Electronic Money Institution license in Lithuania
The e-commerce sector is gaining momentum around the globe, and the European market is no exception. To operate successfully in this region, you can get permission to issue e-money in one of the Baltic States. The owner of such a right can freely perform their activities throughout the European Union.
For example, receiving an EMI license Lithuania is relatively easy compared to the UK and some other jurisdictions. But thanks to it, you can receive SWIFT payments, open accounts for private persons and corporate firms, issue payment cards and supply a wide range of financial services to international clients. The country adopted the procedure for acquiring licenses and today has a reputation as a respectable jurisdiction.
What is an EMI authorization in Lithuania?
A permit to operate as an electronic money issuer (often referred to as the Lithuania EMI license) grants access to the financial sector of the economic system. The advantage of the country is that there are no special requirements for senior management as for residents in the state. A non-resident can also manage a firm. Moreover, the policy of the government as a whole is quite loyal towards foreign investors, and the administrations are accommodating novice entrepreneurs during the procedure of receiving a license (giving free consultations and preliminary assessment of papers).
The license has no expiration date; it is received once and for all. However, the permission may be revoked for serious financial violations or fraudulent acts. The activities of financial companies are regulated on the basis of the Law “On Payments” and the Law “On Electronic Money Institutions. “ Income tax and state licensing fees, and annual license fees for fintech companies are among the lowest in the region. In addition, the country’s capital city does not impose a municipal tax on new fintech enterprises.
Up to the current legislation, a party with digital currency issuer status is able to:
- place monetary resources in actual accounts;
- render withdrawal services;
- perform payment transactions and transfer funds between accounts;
- make debit and credit transfers;
- issue payment instruments and provide acquiring.
All transactions are carried out electronically using telecommunications equipment (computers).
Benefits of receiving an EMI right in Lithuania with www.fintecharbor.com
Fintech Harbor exclusively specializes in servicing firms operating in the field of financial and knowledge-intensive solutions. Our profile is fintech, blockchain, digital technologies, and cryptocurrencies. A competent multilingual team of experts constantly monitors changes in legislation in order to supply clients with quality consulting and advice. We supply assistance in a wide range of jurisdictions through a network of affiliated partners.
We will accompany you through the entire process of acquiring an e-money license Lithuania, from incorporating a localized lawful commodity and opening a settlement account to registering a real office and recruiting competent staff. In addition, our colleagues will help to collect the required list of papers, prepare the company’s charter, and develop internal plans of action and routines.
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Steps to get an EMI approval
The whole process of enlisting an electronic money institution Lithuania is quite complicated and may be divided into several key phases:
Collecting data and managing KYC functions. At this stage, it is essential to prepare a credential of integration, articles of association of the company, and information of owners and shareholders. You also ought to supply software descriptions concerning e-wallets and accounting methods. Supply information on the source of cash in hand – income declarations for several years.
Incorporating a legal entity, registration of address, and setting up an office.
Filling out preliminary forms, including the organization structure, commercial and financial plan for 3 years, and IT security control.
Of course, we are committed to confidentiality. Therefore, we sign a non-disclosure agreement at the very beginning of cooperation before receiving financial and personal information from the client.
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Cost of receiving an EMI license
The final price depends on the volume of assistance supplied and is discussed in each individual case. In any case, you should plan the following expenses: enrollment of a legal entity in any form with authorized capital, opening a bank account in the name of the enterprise, enrollment of a real place of business in the state, and hiring local staff.
Legal support is also required for preparing the charter, protocols of the board meetings, internal compliance and AML policies, and direct filing of applications with government agencies. We will be happy to advise you in detail on electronic money institution Lithuania and supply a detailed calculation based on your specific requests.
Additional benefits, such as opening another bank account in a European bank, integration and getting membership of SWIFT and BIC code, software development and service integration, accounting services, recruitment, marketing development, branding, etc., are provided individually by independent vendors.
Legal support is also required for preparing the charter, protocols of the board meetings, internal compliance and AML policies, and direct filing of applications with government agencies. We will be happy to advise you in detail on electronic money institution Lithuania and supply a detailed calculation based on your specific requests.
Additional benefits, such as opening another bank account in a European bank, integration and getting membership of SWIFT and BIC code, software development and service integration, accounting services, recruitment, marketing development, branding, etc., are provided individually by independent vendors.
How long does it take to get an EMI permit in Lithuania?
The term for consideration and getting a right usually takes no more than three calendar months. The Bank of Lithuania evaluates applications. If a complete documentation package has been provided, an acknowledgment will be issued upon termination of the term. If the regulator demands additional details or corrected forms, then another 90 days must be counted from the particular date of the latest submission.
Checklist of documents to receive an EMI authorization in the Baltic Republic
The basic index of papers submitted, along with the petition, consists of the company’s charter, strategy for the next three financial years, proof of solvency, and an exposition of measures to protect clients’ interests.
It is mandatory to provide information about the key persons who manage the organization. Everyone must have relevant experience and education to understand the industry and be skilled in management. Criminal records or previous bankruptcies should not tarnish the reputation of such individuals.
Lithuania e money license applicants should adopt the essential lines to combat fraud and money laundering (appoint a certified compliance officer). It is important to render copies of an agreement with an independent audit firm that will carry out annual audits and an agreement with a company that maintains the IT infrastructure, ensuring its security.
It is mandatory to provide information about the key persons who manage the organization. Everyone must have relevant experience and education to understand the industry and be skilled in management. Criminal records or previous bankruptcies should not tarnish the reputation of such individuals.
Lithuania e money license applicants should adopt the essential lines to combat fraud and money laundering (appoint a certified compliance officer). It is important to render copies of an agreement with an independent audit firm that will carry out annual audits and an agreement with a company that maintains the IT infrastructure, ensuring its security.
What is the difference between a payment institution and an e-money license in Lithuania?
The basic range of activities by such establishments is approximately the same, with the contrast that payment organizations cannot issue their own electronic medium of exchange.
These types of permits differ in the value of the statutory fund. For EMI, it is a minimum of 350,000 euros, and for Lithuania electronic money institution – from 20,000 to 125,000 euros, depending on the services supplied (money remittance, payment initiation, or full range).
These types of permits differ in the value of the statutory fund. For EMI, it is a minimum of 350,000 euros, and for Lithuania electronic money institution – from 20,000 to 125,000 euros, depending on the services supplied (money remittance, payment initiation, or full range).
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