Eternity Law International — News — SEMI license in Lithuania

SEMI license in Lithuania

Published:
February 15, 2023

A SEMI permission is a profitable tool that increases the prospects of growth and development of your biz in Lithuania.Every business-company involved in the issuance of e-money in country must get SEMI license in Lithuania in order to legally operate in this jurisdiction. Having a license will allow you to make offline or online payments, open sub-accounts within a bank account, create electronic wallets, provide individual IBAN numbers and transfer money to foreign accounts.

What is a Lithuania small electronic money issuer license  

Both small EMIs and regular EMIs are permitted to provide payment services and issue e-money. The authorization and activities of a business-company with a SEMI permission are regulated by Law of Republic of Lithuania on Electronic Money and Electronic Money Institutions. In addition, the Law of the country on Payments applies when EMIs provide services to their customers. Companies with an unrestricted Lithuania small electronic money issuer license can only be public or private LLC, which means that an individual can obtain an small e-money license in Lithuania.

Services provided by small electronic money issuer license in Lithuania:

  • As a rule, a firm with a Small EMI permission in Lithuania can provide the same payment services as payment institutions, with the exception of payment initiation services and account info services;
  • issue and redeem e-money and allow customers to hold funds (converted to e-money) in an e-money account (e-wallet) until customers redeem e-money/use the funds for payments.

Advantages of small electronic money issuer license in Lithuania

  1. Quick and easy procedure for achieving a SEMI license;
  2. Customers can get a personal IBAN;
  3. Remote opening of payment accounts for individuals and legal entities;
  4. The company deciding to get small electronic money issuer license in Lithuania can issue Visa or MasterCard payment cards;
  5. The company can make its own payment decisions and open accounts;
  6. Providing services for depositing or withdrawing cash and operations necessary for the operation of a payment account;
  7. The validity of the license is not limited by time;
  8. All documents can be submitted in English.
  9. The option to obtain small electronic money issuer license in Lithuania provides the ability to conduct customer checks remotely as part of KYC procedures using video communication, digital signature or electronic copies of documentation.

You can also take a look to the ready option of the sale of small electronic money issuer license in Lithuania.

SEMI vs EMI: Where is different

However, the permission of a small e-money institution in Lithuania is valid for the provision of services only in Lithuania, which means that small EMIs are not allowed to issue electronic money and provide payment services in other EU member states. That is why the number of business-companies willing to apply for a small e-money license in Lithuania is so small-scale.

In addition, there are restrictions imposed on a firm deciding to get small electronic money issuer license  in Lithuania. First, the average amount of electronic money in circulation of SEMI should not exceed the limit of 900,000 euros. Second, when a firm with a SEMI license in Lithuania provides payment services not connected to the issuance of electronic money, the average total amount of payment transactions for the previous twelve months performed by small EMIs is limited to EUR 3,000,000 per month.

The application for the option to get SEMI license in Lithuania must be accompanied by documents that establish politics and processes that confirm that the institution will comply with the above restrictions.

There are more features of EMI’s limited activity licenses that need to be recognized. Please note that unlike small EMIs in the UK, there are no initial fund demands or current equity demands for institutions with a small e-money permission in country. In addition, unlike fully licensed EMIs, companies with a small electronic money institution license in Lithuania are not subject to Articles 24 and 25 of the Law of the Republic of Lithuania on Banks.

Requirements for the option to obtain small electronic money issuer license in Lithuania 

  • Confirmation of origin and receipt of finances;
  • Opening of a local office;
  • Opening an account in a Lithuanian bank;
  • Presence of a AML officer;
  • Impeccable reputation of the company’s beneficiaries;
  • The director or head must have a higher education in law or economics, management or biz administration, an impeccable reputation, competence and practical experience as a head of institution;
  • There need to be at least one natural person among the sharers, residence in Lithuania isn’t needed. Main demand is to be over 18 years old and have an impeccable biz reputation.

Documents for SEMI in Lithuania license for sale

  • Basic details of the firm;
  • Work program;
  • A business plan;
  • Structural organization;
  • Details of your measures to protect customer funds;
  • Management and internal control mechanisms;
  • Procedure for monitoring, processing and following up on security incidents and customer complaints related to security;
  • The process of submitting, monitoring, tracking and restricting access to confidential payment data
  • Organization of business continuity;
  • Principles and definitions applicable to the collection of performance, transaction and fraud statistics;
  • security policy document;
  • Innet control mechanisms for the fulfillment of money laundering and terrorist financing obligations (AML/CFT obligations);
  • Information about auditors (if available).
  • Details and identities of directors and shareholders.

Entrepreneurs might also turn to the option of the sale of small electronic money issuer license in Lithuania.

Step-by-step instruction to get SEMI license in Lithuania

  1. Preliminary evaluation of the project.

Which includes: 

  • Analysis of documents in the hands of the client;
  • Preparation of materials for the meeting with the Bank of Lithuania;
  • Preparation for the first meeting with representatives of the Bank of Lithuania;
  • Presentation of the client at the first meeting with the Lithuanian bank.
  1. Pre-licensing procedure.
  • Preparation of a business plan, activity program, preliminary monetary forecasts;
  • Due diligence of shareholders and group companies;
  • Setting up a local company and opening a bank account;
  • Human resources (at least 4 employees must be in Lithuania).
  1. Licensing.

Preparation of legal, financial and IT documents:

  • Description of the management structure;
  • Compliance documentation (AML/KYC/KYT, etc.);
  • Financial documentation and forecasts;
  • Operational risk procedures;
  • IT procedures.

Businesses for sale

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 soft and bank accounts in UK for sale

Europe, UK EMI License
For sale SEMI license in UK – whats included: Company with SEMI license in UK for sale was incorporated in 2019 Segregated client accounts: • Safeguarding: Industra Bank (LV – EUR, USD, Other); • Segregated: Industra Bank (LV– EUR, USD, Other), ClearJunction (UK – EUR), IFX (UK – all currencies), WesternUnion (UK – all currencies); Own...

You could be interested

DIN EN 15224 Points

Quality importance in health care is often understood when people are frustrated by its absence, or when they suffer from unnecessary waste of time, or when they are threatened with unnecessary spending. Today, it is first item on health care institutions agenda. Because people expect medical services from better services. For all healthcare establishments, improving...

South Africa Authorised Crypto Companies

The implementation and favorable functioning of the crypto project contingent on having an appropriate permission which lets entities operate in the boundaries of the industry and make certain their adherence to laws which vary depending on the chosen state. That paper enables enterprises to deal with issuing, trading, swapping online currencies and more. Acquiring such...

TOP-7 Best Jurisdictions for Crypto License

Cryptocurrencies are a digital format of funds that have a certain value. In some countries, cryptocurrencies have become so firmly integrated into the financial environment that they have received the status of official means of payment, which can be used to pay for services and goods. Many entrepreneurs rightly believe that crypto-currencies and blockchain-technologies are...

Regulatory organization FINMA in Switzerland

The Swiss Financial Markets Supervision Authority (FINMA) is a government agency, a Swiss regulator, which is one of the most reliable in the world, since the requirements of the regulator are very strict. Its activities are focused on financial regulation, namely: protection against the creation of corruption schemes for money laundering, supervision of banks, insurance...

Advantages of the information and trading platform Meta Trader 4

The MT4 (МТ4) platform is designed for dealing with markets such as Forex, CFD and Futures. All over the world numerous of traders interested in carrying out trading operations on the market give a preference for Meta Trader 4. Meta Trader 4 has a number of advantages that make it one of the most popular...

Asset management license in Luxembourg

The duchy possesses role of heavy-experienced and dynamically-progressing center for EU investmenting organizations. Its prosperity is due to politic steadiness, active encouraging of abroad-coming investments, favorable and clearly defined legislative basis, multilingual personnel and highly-set expert background level. Our firm is made up of highly-qualified professionals being true experts in business-startup industry. We operate worldwide...

Related posts

SEMI license in Switzerland

Local authoritative bodies are precisely controlling the dynamically-developing FinTech-market and are quickly reacting to innovative developments. Laws regulating business-activities of providers, operators-issuers of e-money and payment mechanisms are periodically adjusted following norms and standards of current time. Permits from the country’s official body FINMA are becoming mandatory for FinTech-banks, crypto-exchanges and other organizations operating in...

SEMI license in Portugal

The investment industry is constantly evolving with the growth of cryptocurrencies and online payment systems. In this era of financial innovation, SEMI licenses are becoming the primary way to store and exchange alternative electronic money. With an excellent regulatory framework, Portugal stands out as a favorable location for companies looking to obtain a SEMI license...

SEMI license in Estonia

The Estonia small electronic money issuer license allows you to create a payment system and is issued on the basis of a written application given to the Estonian Financial Inspectorate. General information about small electronic money issuer license in Estonia  Fintech is a rapidly growing industry that attracts more and more entrepreneurs every day. At...

SEMI license in Cyprus

The Fintech industry in Cyprus has been developing quite rapidly over the past few years. The country has already formed a market for financial services, which is closely related to technology. This fintech sector is expected to show a rapid pace of development following the publication of the National Strategy for Distributed Ledger Technologies (DLT)....

SEMI license in Poland

A small e-money license in Poland is a solution addressed to entrepreneurs who supply remittance services as part of their business activities. It corresponds to all the actions necessary to maintain an account, such as depositing or withdrawing money, transferring funds or making money transfers. In the case of SEMI, the average monthly amount of...

SEMI license in UK

If you are interested in acquiring a SEMI license in the UK, we will guide you across the entire procedure and provide you with step-by-step support. A SEMI permission allows a financial establishment to supply authorized service exclusively in the United Kingdom. Thus, to get SEMI license in UK could be an efficient start 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: