Another “player” appeared on the financial market – the issuer of electronic funds. Those organizations that want to have the right to provide payment services and issue electronic money are required to have a license. Many financial firms prefer to receive EMI in Lithuania. Recently, state authorities gave the green light to the remote filing of a request for financial licenses. Thanks to this innovation, Lithuania attracted many organizations. Ready Lithuania EMI license for sale is a perfect option for people intending to implement all commercial ideas in this direction – even the bravest.
The EMI organization is a legal entity that has received the right to issue electronic money; therefore it has the right to make payments using these assets. To obtain this status, the company must undergo a thorough check by regulatory authorities. Registration of the license will take approximately six months. Lithuania ranks second among the most popular jurisdictions. In Lithuania, 16.13% of all EMI licenses and 3.8% of all PSP licenses are issued out of the total number of licenses in all of Europe. In connection with Brexit, Lithuania was given the name of the “new European capital of fintech”, and today, many companies are moving to Lithuania due to the possible negative consequences of Brexit and the inability to resort to passportization in EU countries with a British license. In 2019, Lithuania issued 18 EMI licenses and 6 PSP licenses. Compared to other jurisdictions, Lithuania has less stringent requirements for a license applicant.
Special Requirements and Conditions of EMI Licensing in Lithuania
Founder of a neo-bank receives the right to work with individuals and organizations according to a scheme that, in general terms, looks like this:
- issuance of virtual currency;
- exchange for customer cash;
- mandatory redemption from holders as requests appear.
In addition, within the framework of special systems for e-payments, funds are stored. If necessary, you can store money on smart cards.
The licensed organization is authorized to:
- credit money to clients’ accounts;
- provide cash withdrawal services;
- perform transactions of various types (credit, direct transfers, by cards and more);
- make payments with the participation of credit limits;
- issue plastic cards to pay for goods and services.
A payment institution license entitles a legal entity to operate only in the territory of the issuing country. Nevertheless, in case of registration in one of the jurisdictions that are part of the European Union, it will be possible to work in any of the EU states.
Among the leaders, there should be a citizen of the state who will have experience in this area and be competent. The manager of the company (during the entire period of existence of the company) must live in the country. Among the founders, there must be at least 1 natural person.
To find out the exact list of documents and certificates, it is necessary to take into account the individual characteristics of the business, you should contact the specialists. The cost of obtaining a financial license in Lithuania depends on the complexity of the situation and the set of services performed. The service package includes:
- registration of a legal entity in Lithuania;
- collection and preparation of documentation for the Central Bank of Lithuania;
- holding consultations;
- representing the interests of the applicant in obtaining a financial license;
- payment of state duty.
Special mention deserves the possibility of applying for licensing without creating a company. If the license is granted, it is necessary to register the relevant legal entity within 6 months. This means that the company does not have to freeze the assets in the authorized capital without fail until the moment of successful licensing and the immediate start of business.