Obtaining an EMI License in Lithuania
The Institute of Electronic Money is a legal entity that provides payment services to users, specializes in the issuance of electronic money and its turnover.
The term of the EMI license is unlimited. The holder of the permit can provide payment services, as well as perform activities related to the circulation of e-currency within the EMI without having to undergo additional licensing procedures in another country located in the European Economic Area.
The advantages of obtaining a license for a payment institution in Lithuania:
- Low tax rates and low fees. The country has the lowest rates of turnover taxes and fees for obtaining a permit in the European Union and annual fees;
- No municipal fees are required;
- Getting an EMI license is easy enough;
- It is possible to obtain a startup visa;
- Participation in SEPA. Lithuania has joined the single Euro payment zone.
Authorised EMI, licensed in Lithuania, has the right to provide the following services:
- Opening payment accounts for clients (individuals and legal entities);
- Bank transfers on behalf of clients;
- Transfers without opening an account;
- Issuing payment bank cards;
- Issue of own electronic currency;
Basic requirements for obtaining Authorised E-Money Issuer license in Lithuania:
- Rent of office in Lithuania;
- At least one employee - Lithuanian resident (Compliance/MLRO);
- At least one multicurrency bank account;
- No tax or other financial debts;
- Compliance with the requirements for the company's beneficiaries.
- Minimum share capital of the company: EUR 350,000.
The signed documentation shall be analyzed by the Central Bank of Lithuania within 90 days from the date of application for a license. If errors are detected in the documentation related to form and content, additional data may be required. It may be necessary to provide the corrected form in accordance with the applicable regulations. In such situations, the time of consideration should be considered from the moment the corrected and correctly prepared documents are submitted.
The cost of obtaining a license is included:
- company registration;
- preparation and filing of all necessary documents;
- assistance in preparing the Business Plan;
- preparation of AML;
- payment of state duties and fees;
- opening a current account with a local bank.
To learn more about the nuances of obtaining an EMI license in Lithuania, please contact our specialists in IT-OFFSHORE.