Eternity Law International — News — API license in Lithuania

API license in Lithuania

Published:
April 16, 2024

If you’re interested in getting API-permits in this country and progressive market-spaces, our team will give you fully-covering assistance during licensing-process. We’ll help you collect and form mandatory documents, fill out applications and negotiate with regulative authority for you. We’ll comprehensively advise you on any questions regarding API-licenses, and offer next-mentioned services.

  1. Preparing applications and communicating with regulators.
  2. Filling out relevant documents.
  3. Submission of applications and interaction with regulators at all phases.
  4. Assistance in developing a business-plan mandatory to get a permit.
  5. Help with opening accounts for clients’ funds.
  6. Preparation of mandatory-needed legal, financial-related and IT documentation.

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API license in Lithuania for sale

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API license with connected VISA/Mastercard for sale Providing debit and credit card processing services for online merchants (acquirer) Connections to VISA/Mastercard networks API licensed company revenue: exceeding 1 million EUR, gross profit around 500k 15 employees in a company Currently net profit is around 0 or light + , because all the profits and funds…

API license in Malta for sale

Europe, Malta Payment & E-Money Institutions
The API license in Malta for sale was granted by MFSA 2+ years ago. Authorizations of API license in Malta for sale: Services that are aimed at depositing cash in an appropriate payment account. In addition, any transactions that are needed in order to work with a payment account; Services that are aimed at withdrawing…

API license in UK for sale

Europe, UK Payment & E-Money Institutions
Authorized Payment Institution in UK for sale company is an Authorized Payment Institution with Money Transfer permission; money Transfer software; no bank accounts; the price includes processing of Change in Control and bank account opening. Asking price for API license in UK: on a request. Details: nick.b@eternitylaw.com, Telegram @beihuln Please feel free to join our telegram…

To get API license in Lithuania: procedure, documents and key peculiarities

Interested capital-holders might resort to options as Lithuania API license company for sale, or go through phases listed below on their own, preparing next-mentioned documentation.

  1. Development of legally-approved AML/KYC, and IT security policies.
  2. Preparation of financial-related documents, incl. financial-plan, profit and loss, and cash flow statements.
  3. Designing of operational documentation, incl. internal and risks controlling schemes and internally-provided audit.
  4. Preparation of IT-documentation on technical aspects of your solution.

Lithuania is appealing market-space for firms wishing to get an e-money or API-permit and operate in EEA.

  1. Operational prosedure for getting a permit takes 3-6-month-period.
  2. Minimum expenses for maintaining firms.
  3. Convenient banking environment for opening accounts for storing clients’ funds in Lithuanian Banking facility for SEPA/IBAN.
  4. Loyal payment mechanisms with direct technical admission to SEPA-system and abilities to issue IBAN through local Bank.
  5. Assistance in first stages for startups from official organizations and consultancy support.

Thus, option of ready-made Lithuania API license company is a fairly-profitable and effective variant.

Financial niche in Lithuania

This country is one of dynamically-developing EU sectors and worldwide as a whole. It creates favorably-pleasant conditions for business-development, having a strong legal framework and steady political conditions.

There’re currently 39 payment-functioning establishments and 74 e-money ones officially-operating locally (as of February 2024). Total quantity of such firms registered locally was 230.

Lithuania grants strong institutional help and assistance to organizations during their first year of operation. Additionally, Lithuanian Bank provides a pilot basis for financial innovations where designers might test their products with active official participation.

Option of company with API license for sale in Lithuania is efficient variant for launching your own business-project in such niche.

To obtain API license in Lithuania: authorization procedure 

If interested capital-holders decide to get authorised payment institution license in Lithuania, they need to be ready for phases listed below.

  1. Sending applications and documents to Lithuanian Banking facility; it’s processed within 5 working days. After checking documentation and accepting applications, regulative authority begins the inspection.
  2. Checking applications and documentation. If submitted documentation does’t contain errors, permit is issued within 3-month-period (2 months for small permits). Nevertheless, if inaccuracies arise, regulator sends comments and requests supplementary data; it can slow down the process.
  3. Issuance or refusal to provide a permit.

Formally, period for issuing Lithuania authorised payment institution license takes 3-month-period. Nevertheless, if documentation is incomplete, period may increase to 6 months. Permit application fees are €898 for payment establishments and €693 for those providing account data services.

Our team possesses a profitable ready-made offer for API-license in the UK for sale with several corridors to the markets of African countries.

Normative points to obtain authorised payment institution license in Lithuania

  1. Firm founders: persons who launch a business-structure needs to undergo investor verification by CCSSO; it’s a separate step not related to licensing.
  2. Employee management structure: firms are needed to possess directors’ board; it must contain 3 members and a general director.
  3. Other main personnel: applying for a permit, firms need to provide details of key personnel, incl. those involved in illegal monetary means circulation prevention and data security, and confirm that they meet all applicable qualifications and expertise standards.

Initial capital norms are listed below:

  • min 20 thousand EUR if firm plans to provide exclusively money transfers;
  • min 50 thousand EUR, if firm plans to provide only payment initiations;
  • min 125 thousand EUR if firm plans to provide all others. Small PIs aren’t needed to meet minimum startup capital norms.

Before submitting documentation for getting permission, it’s essential to get a clear understanding of technical solutions and conclude contracts for outsourcing services, and agreements with parties involved in providing such services.

List of documents needed to apply for API-license is listed below.

  1. Completed form describing services you plan to spread.
  2. Documentation confirming legal status of organization.
  3. Document with rights to sign for representatives of enterprise.
  4. Document confirming payment of fees for issuing a permit.
  5. Operational and business plans for 3 years.
  6. Confirmation of availability of funds for equity capital.
  7. Confirmation of existence of account for storing clients’ funds or intention to open one.
  8. Description of management and inner controlling mechanisms.
  9. Description of structure of enterprise organization.
  10. Questionnaires for firm owners and key personnel.
  11. Professional liability insurance contract.
  12. Documentation confirming correspondence with normative points for amounts of outstanding e-money and payments.
  13. Questionnaire on operational risks of company’s business-activities.

Privileges of doing business-activities in this jurisdiction

  1. Convenient business-climate: it provides a transparent legal system and low barriers to starting and registering businesses. Process of establishing and launching a firm is fast and accessible, even remotely. It doesn’t require much time or investments. In addition, there isn’t language barrier, as many in Lithuania are fluent in English.
  2. Low tax-rates: it offers entrepreneurs relatively low tax burdens. Income tax can range from 0% to 15%; it makes this country competitive compared to other EU-countries. VAT is 21% and the income tax-rate is 15%.
  3. Geographical location: it’s located at a strategically important crossroads of trade routes between Eastern and Western Europe, which provides entrepreneurs with admission to large EU-market and other Baltic countries.
  4. Skilled experts: Lithuania’s high level of education and admission to highly-qualified professionals ensure that entrepreneurs can find employees they need. Significant portion of the workforce consists of foreign workers with work permits and visas.
  5. Innovative economy: it’s actively developing innovative areas of the economy and supporting start-ups and technological innovation. There’re a variety of programs and incentives for investment in scientific research, implementation of new technologies and progressive usage of high-tech industries.
  6. Access to financial resources: it grants admission to a plenty of financial tools for business-activities. There’re various investment funds, government funding and subsidy programs, and easy access to banking services in Lithuania and Poland.

API-license cost in Lithuania

Cost of sale of authorised payment institutions license in Lithuania is based on plenty of factors and therefore varies in each individual case. Our lawyers calculate approximate cost for you before starting cooperation with complete optimization of your budget.

What do investors get with ready-made API-licenses in Lithuania?

This option represents a fully-established and launched business-project, ready for further operation. We possess lucrative offers for API-licenses in Lithuania for sale in other countries.

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