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The business plan provided by the applicant for authorisation as electronic money institutions as described in Directive (EU) 2015/2366 (PSD2) should contain:

a) a marketing plan consisting of:
i. an analysis of the company’s competitive position in the e-money market and, if applicable, payment market segment concerned;
ii. a description of the payment service users and electronic money holders, marketing materials and distribution channels;

b) certified annual accounts for the previous three years, if available, or a summary of the financial situation for those companies that have not yet produced annual accounts;

c) a forecast budget calculation for the first three financial years that demonstrates that the applicant is able to employ appropriate and proportionate systems, resources and procedures that allow the applicant to operate soundly; it should include:
i. an income statement and balance-sheet forecast, including target scenarios and stress scenarios as well as their base assumptions, such as volume and value of transactions, number of clients, pricing, average amount per transaction, expected increase in profitability threshold;
ii. explanations of the main lines of income and expenses, the financial debts and the capital assets;
iii. a diagram and detailed breakdown of the estimated cash flows for the next three years;

d) information on own funds, including the amount and detailed breakdown of the composition of initial capital as set out in Article 57(a) and (b) of Directive 2006/48/EC;

e) information on, and calculation of, minimum own funds requirements in accordance with method D, as referred to in Article 5.3 of Directive (EU) 2009/110 (the second EMoney Directive (EMD2)), if the electronic money institution intends to provide emoney services only, or the method(s) referred to in Article 9 of  as determined by the competent authority, if the applicant intends to provide payment services in addition to e-money services, including an annual projection of the breakdown of own funds for three years according to the method used and, If applicable, an annual projection of the own funds for three years according to the other methods used.