Features of obtaining an e-money license in Lithuania 2021

Features of obtaining an e-money license in Lithuania 2021

Obtaining an e-money license in Lithuania 2021 is necessary to start a business. When planning these activities, you should prepare and submit an application to the Lithuanian financial regulator. To learn more about the nuances of obtaining an e-money license in Lithuania 2021, contact our experts at IT-OFFSHORE.

Features of obtaining

When registering a financial institution in Lithuania, it is allowed to operate after the paperwork is completed. By obtaining a special permit, it is possible to work in Lithuania and EEA countries. To open a company, the minimum capital must be 20 thousand euros.

It is possible to provide payment services, such as transfers and payments. It is also allowed to issue cards. Time for obtaining a permit takes on average about 3 months.

To create a positive environment for local and foreign projects, the authorities have implemented a project to approve EMI to participate in limited activities. The peculiarity of this document is that it is valid only within the Republic of Lithuania.

Conditions for obtaining the document

The requirements for an EMI license in Lithuania are quite favorable. The smallest capital to obtain a permit must be 20,000 euros. There is a condition regarding protection of clients' funds with an account or insurance policy. It is important that the management has a positive reputation, the necessary qualifications, as well as experience in a similar field.

There are recommendations that at least one director should be located within the territory of the state. All in all there are several stages in the process of registration and licensing.

These include applying for permission to conduct business in the territory of the state. In addition, it is necessary to check the documents, to evaluate the application. It may be required to provide additional information and documentation. After all necessary papers are collected, a permit is issued.

Lithuania is considered to be a digital-friendly country. The state has created positive conditions for the development of innovative technologies.

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