Eternity Law International — News — PSP license in Latvia

PSP license in Latvia

Published:
May 15, 2023

The Baltic countryside has become a big financial-centers in a short duration. But Latvia allows a gentle policy concerning fees for corporations that want to obtain a PSP license in Latvia.

To get a PSP license in Latvia, a corporation needs to spend a lot of time and resources. But the time invested is more than compensated after the completion of all the procedures because the permit holders not only get access to offshore zones but to all the markets of the EU simultaneously. That is why many corporations want to get a PSP license in Latvia and work from this countryside.

Edges of functioning in the region

Working through the Latvian market is profitable. Especially if your company works in the field of online money transfers and helps to process such payments. For investors who are in doubt concerning whether they should buy a PSP license in Latvia, corporation founders should remember. There are several important advantages in this region:

  • European standards in the issuance of licenses. When co-owners decide to register a payment service provider in Latvia, the issued permit willpower allow them to work in all European`s countrysides. Such a document will raise the credibility of your corporation and permit you to gather a client base for work faster;
  • Reduced fees. Latvia has low-income surcharges, which allows issuers to do interchange more efficiently than corporations registered in other European regions;
  • Fast issuance of the document. In other European`s countrysides, the company goes through each stage of the inspection separately. All of Latvia`s all stages are interconnected and corporations get their license faster;
  • Economic infrastructure`s. All organizations that provide transaction`s services have been working efficiently in Latvia for many years. This means that any transaction is processed faster than in other EU member states.

As you can see, working in Latvia is very comfortable and you just need to choose whether to open your corporation or to buy a company with a PSP license in Latvia to start working in this country.

A Fintech-Sphere

There is no better place for corporations to work in this field than Latvia. Before to buy a payment service provider license in Latvia, a company should study the local legislation, which concerns the regulation of online money-transfers. The legislation of Latvia is loyal to such organizations, and some issues are already transparently regulated by local regulations.

Officially Latvia`s can operate organizations engaged in:

  • conducting electronic`s pays and electronic`s funds;
  • crowdfunding`s;
  • cryptocurrency.

And if the first point will not cause any surprise, the existence of legislation on crowdfunding and cryptocurrency is striking. There are indeed many crowdfunding`s outlets operating in the country.

Regarding cryptocurrency, there are many mining corps oin Latvia. But their activities are very progressively regulated in the country.

Essentials for corporations spreading for a PSP License in Latvia

To receive a license, an organization should get certain conditions, which are set by the Latvian regulator. The most common requirements for payment service providers are the following:

  • register`s a corporation. This is the basis for all companies seeking to obtain a license. Without a legal entity, it is impossible to start drawing up documents. A company is considered to be registered if it has a registration number, a bank-account has been opened and essential access is in place for its activities;
  • The accounts of the company must be at least 20 thousand euros. It is this amount is considered the min permitted funds for enterprises in this field of activity;
  • The corporation must understand its blossoming strategy. For this, a business plan is created for several years. It sets out the main steps for expanding the client base and increasing turnover;
  • A clearly defined structure of the enterprise;
  • The corporation must undergo an audit. The audit report must be attached to the documents for acquiring a license. This document shows that the organization has all possibilities to work in the market for several years and will not be declared bankrupt after the first failures;
  • The internal procedures regarding compliance with the prerequisites of the regulator are prescribed (a detailed manual describing the actions for the inadmissibility of money laundering and for informing the regulator about all suspicious transactions is provided);
  • The disadvantage insurance-policy of the company’s management and top managers is available;
  • Financial`s and tax reporting (for corporations operating for 1 year or more).

Behind the corporation complies with these conditions, it will successfully acquire a Payment agent license in Latvia after submitting a package of docs.

Who can help with getting permission?

To get a Payment agent license in Latvia, the applicant has to submit a lot of documents. In most cases, this is the first time the company’s management encounters Latvian legislation. And if they have never worked with European regulators, chances to make everything correctly at the first attempt and get a PSP license in Latvia tend to be zero.

That`s why it is better to turn to professionals who work with this authority permanently. Each lawyer in our company has repeatedly applied for licenses in Latvia. This means that we are well-versed in the local legislation and know all the latest changes that have been made in the procedure for issuing such permits.

We are ready to help you at any moment and prepare such a package of docs, which will be immediately accepted by the regulator. With us your chances of quickly acquiring a license increase many times over.

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