Lithiania EMI license

EMI in Lithuania

Lithuania provides PSP or E money payment system license, which opens up a big list of payment options for you, depending on your choice of license. Our specialists will be happy to provide you with services relating to obtaining payment system licenses.

According to 2022 data, Lithuania is the leader among EU fintech-friendly countries in terms of the number of Electronic Money Institution/Payment Service Provider registered companies.

Advantages of obtaining the EMI license in Lithuania:

The licensing process is quicker than in other EU countries.

The Central Bank of Lithuania has developed and manages the CENTROlink payment system. This system allows technical access to SEPA and TARGET2 for various payment service providers.

Fintech companies have access to a test development environment in which they can conduct their own tests under the full control of the regulatory authority.

In Lithuania, remote client verification technology is available, which allows accounts to be opened without physical presence.

Lithuania is a small and fast-growing economy that has been successful in transitioning from Soviet-era industries to a modern, service-driven economy. The country’s tech scene is especially booming: the capital city of Vilnius was recently named the fastest growing startup ecosystem in the world, with over 400 tech startups launching in the city in just one year. Additionally, Lithuania’s business climate is favorable for entrepreneurs. The World Bank’s Doing Business Report listed Lithuania as one of the top ten reformers in their 2021 report.

STAGES OF OBTAINING THE E MONEY LICENSE IN LITHUANIA

PREPARATION OF DOCUMENTS

Finance-Assistant group carries out a pre-licensing process which includes the following:

  • General advice on the EMI licensing process
  • Initial assessment of the necessary infrastructure
  • Preparation of a business plan, preliminary financial projections
  • Preparing for the first meeting with representatives of the Bank of Lithuania
  • Establishment of a local company and assistance in opening a bank account to contribute authorized capital
  • Human resources (at least 4 employees must be in Lithuania) – assistance in the process of hiring the necessary personnel; drafting of employment agreements
  • Finding premises (main office should be in Lithuania)

LICENSING

Finance-Assistant group assists in the licensing process according to the following steps:

  • Preparation of legal, financial and IT documents (incomplete list):
    1. Description of the management structure
    2. Documentation compliance (AML/KYC/KYT, etc.)
    3. Operational risk procedures
    4. IT procedures
  • Application for the EMI
    1. Applying for the EMI
    2. Representation and assistance throughout the licensing process
    3. Payment of state duty

SETUP OF INFRASTRUCTURE

This step is necessary for the license holder to be fully operational and to be able to initiate activities. The results include the following:

  • Installation of IT systems – mediation to find an IT systems provider and/or IT assistance; system development to meet electronic money institution licence requirements
  • Compliance – advising and training staff on the KYC process, AML screening tools and terrorist financing prevention in accordance with project specifications
  • Banking partner – to fulfil clients’ funds segregation requirements, to make transfers of currency and/or cross-border transfers and to provide other financial services.

It should also be kept in mind that once launched, the project needs to be supported, the support includes:

  1. Accounting services
  2. Auditing
  3. Opening of insurance accounts
  4. Connection to the SWIFT payment system
  5. Agreement to issue own-brand MasterCard cards
  6. Receiving BIC/SWIFT and LEI codes
  7. Regular reporting to the Bank of Lithuania
  8. Applying for activities in other jurisdictions (including passporting)
  9. Advice on emerging issues from the Bank of Lithuania

Our company can prepare a detailed road map and provide full assistance from A to Z.

Also we have ready-made companies with PSP, API and EMI licenses.

If you choose a ready-made company – it will take you only 2-3 months to become a new owner of the company with a license.

Please, contact our specialists for more information about fees and personal requirements for your project.