Electronic money institution in Lithuania

Fintech Simple offers specialized corporate and legal services for obtaining an electronic money institution license in Lithuania. We provide comprehensive assistance throughout the authorization process, ensuring compliance with Lithuanian regulations. Our expert team navigates the intricate legal landscape, facilitating seamless establishment and operation of your electronic money services in Lithuania. Trust us to expedite your journey towards becoming a licensed electronic money institution in this dynamic market.

Expert Guidance in Electronic Money Licensing

Welcome to Fintech Simple, your gateway to the dynamic world of electronic money services in Lithuania. We specialize in providing comprehensive corporate and legal services to assist businesses in obtaining the coveted electronic money institution license.

Securing Your Future in Fintech

At Fintech Simple, we are committed to guiding you through the intricate process of securing an electronic money license in Lithuania. With our expert team, comprehensive services, and personalized approach, we ensure your journey in the fintech sector is not just compliant, but also strategically poised for success. Partner with us to transform your fintech aspirations into reality.

THE ADVANTAGES OF ELECTRONIC MONEY LICENSING IN LITHUANIA

Unleashing Potential in Digital Finance

Lithuania stands as a premier jurisdiction within the European Union for initiating electronic money activities. Its progressive regulatory environment and comprehensive EMI (Electronic Money Institution) license offerings make it an attractive destination for fintech companies.

Extensive Service Spectrum

Wide Range of Legal Operations under EMI License

The EMI license in Lithuania authorizes a broad array of services, significantly enhancing operational scope. This includes:

-Money transfers, encompassing payment transactions, including transfers on a payment service user’s account with their payment service provider or another provider.

-Execution of transactions using payment cards or similar devices.

-Payment operations where funds are covered by a credit line for a payment service user.

Enhanced Financial Operations

Facilitating Cash Depositing and Withdrawal Services

The EMI license allows for direct debit functionalities, such as direct crediting to individuals’ cards from company accounts, and the execution of transactions through payment cards or similar devices. Additionally, it enables the execution of credit transfers, including standing orders.

Electronic Money and Payment Instruments

Issuing and Managing Electronic Money and Payment Instruments

Holders of an EMI license in Lithuania can issue electronic money and provide services related to its circulation. This also includes the issuance of payment instruments and acquiring payment transactions.

Innovative Payment Services

Expanding with Payment Initiation and Account Information Services

The license extends to innovative services like Payment Initiation Service and Account Information Service, offering fintech companies new avenues for growth and customer engagement.

Broad Operational Flexibility

Engaging in Diverse, Law-Compliant Activities

Apart from conducting payment transactions and issuing electronic money, the EMI license permits any activity not prohibited by law, offering a wide operational canvas for businesses to innovate and expand.

Final Considerations

Your Gateway to Fintech Success in Lithuania

With Lithuania’s favorable regulatory climate and comprehensive licensing options, it’s an ideal hub for your electronic money venture. The EMI license opens a world of possibilities, from broad financial services to cutting-edge payment solutions. Embrace the future of fintech with Lithuania's EMI license - your path to success in the digital financial world.

THE PROCESS OF OBTAINING AN EMI LICENSE IN LITHUANIA

Comprehensive Services for Seamless Licensing Process

At Fintech Simple, we specialize in offering a full suite of corporate and legal services tailored to your needs in obtaining an Electronic Money Institution (EMI) license in Lithuania. Our expert team provides end-to-end support, ensuring a smooth and efficient licensing process.

Stage 1

Detailed Documentation Review

Ensuring Precision in Document Analysis

Our first step is a thorough analysis of all necessary documents. This meticulous review process ensures that every detail aligns with regulatory requirements, setting a solid foundation for your licensing journey.

Stage 2

Preparatory Engagement

Strategizing for the Initial Meeting with the Bank of Lithuania

We meticulously prepare you for the crucial first meeting with the Bank of Lithuania. This preparation is key to presenting a strong, compliant case for your EMI license application.

Stage 3

Client Advocacy

Expert Representation in Key Meetings

Our team stands by your side during meetings with the Bank of Lithuania, advocating on your behalf and ensuring that your business interests are effectively communicated and understood.

Stage 4

Business Plan Development

Crafting a Comprehensive Business Strategy

We assist in developing a robust business plan, operations program, and financial projections. This strategic roadmap is vital for demonstrating your business’s viability and compliance.

Stage 5

Rigorous Vetting Process

Thorough Assessment of Shareholders and Group Companies

Our services include a detailed vetting process for shareholders and group companies, ensuring that all parties meet the regulatory standards and contribute positively to your application.

Stage 6

Local Establishment Support

Assisting with Company Formation and Banking Needs

We facilitate the setting up of a local company and the opening of a bank account for share capital, streamlining your entry into the Lithuanian market.

Stage 7

Recruitment and Location Assistance

Building Your Local Presence

Our recruitment support ensures compliance with the requirement of having at least four employees based in Lithuania. We also assist in finding a suitable headquarters, establishing your physical presence in the country.

Stage 8

Comprehensive Document Preparation

Submission of Legal, Financial, and IT Documentation

We prepare and submit all necessary legal, financial, and IT documents, including management structure, compliance policies, economic forecasts, risk procedures, and IT protocols, ensuring a complete and compliant application.

Stage 9

End-to-End Licensing Guidance

From Application to Approval

Our team provides complete guidance throughout the licensing process, including application submission and payment of state fees, ensuring no detail is overlooked.

Stage 10

IT System Compliance

Ensuring Technological Alignment with EMI Requirements

We assist in setting up and developing an IT system that is compliant with Lithuania’s E-Money Licence requirements, an essential aspect of your operational readiness.

Stage 11

Regulatory Compliance Training

Expertise in KYC, AML, and Anti-Terrorist Financing

Our compliance training encompasses key areas like KYC (Know Your Customer), AML (Anti-Money Laundering), and checks against terrorist financing, vital for maintaining regulatory compliance.

Stage 12

Achieving Fintech Excellence with Fintech Simple

Your Partner in Fintech Success

Fintech Simple is your dedicated partner in achieving EMI licensing success in Lithuania. With our comprehensive support and expert guidance, we pave your path to becoming a licensed Electronic Money Institution, ensuring your venture thrives in the vibrant fintech landscape of Lithuania.

Customized EMI Licensing Services: Tailored to Your Needs

As a responsible team of Fintech Simple, we understand that the journey to obtaining an EMI license in Lithuania is unique for each of our clients. That's why we offer personalized, step-by-step service packages, designed to meet your specific needs and ensure a seamless licensing process. Our goal is to provide expert guidance and support, tailored to your business's unique requirements and goals.

Customized Legal Analysis Package

In-Depth Legal Review of Your Business Plan

€3,900

This package includes a thorough legal analysis of your business plan, due diligence, guidance on formulating a robust plan, and assistance in building the correct company structure.

Initial Application Assistance Package

Preparation for EMI License Application

€12,800

The second offer focuses on preparing your initial EMI license application for Lithuania. This includes assistance in filling out the preliminary application form, document preparation detailing your company's structure, development of a Lithuania Bank-compliant business plan, analysis and guidance for presenting your platform/website, assistance in opening an account for share capital payment, communication with the regulator during the application phase, and organizing meetings with Bank of Lithuania representatives.

Comprehensive Documentation and Compliance Package

Detailed Compliance and Operational Documentation

€13,800

Our third package is the most extensive, covering all aspects of AML, KYC, and cybersecurity policies, financial planning for three years, and detailed operational processes. We assist in preparing all necessary documents for the application, including company signatures, internal control mechanisms, and compliance with regulatory requirements. This package ensures your business is fully equipped to meet the stringent demands of the EMI licensing process.

Our third offer encompasses:

Documenting AML, KYC, and cybersecurity policies to protect client assets.
Preparing a three-year financial plan, including profit and loss statements and cash flow reports.
Detailing operational processes, internal policies, risk assessments, audit procedures, and accounting processes.
Assisting in preparing application documents, including company representative signatures.
Creating internal control mechanisms documents for anti-money laundering and terrorist financing prevention, incident and complaint response related to security.
Implementing procedures for monitoring and restricting client payment data.
Describing business continuity processes, testing procedures, and statements of significant operations.
Ensuring compliance with principles and definitions for collecting statistical data and reporting suspicious transactions.
Developing security policies to protect electronic money holders and payment service users against identified risks.
Describing the company structure, including branches, agents, or third-party outsourcing for operational functions.
Providing documentary evidence of client funds being held in a dedicated account.
Outlining the company structure, presenting resumes of owners and key managers, and finalizing the office location agreement.
Assessing operational risks through a comprehensive risk management questionnaire.

REQUEST OFFER NOW: COMPLETELY CONFIDENTIAL, FAST AND FREE

Simply submit your request, and our specialist will provide you with all the necessary information via email or phone at your convenience

Do not miss the opportunity to receive a personalized quote from Fintech Simple

This process is completely free, quick, and ensures the full confidentiality of your information. We value your interest and promise no spam.

REQUEST OFFER

REQUIREMENTS FOR OBTAINING AN EMI LICENSE IN LITHUANIA

Our professional team is pleased to guide our clients through the intricate process of obtaining an Electronic Money Institution (EMI) license in Lithuania. Understanding and meeting the comprehensive set of requirements is crucial for a successful application. Our expert team is poised to provide you with detailed information and assistance every step of the way.

Basic Requirements for EMI License Application

Complete and Accurate Documentation

All documents submitted must contain accurate data and any additional information requested.

Legal Compliance

Documents must adhere to the requirements of applicable legal acts for electronic money institutions.

Minimum Statutory Capital

EMI applicants must meet a minimum statutory capital requirement of €350,000 and provide proof of the source of funds.

Ownership and Management Standards

EMIs and their shareholders/beneficiaries must hold a significant share in charter capital and/or voting rights, ensuring reliable and prudent management.

Qualified Leadership

Leadership positions should be occupied by individuals with impeccable business reputations, qualifications, experience, and clean professional records.

Readiness for Service Provision

Applicants must be prepared to offer financial services at the time of application.

Feasible Business Plan

The business plan must be realistic and align with the founders' capacity for implementation.

Continuous Capital Compliance

Ongoing adherence to the minimum capital requirements is essential.

AML/CFT Regulations Compliance

This includes staff training, transaction monitoring, and timely reporting.

No Regulatory Restrictions

Applicants must be free of restrictions or prohibitions from EU and Lithuanian authorities.

Local Office Requirement

Applicants are required to have an office in Lithuania.

Subject to Audits and Inspections

Compliance with audits and inspections by the Bank of Lithuania.

Business Plan Updates

Regular updates to the business plan, including new business models, financial projections, and operational strategies.

Transparent Customer Communication

Promptly addressing customer concerns, complaints, or inquiries.

Strong Corporate Governance

Ensuring that the board and management have the necessary skills and expertise.

Adherence to Regulatory Changes

Staying compliant with emerging regulatory requirements.

Additional Internal Requirements

In addition to the above, there are various internal requirements specific to each application, which our legal team will provide upon engagement with Fintech Simple.

Fintech Simple: Your Pathway to EMI Licensing Success

Securing an EMI license in Lithuania requires navigating a complex array of regulatory requirements. Fintech Simple is here to ensure that your application process is comprehensive, compliant, and smoothly executed. Our tailored approach, combined with our deep understanding of the regulatory landscape, positions your business for success in the vibrant world of electronic money.

REGULATORY FRAMEWORK FOR EMI ACTIVITIES IN LITHUANIA

In Lithuania, the activities of Electronic Money Institutions (EMIs) are meticulously regulated to ensure compliance, security, and reliability. Understanding the legal landscape governing EMI operations is crucial for entities looking to acquire an EMI license. At Fintech Simple, we offer guidance through this complex regulatory framework.

Key Lithuanian Legislation and Regulations

EU Regulations Applicable in Lithuania

Licensing Process and Supervision

The licensing process typically ranges from 6 to 9 months, subject to extensions by the regulator.
The Bank of Lithuania is the primary regulator overseeing EMI activities in Lithuania.
Being a member of the European Union, an EMI License obtained in Lithuania enables operation across the European Economic Area market.
Currently, there are 220 companies that have been granted an EMI license in Lithuania.

Ensuring Regulatory Compliance with Fintech Simple’s Expertise

Navigating the regulatory environment for EMI licensing in Lithuania requires a comprehensive understanding of both national and EU regulations. Fintech Simple is dedicated to assisting clients through this process, ensuring compliance with all legal requirements for successful EMI operation.

FAQ

What is an EMI License?

An EMI (Electronic Money Institution) License allows the issuance and management of electronic money and provision of related financial services.

Why choose Lithuania for EMI licensing?

Lithuania offers a favorable regulatory environment, EU market access, and a streamlined licensing process.

What services does Fintech Simple offer for EMI licensing?

We provide end-to-end assistance including legal advice, documentation, compliance training, and liaison with regulatory authorities.

How long does it take to obtain an EMI License in Lithuania?

Typically, it takes 6 to 9 months, depending on the complexity of your application.

What is the minimum capital requirement for an EMI in Lithuania?

The minimum statutory capital requirement is €350,000.

Do I need a physical office in Lithuania for EMI licensing?

Yes, having a local office is a regulatory requirement.

Can Fintech Simple help set up a local office in Lithuania?

Yes, we assist in finding a suitable office location and setting up operations.

What documents are required for the EMI license application?

Required documents include a detailed business plan, financial projections, AML policies, and organizational structure information.

Does Fintech Simple assist with the drafting of the required documents?

Yes, we provide comprehensive support in document preparation and review.

Who regulates EMI activities in Lithuania?

The Bank of Lithuania is the regulatory authority for EMIs.

Is the EMI license valid throughout the EU?

Yes, the license allows operation across the European Economic Area.

How does Fintech Simple ensure compliance with AML regulations?

We offer training and support in implementing AML/CFT policies and practices.

What kind of support does Fintech Simple provide after obtaining the license?

We offer ongoing compliance, operational support, and regulatory updates.

Can Fintech Simple represent my company during the application process?

Yes, we can act as your representative with the Bank of Lithuania.

Is Fintech Simple experienced in working with international clients?

Yes, we have extensive experience assisting clients from various countries.

What are the ongoing obligations of an EMI in Lithuania?

These include maintaining capital requirements, AML compliance, and regular reporting to the Bank of Lithuania.

How does Fintech Simple assist with financial planning and projections?

We provide expertise in drafting realistic and compliant financial plans and projections.

Can a non-EU resident apply for an EMI license in Lithuania?

Yes, but they must meet specific regulatory requirements, including having a local office.

What is the role of the board of directors in an EMI?

The board oversees the EMI’s operations, ensuring compliance and prudent management.

Does Fintech Simple help in recruiting qualified personnel for EMIs?

Yes, we assist in sourcing and recruiting qualified staff as per regulatory requirements.

What kind of IT infrastructure is required for an EMI?

An EMI must have secure, robust IT systems to manage electronic money operations.

Does Fintech Simple assist with IT compliance?

Yes, we help ensure your IT systems comply with regulatory standards.

Are there any restrictions on the types of services an EMI can offer?

EMIs are primarily restricted to services related to electronic money issuance and management.

Can Fintech Simple assist with drafting a business continuity plan?

Yes, we can help develop a comprehensive business continuity plan.

How does consumer protection legislation affect EMIs in Lithuania?

EMIs must comply with consumer protection laws, ensuring transparency and fairness in services.

What happens if there are changes in EMI regulations?

Fintech Simple provides updates and guidance on adapting to regulatory changes.

Can Fintech Simple assist with market analysis for my EMI business?

Yes, we provide market analysis services to help position your EMI effectively.

What are the costs associated with obtaining an EMI license through Fintech Simple?

Costs vary based on service scope; we offer tailored pricing to meet your specific needs.

Can Fintech Simple help with the renewal of the EMI license?

Yes, we provide assistance with license renewals and ongoing regulatory compliance.

How can I get started with Fintech Simple for my EMI licensing needs?

Connect with FINTECH SIMPLE TEAM

Something went wrong, please resend your request