Eternity Law International — News — SEMI license in Latvia

SEMI license in Latvia

Published:
February 3, 2023

Latvia is in a leading position as one of the leading countries in attracting fintech companies. Unlike other lawfull ment, the Central Bank demonstrates its loyalty by regularly issuing licenses and offering various initiatives aimed at developing the FinTech sector. Following the UK’s exit from the EU, Latvia has become one of the best jurisdictions with the great number of FinTech licenses issued.SEMI – is a Latvia small electronic money issuer license, and such a financial business-company is created in order to provide all the needed banking operations on accounts. Based on the current situation in the world, such institutions are in great demand, as they greatly simplify the conduct of international activities for every modern businessman. Entrepreneurs might also take their look at the ready option of sale of small electronic money issuer license in Latvia.

General information about Latvia small electronic money issuer license

You may offer payment services and certain other financial services with an e-money license, but you may not act as a bank or use the word “bank” in your name or marketing materials.

Institutions that work with virtual money and possesses small electronic money issuer license in Latvia can usually:

  • Accept consumer money and convert it to electronic money, but do not process it.
  • Customers can use e-money accounts as digital wallets, but they cannot use an overdraft or earn interest.
  • Offer direct debits, standing orders, account-to-account transfers and debit cards, but not credit as a stand-alone product.
  • Offer some products for digital financial services like currency exchange

Requirements for SEMI license in Latvia

The option to get small electronic money issuer license in Latvia is very popular in Latvia. Despite the decrease in the total number of payments made, the cost of non-cash payments is generally increasing. The Financial and Capital Market Commission supervises all electronic market institutions licensed by the Small e-money license in Latvia, all of which are subject to the rules set out in the Law on Payment Services and Electronic Money. The EU e-money directive is also aligned with Latvian regulations governing electronic payment institutions (EMDs).

First of all, it is important to understand that this activity is carefully checked by the state. Therefore, in order to get small electronic money issuer license in Latvia , you will need a properly prepared set of documents that will fully comply with all the requirements of the jurisdiction. In addition, you need to enroll a company in the country.

Main demands, that you need to note and follow for getting small electronic money issuer license in Latvia:

  • There are no minimum capital requirements, but the total number of shares or voting rights held by shareholders holding 10% or more of the share capital or voting rights is sufficient to meet the requirements of section 21 of the Act;
  • The average amount of virtual money circulated by an SEMI in Latvia license for sale in the course of economic activity does not exceed two million euros;
  • The management committee and legal address (official residence) of the registered institution must be located in the Republic of Latvia;
  • Only the territory of the Republic of Latvia can be used by such an institution for commercial purposes; payment services and e-money services cannot be offered or provided by a registered institution outside of country or through the use of international payment systems;
  • Members of the board or council of a digital money institution must be of good standing and have the necessary education and experience.

How to obtain small electronic money issuer license in Latvia?

In order to obtain an e-money license in Latvia, you need to go through several stages. The first step is to prepare for the application. At this stage, you should have a ready business plan, a description of the planned business, a description of the structure of the shareholders (participants) of the commercial company, confirmation of the initial capital, information about the members of the board and council. , important shareholders and the person who is directly responsible for the management of the institution’s activities, a description of the mechanisms of continuity of the institution’s commercial activity, PMK and other necessary documents in accordance with the Regulations of the KRFC No. 138.

The next step in the way to obtain small electronic money issuer license in Latvia is to submit all the necessary documents to the Financial and Capital Market Commission (FCMC). If there are gaps in the submitted documents, the Commission may ask the corporation to fill them in or provide additional information. If the application is completed, the FCMC sends a letter to the entrepreneur informing them that the review of the application for authorization has begun.

Within a month from the moment of receipt of the application, the KRFC begins its consideration. If the information in the application is not sufficient to resolve the issue of the permit, the term of consideration of the application may be extended. By the way, the ready variant of  sale of small electronic money issuer license in Latvia is more efficient in terms of time-spending and expenses needed for starting business-activities.

Benefits of acquiring SEMI license in Latvia

  1. Relatively short time to obtain a license for electronic money or a payment institution. The entire licensing process, depending on the completeness of the submitted documents, usually takes from 6 to 12 months.
  2. Effective legal framework in line with EU laws and regulations. Also, all documentation for obtaining a license can be submitted in English.
  3. Latvia has a regulatory environment that allows start-ups to test their innovative products in a real environment under the guidance and supervision of the Central Bank. Provided that your project meets the regulatory criteria and the application has been approved, the Central Bank undertakes not to penalize companies for minor violations during the first year of operation.
  4. Possibility of certification of the license for all EU countries. As a result of the UK’s exit from the EU and the lack of a financial services cooperation agreement between the EU and the UK, some UK licensed companies subsequently moved to the EU, not wanting to be tied to just one market. One recent example is Revolut, which moved its customers from a British company to a Latvian one.

Businesses for sale

SEMI license in UK for sale

Europe, UK EMI License
This is a new investment opportunity – SEMI license in UK for sale. Please check out the main details regarding this proposal  below. SEMI license in UK: key considerations Operational company with SEMI license in UK. Has active provider contracts (online-banking and acquiring services); Bank account in Bank of Ireland, bank accounts in EU; Principal...

SEMI licenses in the Czech Republic

Europe, Czechia Crypto licenses for sale
Use and conditions for obtaining a SEMI license in the Czech Republic The Czech Republic positions itself as a country capable of providing a wide range of conditions for those who want to open their company in Europe. It is also popular for issuing permits for the transfer of electronic money. There are two types...

SEMI license with UK bank accounts for sale

Europe, UK EMI License
Below you can see the basic information regarding the SEMI company with bank accounts for sale SEMI licensed company – whats included: Year of company: 2019; SEMI license obtained in 2019; Opened bank accounts in LPB Bank Latvia and Clear Bank; Authorized activities: issuance of electronic money; placing cash to a payment account; withdrawing cash...

You could be interested

How to Get a FOREX License?

If you intend starting commercial journey by becoming the head of a forex brokerage structure, then one of first aspects that you need paying attention to is obtaining a forex license. Presence of such a document will have a beneficial effect on financial betterment of your company, as well as a positive effect on the...

Why do you need a merchant account?

A merchant account is a specific account that allows you to make payments for goods and services directly on the website of the company. The organization that has registered the merchant receives its own identification code, which helps to allocate it among a huge number of enterprises on the entire planet. This code is present...

Kazakhstan EMI License: overview

Given the rising market demands for electronic money and cash-free transactions across the world, an Electronic Money Institution in Kazakhstan fairly is a tremendous opportunity for businesspersons. To capture a share of the financial market of this jurisdiction, a Kazakhstan EMI License should be obtained by financial service providers. It authorizes entities to issue e-money...

Gaming license in BVI

The internet gambling sector is booming, driven by innovative advancements and enlarging global attraction. Economic challenges in other sectors, cyber speculating remains robust and lucrative, tailoring numerous capabilities for commercial functioning. This surge in interest has increased the expectation for online gambling licenses. Commencing a cyber wagering  business encompasses money earnings; it requires navigating a...

How to Obtain EMI License in UAE

Positioned at the crossroads of the Middle East, the United Arab Emirates (UAE) has scored an unique identity as a global core for finance, trade, and innovation. Its attraction is underpinned by strategic positioning, world-class infrastructure, and a business-friendly environment that  attracts entrepreneurs and corporations from across the globe. At the heart of the UAE’s...

Company liquidation in Hungary

Suspending an entity’s operation is a complex course of action that demands cautious consideration to legislative regulations and laws. There are two ways of doing this. The first one is mandatory. It implies the court’s resolution due to the firm’s inability to perform its fiscal duties. The second one is voluntary, when the fact of...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
+852800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360