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+1 (888) 647 05 40A 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 issue of e-money in country must to obtain 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.
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 SEMI license can only be public or private LLC, which means that an individual can obtain an small e-money license in Lithuania.
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 issue of e-money in country must to obtain SEMI license in Lithuania in order to legally operate in this jurisdiction. Having a license will allow you to make offline or…
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 issue of e-money in country must to obtain SEMI license in Lithuania in order to legally operate in this jurisdiction. Having a license will allow you to make offline or…
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 issue of e-money in country must to obtain SEMI license in Lithuania in order to legally operate in this jurisdiction. Having a license will allow you to make offline or…
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 holding a small EMI 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 a Small EMI permission 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.
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