask for additional supporting documents and it evaluates the applicants during an initial preliminary discussion.
Money services companies in the BVI
According to the FSC statistical bulletin, the following data were available on financing and money services companies for the year 2025:
- There were 4 financing business licensees for quarter 3 of 2025;
- There were 2 licensees who received the money service business license in quarter 2 of 2025;
- The total assets held by companies in the money services business sector were reported at $4,111,814 for the third quarter of 2025.
Investors who open an EMI/PSP company in the BVI can rely on our full assistance during the incorporation process and later, when the licensing phase commences.
Contact us for more information on company formation for EMI and PSP companies in the Virgin Islands.