Registration of micro-finance institutions

Central Bank of the Republic of Kosovo, Department of Licensing and Standardization

Cilj: The purpose of this procedure is to establish the minimum conditions that must be met by the interested parties for registration of a micro-finance institution. Through this procedure, the process of application evaluation is regulated which makes it possible for only those legal entities that meet the criteria set out in the applicable legislation to be allowed to enter this market.

Opis: Those interested in licensing as Microfinance Institution (MFI) must meet all requirements under Law no. 04/L-093 on Banks, Microfinance Institutions (MFIs) and Non-Bank Financial Institutions (NBFIs), necessary for the application process. The Central Bank of Kosovo will accept applications only if an introductory meeting is held. The application must be in written, signed by the founder and submitted to CBK, with physical presence of the representatives of the founding shareholders. After application is completed by the applicant, the executive board of the Central Bank of Kosovo, within 90 days, decides for approval or rejection of the application. The application shall be submitted together with the full documentation required by Law No. 04/L-093 on Banks, Microfinance Institutions (MFIs) and Non-Bank Financial Institutions (NBFIs) and as per internal acts of CBK. The documentation provided must be in one of the two official languages of the Republic of Kosovo, either in the original or in a legalized copy.

Pranvi osnov

Punovaznost dozvola: Registration is issued for an indefinite period of time

Antihemiski organ: Competent court

Rok zalbe: 15 days

Potrebne informacije

  • Parent Financial Institution;
  • Applicant Company/Potential IMF or NBFI;
  • Representative of the applying Company/Potential IMF or NBFI;
  • Ownership of the Applicant Company/Potential IMF or NBFI (only for dependent entities);
  • Organization and Control;
  • Business Objectives;
  • Risks;
  • Equity adequacy;
  • Potential added value for the Financial System in Kosovo;

Predvidjeni rok u okviru kog se treba dati odgovor na postupak ( u danima) 90

Potrebna dokumentacija

  • Application Form; (Original)
  • The composing documents of the proposed IMF, including notarized copies of the original documentation under which it was established, as well as the proposed address of the main office; (Original)
  • Name, nationality, residence, qualifications, experience and business and professional history of all directors, main shareholder and senior manager of the proposed IMF, including business and professional history for the past ten (10) years; (Original)
  • The amount of authorized and committed capital of the proposed MFI, including the amounts paid and the legal origin of the capital; (Original)
  • The business plan including, inter alia, the organizational structure of the proposed MFI, the anticipated type of activity, the financial statements anticipated for three years and, if any, the audited financial statements and annual reports for two ( 2) last years; (Original)
  • A list of shareholders holding or will hold five percent (5%) or more of the shares of the proposed MFI and the beneficial owners of such shares, stating their names, address and respective stock holding; (Copy)
  • For each director, principal shareholders and senior managers of the proposed MFI, official evidence from the Court disclosing any conviction from the criminal court for criminal offenses, personal bankruptcy files, disqualification from the exercise of the profession or past or already in the management function of any corporation or other entrepreneurial body that has been subject to insolvency proceedings, if any; (Original)
  • In any case where the applicant is a financial institution proposing the establishment of a subsidiary MFI in Kosovo, a statement from the supervisory authority of the home country should be provided that there is no objection to the initiation of the proposed activities in Kosovo and it exercises consolidated supervision of the activity of the foreign MFI; if applicable; (Original)
  • Evidence of fee payment for registration; (Original)
Tip plataIznos ( u Eurima)Nacin plataBroj racuna
Payment5000 euroBanking transfer 1000700010000130

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