Eternity Law International — News — SPI license in Latvia

SPI license in Latvia

Published:
March 12, 2024

This jurisdiction is quite attractive for starting a business project, as it offers favorable tax conditions, has a stable economic base and provides comprehensive support for start-up entrepreneurs. Many businessmen also prefer Lithuania for expanding their business. In addition, the country has shown significant commercial growth and progress in recent years.

Our company is made up of highly qualified professionals with a huge amount of specialized knowledge and experience in the field of establishing and licensing companies. We work all over the world. Our company is ready to offer you comprehensive support in getting an SPI-license, as well as provide a ready-made version of SPI license in Latvia for sale.

Payment services sector in Latvia: advantages of having such a permit and possible difficulties

According to the legislation on payment services and electronic money in Latvia, there are no charges for the registration and licensing of payment services or electronic money. In accordance with this law, the fully-authorized payment institution is required to have an initial capital of at least the following at the time of making the decision to issue a license. Nevertheless, SPIs aren’t needed to possess specifically determined capital.

Let’s take a closer look at these subparagraphs:

  • provision of services allowing the placement of funds on a current account, as well as the implementation of all necessary operations by the payment service provider to ensure access to the payment service user to his payment account;
  • provision of services allowing the withdrawal of funds from a current account, as well as the implementation of all necessary operations by the payment service provider to ensure access to the payment service user to his payment account;
  • carrying out payment transactions, including direct debits, one-time direct debits, transactions using payment cards or similar devices, credit transfers and standing orders. Payment for such services involves the transfer of funds to a current account opened by the payment service provider or other payment service provider for use by the payment service user;
  • carrying out payment transactions, including direct debits, one-time direct debits, transactions using payment cards or similar devices, credit transfers and standing orders. The term payment services refers to a payment transaction that uses a line of credit for funds available to the user;
  • issuance or acquisition of payment instruments. You can operate in all countries of the European Union.

To license such a company, you need to contact the regulatory authorities. The verdict on the license is issued within 3 calendar months after submitting the entire package of required papers. If the regulator decides to refuse permission to operate, it will indicate the exact reason.

Therefore, a fairly profitable solution is a ready-made company with Latvia SPI license company for sale. Our company will provide you with full comprehensive support during the transaction, and we will also tell you about TOP-5 best jurisdictions for getting SPI-license.

Normative points for Latvia small payment institution license

In the annual report and consolidated annual financial statements of SPI, a company in Latvia must disclose information about all payment services provided and the total volume of settlement transactions carried out for the year. It is also required to report the amount of e-money outstanding at the end of the year, including both the total e-money balance held by the institution and the amount that has been transferred elsewhere but not yet debited, as of December 31 of the year. The reporting period of the institution must coincide with the calendar year.

In accordance with the legislation on payment services and electronic money, there is no charge for registration and licensing of payment services or electronic money. However, the institution is required to pay quarterly fees to the commission:

  • for payment services this is 0.05% of the total volume per quarter, but not less than 2500 lats per year;
  • for electronic money this is 0.02% of the average total amount of electronic money assets for the quarter, but not less than 2500 lats per year.
  • The fee must be paid within 30 days after the end of each quarter.

To get SPI license in Latvia is a task that requires experience and knowledge. With our help, this process will become more efficient and require minimal investment of time and money. Obtaining licenses in different countries of the world is one of the key areas of our work. We also have an excellent offer for ready-made Latvia SPI license company.

Obtain SPI license in Latvia: what is needed for this

In Latvia, different types of financial licenses are issued depending on the planned activity. To get small payment institution license in Latvia, you must provide a certain set of documents.

  1. Organizational structure of the enterprise.
  2. Description of personnel responsibilities.
  3. Procedures for information protection, control and risk management.
  4. Confirmation of the origin of funds.
  5. Business-plan.
  6. Financial report (if the company already exists).
  7. Summary of beneficiaries for the last 10 years.
  8. Additional documents upon request of the regulatory authority.

It is also necessary to register a company in Latvia. All beneficiaries must have an economic education, at least 3 years of work experience and an impeccable reputation. Candidates for management positions must also be pre-approved by the regulatory body. The budget for applying for a license depends on the planned financial services. Obtaining a license is possible only if all requirements are strictly observed.

We are ready to offer you the option of company with SPI license for sale in Latvia. Our lawyers will provide you with full professional support at every stage.

Professional help

To obtain small payment institution license in Latvia without experience and knowledge is difficult, so it is recommended to turn to professionals.

  1. We develop information materials on KYC procedures for all key participants.
  2. Organizing the timely submission of an official application to the regulatory authorities with the provision of all necessary documents is our priority.
  3. We will ensure active interaction with the regulator, including the possibility of re-examining the application and conducting additional checks.
  4. Our specialists will provide consulting support at all stages of the process, including participation in meetings with representatives of the regulator.
  5. Ready-made SPI-licenses in UK, Portugal, Sweden and other countries. Including a profitable offer for sale of small payment institution license in Latvia.
  6. We will help you fulfill all the basic conditions, including creating the necessary legal structure and opening a bank account.
  7. After obtaining a license, we will provide continuous support, advising on all issues of your business.
  8. Our team will develop individual recommendations and strategies, taking into account the characteristics of your company.

We’ll provide professional expert support, drawing on our knowledge and experience of global market trends. With our help, you can significantly speed up the process of obtaining a license and begin your successful activities in promising global jurisdictions.

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