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Banking license in Lithuania

How to get a specialized banking license in Lithuania quickly and at minimal cost?

2020-07-10
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Companies need a banking license to conduct business in the area of financial services, especially because it is currently the easiest way to obtain one in Lithuania. There are two types of banking licenses in Lithuania - specialized and standard. They differ from each other in functionality, terms and cost of registration.

Permitted activities for holders of Specialised banking licence

SBL, or specialized banking license, was established by the Lithuanian government 3 years ago. Its appearance became possible due to the rapid development of financial services sector in the jurisdiction. Large banks of Vilnius now successfully compete with well-known European organizations, and new ones are constantly being created.

Among the advantages of the jurisdiction are accessible IT technologies, developed infrastructure, inexpensive - by European standards, but qualified workforce, loyal tax policy and stable socio-economic situation. The list of activities that fall under the regulation of the Specialised banking license is limited, but it is suitable for most foreign companies planning to work in the financial sector and start-ups:

  • foreign exchange transactions;
  • opening deposit and settlement accounts;
  • work with credit products (cards, consumer and business loans, mortgages, financial guarantees, leasing);
  • operations with electronic money;
  • working with cheque books;
  • rent of individual safety deposit boxes;
  • letters of credit;
  • operations with precious metals;
  • intermediary activity;
  • possibility to create a branch network.

The list of inaccessible kinds of activity includes only investments and the creation of non-state pension funds; however, if these spheres are collectively a priority for the company, it is possible to create independent legal entities for their implementation.

How to obtain a Specialised banking license in Lithuania

You can obtain a banking license in Lithuania within one year after submitting a full set of documents to regulatory authorities for inspection. The requirements are quite loyal:

  • the minimum share capital of the company - EUR 1 000 000 (for an ordinary bank at least EUR 5 000 000);
  • the actual presence of the company in the jurisdiction;
  • the minimum number of qualified employees - 10 persons, including residents of Lithuania.

The licensing period may be reduced by half if there are no mistakes in processing the documents and filling out standard applications.  The legal assistance of qualified IT-OFFSHORE employees will help to avoid them. We will fill out the application forms in English and explain how to prepare a package of documents to get a positive decision for sure. Specialized banking license obtained in Lithuania gives businesspeople access to European Union financial markets, offering loyal conditions for a startup in a prestigious jurisdiction.

Lithuania's banking system is currently on the rise and is more in demand than the financial environment of classical offshore areas or traditional European banking centres.

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