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Modern business is connected with an EMI license which engages in e-money-related and payment services. The great decision for every entrepreneur will be obtaining an EMI license for sale in one of the Baltic countries such as Lithuania, which is situated on the Baltic Sea coast, a signatory to the Schengen Agreement, and a WTO member. If you are interested in an EMI license in Europe, our specialists can consult you.
The Bank of Lithuania oversees all banking services in Lithuania. It oversees all businesses, including lending entities, providers of remittance services, e-money institutions, investment companies, consumer credit providers, and insurers.
The Directive “2000/46/EC” provided the legal foundation for digital payments in Lithuania. It was an effort to bring the system for issuing digital money up to date to foster innovation.
According to research, there will soon be more people using electronic wallets. Some of this data is a result of Lithuania being the financial technology hotspot of the EU area, and this development of e-wallets has been greatly facilitated by Lithuania’s comprehensive legal structure, open for financial technologies, strong commercial and political climate.
You must contact a Bank of Lithuania official before making your EMI licensing request. Attending the meeting ought to be executives from your firm. There’s going to be the first round of questions and responses from both parties, but the bank wants to know what types of monetary services you’ll be offering.
The monitoring division of the Bank of Lithuania will thereafter demand you fill out an application for the permit. The monitoring service should have evaluated and informed you if you supplied the required paperwork within the next 5 working days. If there are no formal problems, they will take your application into account.
If the monitoring division approves of all the supporting documents, the permit will then be issued; otherwise, they may reject the request and you won’t get the license.
What is the price?
The EMI firm needs to have a chief executive officer and a council with at least three individuals, according to the stipulated organizational hierarchy.
Other important persons should all be named. Both a data security officer and an AML officer are required. You must demonstrate that these pertinent workers have the training and credentials needed to fill these roles.
Amount of Capital
The starting capital required for EMIs is €350.000. There must be a capital reserve for the Bank of Lithuania. The calculations of business determine the size of the buffer. Nevertheless, the smaller EMIs are exempt from the necessary minimal capital.
Make certain that you have a clear idea of your technology issues, such as accountants, and that you have previously established the outsourcing contracts and any other deals with entities involved in the service supply before you apply the papers for the EMI licensing.
To get PI license or EMI license easily in Europe you need to have the next documents
If you are interested in e-money institutions you can find more propositions in the EMI licensing department on this site. Our EMI license agent can help you with the purchasing and registration process.
Please contact us to get more information.
You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.