Eternity Law International News SPI license in Lithuania

SPI license in Lithuania

March 6, 2024

Process of getting a permit to conduct business-activities in payment-field is characterized by a highly-complex organizational and legal structure. Successful completion is based on a clearly-understanding of formally-set norms, rules and conditions for getting relevant SPI-license, and knowledge of case-law of chosen jurisdiction. Here, we consider features and characteristics of Lithuania. For non-banking local establishments, there’re various categories of permits regulating various aspects of their business-activities, including payments. Choice of a specific permit is often determined by size of organizations and their specifics.

Our team is made up of highly-qualified professionals possessing extensive expertise and professional backgrounds in field of launching and licensing firms worldwide. We’re ready to help you in any aspect of getting SPI-license. Our team provides option of a SPI license in Lithuania for sale.

Payment services in Lithuania

Small firms (with low gross incomes) planning to legally operate payment systems are recommended to obtain SPI license in Lithuania. Such permit is needed to process, store and transmit data. Our team is ready to provide professionally-qualified assistance in preparing and submitting an application for a Small PI-license. Our experts possess essential expertise in this field and help you get a permit. If you have any questions regarding official launching of PI-organizations or other aspects, our experts are ready to provide detailed consultancy and assistance to achieve your goal.

To get SPI license in Lithuania: definition and significance locally

SPI-license is authorization issued to SP-institutions allowing them to spread limited spectrum of services without the need for fully-covering certification as a PI. These establishments conduct payments on a small scale compared to fully-authorized institutions (APIs). For a SP-institution, monthly transaction amount shouldn’t exceed 3 mln EUR. Because of limited scope of operations, SPI-licensees are covered by less stringent regulative norms.

While SPIs need to still be registered with relevant national regulators, they’re typically covered by less stringent supervision than fully-authorized PIs. Nevertheless, SPIs aren’t permitted to provide payment initiations or account informational services, whereas fully-authorized payment institutions may provide both.

We’re ready to advise you on any issues related to this permit. Particularly, our professionals tell you about TOP-5 jurisdictions for getting an SPI-license. We possess a favorable offer for sale of small payment institution license in Lithuania.

Normative rules for candidates to get Lithuania small payment institution license

Rules for applicants may vary from country to country. With introduction of pan-European Directive, rules and norms for participants in payment-market have been standardized. In Lithuania these parameters are as next-mentioned.

  1. Firms need to adhere to limited amount of monthly-set transactions. Exceeding this limit excludes firms from SPI-category, requiring it to be treated as APIs; it implies a change in capital standards.
  2. Services such as initiating payments or providing account details shouldn’t be included in list of SPI-services.
  3. Managers or executives being in charge of firm’s supervision need to possess an impeccable image and their business-activities mustn’t be associated with convictions for financial crimes.
  4. Firms are needed to meet AML/Policies.
  5. Company’s office-premises need to be established locally.
  6. Directors need to possess mandatory qualifications and background to efficiently control business-structure, and to be of integrity. They need to possess economic or financial education or similar expertise.
  7. Top-management should include both foreign citizens and residents.
  8. Persons associated with political activities shouldn’t prevent regulative authorities from monitoring  company’s business-activities.

It’s essential to pay serious attention to carefully-preparing mandatory documentation to obtain small payment institution license in Lithuania. You’ll need documentation from register and materials describing organizational structure, including data about banking accounts, processing centers, settlement banking establishments and others. Additionally, applicants need to indicate which payment tools he/she intends to use for making monetary transfers.

We’ll help in bringing your business-project into correspondence with normative parameters and regulative standards. Our team is ready to offer you option of Lithuanian SPI license company for sale.

Option to get small payment institution license in Lithuania opens up possibilities to spread a wide services spectrum.

  1. Placing cash in accounts and performing all operations related to accounts’ supervision.
  2. Withdrawing cash and performing other operations being mandatory to deal with payment accounts.
  3. Carrying out various transactions, including funds transfers to user’s account or other systems.
  4. Conducting transactions using cards or similar devices.
  5. Organization of payments secured by credit lines for users.
  6. Carrying out credit transfers, including standing orders.
  7. Issuing payment tools or acquiring transactions.
  8. Additionally, with SPI-license, your firm will be able to service e-wallets and make mobile transfers.

But you should bear in mind plenty of restrictions a firm operating with SPI-license faces. One of key restrictions is need to meet principle of regionality; it means the firm needs to possess mandatory registration locally. To run business-activities outside this country, appropriate agreements might be concluded with partners. It’s essential to remember next-mentioned: there’re restrictions on volume of transactions during month-period.

Features of getting SPI-license in Lithuania

For those seeking to get such permits, rules are more stringent compared to other spaces. Having received appropriate permission, firms won’t be able to spread services for storing funds and issuing e-money. Each application is carefully reviewed by local supervisory authority and modifications are often needed during reviewing process, and provision of supplemental documentation.

Getting this permit may be a lengthy and complex procedure. Interested entrepreneurs may turn to such option as ready-made Lithuania SPI license company.

Key challenges are usually related to need to:

  • exact compliance with each regulative parameter;
  • providing evidence of applicant’s financial steadiness, qualifications and expertise to run business-activities in this field;
  • demonstrating robust illegal monetary means circulation prevention procedures;
  • preparing detailed and comprehensive business-plan, including long-term progress prospects.

Another difficulty may be long time it takes for application to be reviewed and regulative body to make a decision. In this case, it’s mandatory to prepare to provide supplemental documentation and detailed answers to questions arising from authorities.

Privileges of SPI-business in Lithuania

  1. Convenient business-climate: it possesses transparent legal-system, low barriers to creating and registering firms. You may find or acquire a firm quickly and even remotely, which doesn’t need large amounts of time and assets.
  2. Low tax-rates: it has relatively low tax-rates for entrepreneurs. Income one ranges from 0% to 15%; it makes jurisdiction competitive among other EU-countries. VAT-rate is 21%.
  3. Strategic location: it’s located at crossroads of key trade routes between Eastern and Western Europe, providing access to EU-market and other Baltic countries.
  4. Skilled workforce: it has highly-skilled workers with highly-set levels of education and access to technical skills. It makes it easier to find competent employees. Additionally, a certain number of professionals are citizens of other countries with working permits.
  5. Innovative economy: it actively develops innovation and supports start-ups and technologies. There’re various programs and incentives for investing in scientific research, new technology progress and high-tech industries.
  6. Company with SPI license for sale in Lithuania: for those intending to quickly launch a business-project or expand it, there’s possibilities to purchase a ready-made firm with SPI-license. It allows to avoid costs of launching enterprise locally for getting a permit, saving time and resources.

Our team is ready to offer you fully-covering assistance in implementing your commercial ideas. We possess plenty of ready-made offers for SPI-licenses in the Czech Republic, Germany, Portugal and others. Our professionals provide you with fully-answering assistance in getting SPI-license in Lithuania.

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