Company in Lithuania UAB – Praktikos sritys – Finansinės licencijos Lietuvoje – EMI License in Lithuania
Rinkos dalyviai, turintys teisę leisti elektroninius pinigus, yra elektroninių pinigų įstaigos, kurias reguliuoja Lietuvos bankas. Mokėjimai gali būti atliekami elektroniniais pinigais, kurie saugomi elektroniniuose įrenginiuose ir kuriuos išleido elektroninių pinigų įstaiga. Be pinigų pervedimo (tiesiogiai ir kreditu), mokėjimų atlikimo ir grynųjų pinigų išėmimo, elektroninių pinigų įstaiga taip pat gali atlikti pinigų pervedimus.
E-money institutions can operate throughout the European Union if they are licensed to conduct unlimited activities.
Both electronic money institutions and payment institutions may receive customer funds for their authorised services. An EMI may issue electronic money; a payment institution cannot. Payment institutions may hold funds for executing payment transactions, subject to the applicable safeguarding requirements.
EPĮ Lietuvoje
EMI licencijos kaina ir etapai LIETUVOJE
| Paslauga | Kaina |
|---|---|
|
1 ETAPAS |
4 500 eurų |
- Įmonės verslo modelio ir planuojamų paslaugų analizė
- Įmonės struktūros analizė
- Galutinių savininkų asmenybės ir jų gyvenamosios šalies analizė
- Projekto finansavimo modelio analizė
- Įmonės personalo reikalavimų ir jų kvalifikacijos nustatymas
- Lietuvos banko reikalavimų paraiškos pateikimui nustatymas ir tvirtinimas
|
2 ETAPAS |
Dokumentų, reikalingų norint gauti EMI, rengimas, susitikimas su Lietuvos banko atstovais
- Pirminės paraiškos gauti EMI licenciją parengimas Lietuvoje
- Pagalba pildant pradinę paraiškos formą
- Pagalba rengiant dokumentus, apibūdinančius įmonės struktūrą
- Pagalba rengiant verslo planą, atitinkantį Lietuvos banko reikalavimus
- Projekto platformos / svetainės analizė, jos pristatymo vadovas
- Pagalba atidarant sąskaitą vėlesniam bendrovės įstatinio kapitalo įmokėjimui
- Bendravimas su reguliavimo institucija paraiškos teikimo etape,
- Susitikimo su Lietuvos banko atstovais organizavimas
|
3 ETAPAS |
EMI licencijos paraiška, finansinių ir apskaitos dokumentų rengimas
- Įmonės pinigų plovimo prevencijos, pažinkite savo klientą (KYC) ir klientų turto kibernetinio saugumo politikos dokumentavimas.
- Bus parengtas finansinis planas ateinantiems trejiems metams, kartu su pelno (nuostolių) ataskaita ir pinigų srautų ataskaita.
- Įmonės veiklos procesų ir procedūrų dokumentacija (vidaus politika, rizikos vertinimo politika, vidaus audito procesas, veiklos planas, apskaitos procedūros).
- Reikiamų dokumentų ruošimas, pagalba pildant paraišką.
- Įmonės atstovai privalo pasirašyti šį dokumentą, kad patvirtintų savo teisę tai daryti.
- Vadovaujantis Lietuvos teisės aktais, parengtas dokumentas, kuriame aprašomi vidaus kontrolės mechanizmai, skirti pinigų plovimui ir teroristų finansavimui užkirsti.
- Su sauga susiję incidentai ir skundai, taip pat jų stebėsenos, tvarkymo ir tyrimo procedūros.
- Klientų mokėjimų duomenų stebėsenos, sekimo ir apribojimų procedūros.
- Išsamus verslo tęstinumo procesų aprašymas, tokių planų tinkamumo ir veiksmingumo testavimo procedūros ir išskirtinės svarbos operacijų ataskaita.
- Statistinių duomenų rinkimas ir pranešimas apie įtartinus sandorius aprašomi pagal šiam procesui taikomus principus ir apibrėžimus.
- Siekiant tinkamai apsaugoti elektroninių pinigų turėtojus ir (arba) mokėjimo paslaugų naudotojus nuo nustatytų rizikų, įskaitant sukčiavimą ir neteisėtą prieigą prie konfidencialios informacijos ir asmens duomenų, saugumo politikoje turėtų būti įtrauktas su vykdoma veikla susijusios rizikos vertinimas, taip pat saugumo kontrolės ir rizikos mažinimo priemonės.
- Be filialų, agentų, fizinių ar juridinių asmenų, kurie platins ir išpirks elektroninius pinigus elektroninius pinigus išleidžiančios bendrovės vardu, bus aprašyta ir bendrovės struktūra. Arba bendrovė perduos veiklos funkcijų vykdymą trečiosioms šalims.
- Licencijos mokesčio patvirtinimo dokumentas.
- Funds are available for equity (from 350,000 euros).
- Professional indemnity insurance or a comparable guarantee is required where the EMI provides payment initiation or account information services.
- Dokumentinis įrodymas, kad kliento lėšos yra saugomos kliento sąskaitoje.
- Išsamiai aprašyta įmonės struktūra.
- Išsamūs įmonės savininkų ir pagrindinių vadovų gyvenimo aprašymai.
- Susitarimas dėl įmonės buveinės.
- The EUR 900,000 limit applies to EMIs holding a restricted activity licence and concerns average outstanding electronic money over the preceding six months. For payment services unrelated to electronic money issuance, average monthly payment transaction value over the preceding 12 months must not exceed EUR 3,000,000. These limits do not apply to unrestricted EMI licences.
- Įmonės veiklos rizika vertinama naudojant klausimyną.
Lithuanian EMI license for sale
Our company is always striving to find the most convenient solutions for our clients. Below you can see ready offers for existing companies with a valid EMI license. If you are looking to start your Electronic Money Institution business fast, then we would be glad to offer you various ready-made offers based on your preferences and requirements. Acquiring an existing EMI does not guarantee an operational launch within four weeks. Completion depends on the required Bank of Lithuania non-objection to the acquisition of a qualifying holding, applicable management assessments and the institution’s readiness to operate under the proposed business model. Contact our team to find the most suitable option for your project.
Autorizacijos procesas
As part of its authorization process for EMI, the Bank of Lithuania is open and begins long before an application is submitted. In order to help define the financial services that are to be licensed, our company encourages all applicants who are interested in obtaining an EMI license to contact the Company in Lithuania UAB kuo greičiau. Todėl galime išsamiau aptarti autorizacijos procesą, Lietuvos banko reikalavimus ir visus kitus veiksnius, kurie gali turėti įtakos autorizacijos procesui.
Pagrindiniai EMI licencijos paraiškos teikimo etapai Lietuvoje
- Bank of Lithuania’s Supervisory Service receives the application for EMI license. Within five working days, the Oversight Service checks whether all necessary documents have been submitted and accepts the application if there are no deficiencies.
- The Bank of Lithuania assesses an unrestricted EMI licence application within three months after receiving complete and sufficiently informative documentation. Requests for additional or corrected documents may extend the overall process. Authorisation is not guaranteed.
- A license is granted or refused. A Bank of Lithuania Board of Directors analyses the documents after they have been evaluated.
The Board of the Bank of Lithuania decides whether to grant or refuse the licence following assessment of the application.
Pirmasis susitikimas su Lietuvos banku
Atsižvelgiant į tai, kad pareiškėjos įmonės atstovai ne visada gali suprasti teisės aktus, reglamentuojančius EPĮ licencijos paraiškos procesą, Lietuvos bankas rekomenduoja EPĮ licencijos pareiškėjams kuo greičiau kreiptis į Lietuvos banką, o Company in Lithuania UAB mielai jums padės. Įmonės, norinčios kreiptis dėl leidimo, gaus išsamesnės informacijos iš Lietuvos banko atstovų.
Siekdama nustatyti, kokios licencijos reikia projektui ir kokios finansinės paslaugos bus teikiamos pagal projektą, įmonė pirmiausia turi susitikti su Lietuvos banko atstovais, kad atsakytų į visus rūpimus klausimus, kurie gali kilti rengiant paraišką. Tokiuose susitikimuose paprastai dalyvauja bent du Lietuvos banko Priežiūros tarnybos atstovai, tačiau gali tekti pasitelkti techninius specialistus, kurie gali įvertinti pareiškėjo platformą ar svetainę.
Preliminariame susitikime su Lietuvos banku bus aptarti keli klausimai, įskaitant:
- Įmonės informacija
- Kokia yra įmonės savininkų / naudos gavėjų kilmės šalis?
- Paraiškos būsena (platforma paruošta, darbuotojai įdarbinti)
- Paraiškas gali teikti nepriklausomos įmonės ir įmonių grupių dukterinės įmonės
- Verslo vykdymas yra šių asmenų atsakomybė.
- Projekto finansavimo modeliavimas
- Produkto / paslaugos informacija, tikslinės rinkos, kainodaros politika ir reguliavimo veiksmai, susiję su produktais / paslaugomis
- EMI pervestos lėšos
- Apytiksliai kiek darbuotojų tikimasi
Pirmojo susitikimo su Lietuvos banko atstovais metu ši informacija turi būti pateikta pristatymo forma. Siekiant užtikrinti tinkamą pasirengimą pradiniam prašymui, Company in Lithuania UAB rekomenduoja iš anksto pateikti visą aukščiau nurodytą informaciją.
Elektroninių pinigų įstaigos (EPI) paraiškos mokestis
Before applying for an EMI license in Lithuania, a duty of 1,463 euros must be paid in the account of the State Tax Inspection.
Didžiausi elektroninių pinigų įstaigos rinkos dalyviai:
Pagrindiniai elektroninių pinigų įstaigos reikalavimai
Svarbu, kad įmonė, teikdama paraišką gauti elektroninių pinigų įstaigos licenciją, pasiruoštų visiems reikalavimams, nes Lietuvos bankas reikalauja pateikti išsamius duomenis dar prieš pradedant elektroninių pinigų apyvartą. Vertinant pareiškėją, reikėtų atsižvelgti į šiuos aspektus:
- EPĮ veiklą ir jos priežiūrą reglamentuoja teisės aktai; pateikiamuose dokumentuose turi būti pateikti visi teisingi teisės aktų reikalaujami ir papildomai prašomi duomenys.
- Kad elektroninių pinigų įstaigos galėtų veikti teisėtai, visi pateikiami dokumentai turi atitikti galiojančių teisės aktų reikalavimus.
- Pagal Elektroninių pinigų ir elektroninių pinigų įstaigų įstatymą, EMI privalo atitikti minimalų įstatyminį 350 000 eurų kapitalo reikalavimą.
- In order to ensure the reliability and prudent management of the payment institution, ensure that it has a good reputation, and make sure the project is financially viable, it must be appropriate and appropriate that EMI and its shareholders or beneficiaries own a significant share in the charter capital and / or the right to vote.
- Elektroninių pinigų įstaigoms turi vadovauti asmenys, turintys nepriekaištingą dalykinę reputaciją, pakankamai kvalifikuoti ir patyrę, kad tinkamai atliktų savo pareigas, ir nepriekaištingą profesinę reputaciją.
- Būsima mokėjimo įstaiga paraiškos pateikimo metu turi būti pasirengusi teikti finansines paslaugas, o pateiktas verslo planas turi atitikti steigėjų (akcininkų ar naudos gavėjų) galimybes jį įgyvendinti.
Siekiant užtikrinti apdairų ir apdairų elektroninių pinigų valdymą, reikalinga išsami elektroninių pinigų valdymo procedūra, atitinkanti elektroninių pinigų įstaigos dydį ir sudėtingumą. Be to, įmonė turėtų turėti struktūros dokumentą, apimantį darbo pasidalijimą, aiškiai apibrėžtas pareigas, klientų identifikavimo sistemą, rizikos stebėjimo sistemą ir vidaus kontrolės taisykles.
Pateikimų vertinimas
Pirminius dokumentus tikrina ir vertina Lietuvos banko Priežiūros tarnybos specialistai, vykdydami teikimo procesą. Jų išvados dėl autorizacijos grindžiamos bendru supratimu. Vertinimo proceso metu atliekami šie procesai:
- Su pareiškėja įmone turėtų būti reguliariai bendraujama ir su ja (jei reikia) susitikiama.
- Elektroninių pinigų įstaigos privalo pašalinti Priežiūros tarnybos nustatytus trūkumus.
The length of time it takes to examine the documents depends on how many services the applicant company intends to provide. The application must include all documentation required for the proposed services. A narrower service scope may simplify the assessment, but it does not permit omission of mandatory documents.
Išsami informacija apie licencijavimo procesą pateikiama interneto svetainėje. Lietuvos bankas
Currently, 214 companies have successfully obtained a licence from the Electronic Money Institution in Lithuania
Company in Lithuania UAB gali padėti jūsų įmonei gauti finansinę licenciją Lietuvoje, reikalingą teikti paslaugas Elektroninių pinigų įstaiga, ir yra pasirengusi lydėti jūsų įmonę visuose paraiškos teikimo etapuose. Susisiekite su mumis ir užduokite savo klausimus jau šiandien.
Fintech is a rapidly evolving industry and attracts more and more entrepreneurs. Therefore, online banking has a promising potential. While traditional banking steps aside, businesses such as Wise, Revolut, N26, Paysera, Payoneer, Monese are growing on the market with every second.
Electronic money (e-money) institution (or EMI) is a licensed financial institution which may engage in e-money related services and payment services (as it would be described in details in the next paragraphs).
ELECTRONIC MONEY INSTITUTION
Areas of activity of an e-money institution:
- Money transfers
- Cash depositing and withdrawal
- Issuing of Electronic Money
- Issuing of payment instruments
- Mokėjimo inicijavimo paslauga (PSD2)
- Sąskaitos informacijos paslauga (PSD2)
To establish a favourable environment for Lithuanian and foreign startups, a special project for an EMI licence to engage in restricted activities has been implemented with the aim of facilitating access of new market participants to the Lithuanian market and later, after being granted a licence to engage in usual activities, to also the European Economic Area market. The basic difference between an EMI engaged in restricted activities and a traditional EMI is that the EMI engaged in restricted activities is not subject to the minimum initial capital requirement; however, a licence of an electronic money institution to engage in restricted activities is valid solely in the Republic of Lithuania. In order to be granted an EMI licence, it is necessary to hold a capital of EUR 350,000; however, this licence entitles to the provision of the electronic money issuance and redemption, distribution and payment services in other EU Member States as well after carrying out a notification procedure.
Authorisation process
The entire authorisation process for EMIs is done through the Authorities, an application for an authorisation is submitted directly to it. The planning process is discussed in regards well before starting the activity so that the planning process can be discussed in regards. The topics that are discussed are: authorisation process, requirements, expectations, and all other major aspects that may affect the licensing process.
Stages of application:
- Submission of an application for an EMI licence to the Supervision Service of the Authorities – within 5 business days, reviews whether all necessary documents have been submitted and have no formal deficiencies;
- Assessment of an application for an EMI License: where the documents submitted have no deficiencies, the licence is issued within the shortest possible 3 month-term.
- Issuance of a licence: after finishing assessment of submitted documents, the Board of the Authorities analyses summary information submitted by the Supervision Service and takes a decision regarding the issuance of a licence.
Key requirements for an EMI being established or authorised
- The documents submitted must comply with the requirements of the legal acts regulating EMI activities and their supervision;
- compliance with the minimum capital requirement for EMIs: according to the provisions of the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions, an EMI must possess a minimum initial capital of no less than EUR 350,000
- Entities with a qualifying holding in the EMI’s authorised capital must be able to ensure sound and prudent management of the EMI, have sufficiently high repute and be financially sound;
- The heads of an electronic money institution must be of good repute and possess the qualification and experience necessary to properly perform their duties.
- The operating plan must correspond to the possibilities of the EMI’s founders to implement it, while the prospective EMI must, at the time of authorisation, be prepared to provide financial services in a safe and sound manner.
Prior to applying for an EMI licence, it is necessary to pay into the account of the State Tax Inspectorate (STI) a state levy for the granting of the EMI licence. The EMI licence to engage in restricted activities is currently subject to a smaller levy.
The own funds requirement is calculated by the Supervision Service based on average outstanding electronic money. The own funds requirement of an EMI designated for issuance of electronic money must account for no less than 2% of average outstanding electronic money.
Company in Lithuania UAB can assist you obtain an EMI license, thereby ensuring a smooth start for your business. Susisiekite su mumis for more information.
Types of Lithuanian EMI Licences
In Lithuania, you can choose from different types of EMI licences, depending on your resources and scope of activities. This way Lithuania ensures that EMI businesses of all sizes and capabilities have a viable opportunity to provide and perfect their services by being active market participants, innovating, and safely experimenting while delivering value to real customers.
The Bank of Lithuania offers two types of EMI licences:
- Regular EMI Licence
- EMI Limited Activity Licence
The Regular EMI Licence is suitable for established financial institutions and larger fintech companies that plan to engage in more extensive electronic money operations. This licence allows for a broader range of services, including the issuance of electronic money and providing payment services on a larger scale. In order to obtain a Regular EMI Licence, a minimum capital of 350,000 EUR is required. This licence gives the right, after completing the notification procedures, to provide electronic money issuance and redemption, distribution, and payment services in Lithuania and other EU member states.
The EMI Limited Activity Licence has been designed to create a favourable environment for Lithuanian and foreign startups that have a relatively low volume of electronic money transactions. The primary difference between a Limited Activity EMI Licence and a standard EMI Licence lies in the fact that the former doesn’t entail a mandatory minimum initial capital requirement. However, under this license, operations are restricted to the territory of Lithuania exclusively.
Advantages of the Lithuanian EMI Licence
As just mentioned, one of the significant advantages of obtaining a Regular Lithuanian EMI Licence is the ability to passport your services throughout the EU, a single market with over 500 million consumers. Once licensed in Lithuania, you can provide electronic money and payment services in other EU member states without the need to obtain separate licences in each country. Such an approach is more time-efficient and cost-effective compared to obtaining a new licence in every new market. It also provides EMIs with the flexibility to adapt to market conditions and customer demands across the EU.
Lithuania has established a regulatory environment that’s widely recognised as supportive of fintech and financial services. The Bank of Lithuania is known for its proactive and innovative approach and streamlined licensing process which can facilitate the launch of your business and ongoing regulatory compliance. The authority is open to engaging with businesses, promptly addressing inquiries, and providing guidance to ensure a smoother regulatory experience. Its regulatory framework allows fintech companies to experiment and deploy cutting-edge technologies, cultivating an innovation-driven environment while ensuring consumer protection.
Lithuania’s EMI Limited Activity Licence makes the market considerably more accessible for startups and smaller fintech companies compared to other EMI licences and regulatory frameworks. Since there’s no minimum capital requirement, new market entrants can allocate their resources more efficiently and concentrate on product development and market growth. This approach allows for more fresh and creative solutions and therefore can lead to the potential disruption of established financial norms by presenting consumers with groundbreaking products and services.
Lithuania offers a favourable cost structure, which translates into lower operating expenses for businesses. This includes such aspects as office space rental, labour costs, utilities, and administrative overhead. The affordability of operations allows EMI companies to allocate resources more efficiently which improves profitability and financial sustainability. The country’s efficient and streamlined bureaucratic processes also contribute to cost savings by enabling easy setup and management of EMIs and reducing the need for extensive resources for navigating administrative aspects.
You’ll also be pleased to learn that Lithuania’s standard corporate income tax rate is 17% for tax periods beginning in 2026. For your EMI, this would mean a lower tax burden on profits, enabling you to retain a more substantial portion of your earnings for reinvestment, growth, and operational expenses. The country also offers various tax incentives to promote investment and economic development. By availing of these incentives, you could further enhance your financial efficiency and allocate resources to the expansion of your services, technological improvement, or the increase of market reach.
An EMI licence does not automatically establish SEPA scheme participation or payment-system access. The institution must complete the relevant admission procedures and satisfy applicable legal, operational and technical requirements, whether accessing payments directly or through another provider. SEPA provides a standardised framework for payments, including credit transfers and direct debits, making cross-border transactions as simple as domestic ones. This reduces transaction costs, processing times, and operational complexity. With such consistent payment methods and standards, EMIs can attract customers from multiple countries, and this way expand their market and revenue potential.
EMI Regulations in Lithuania
In Lithuania, EMIs are predominantly regulated by a combination of national and EU legislation and regulations that are enforced by the Bank of Lithuania. This legal framework imposes a set of rules and recommendations aimed at guaranteeing the reliable functioning of EMIs and their alignment with both EU and Lithuanian legal requirements. The rules cover a wide range of aspects related to EMI activities, including licensing, prudential standards, and the safeguarding of consumer rights.
The main Lithuanian legislation and regulations governing the operations and licensing of EMIs in Lithuania:
- Republic of Lithuania Act on Financial Institutions
- Republic of Lithuania Law on Electronic Money and Electronic Money Institutions
- Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing
- Law of the Republic of Lithuania on Payments
- Lietuvos Respublikos akcinių bendrovių įstatymas
- Resolution No 03-83 of the Board of the Bank of Lithuania of 24 May 2018 on the approval of the regulations for the calculation of initial capital and own funds of electronic money institutions and payment institutions and the forms of the report on the calculation of initial capital and own funds of electronic money institutions (payment institutions)
- Republic of Lithuania Law on Consumer Protection
- The Civil Code of the Republic of Lithuania
Be kita ko, taip pat taikomi šie ES reglamentai:
- Antroji mokėjimo paslaugų direktyva (PSD2)
- Šeštoji kovos su pinigų plovimu direktyva (AMLD6)
- Bendrasis duomenų apsaugos reglamentas (BDAR)
- Digital Operational Resilience Act (DORA), Regulation (EU) 2022/2554, applicable from 17 January 2025 to EMIs within its scope
Choosing Between a New EMI Licence and a Ready-Made Company with an EMI Licence in Lithuania
There are two ways of starting an EMI business in Lithuania. You can either establish a new company and apply for an EMI licence or acquire a ready-made company with an already granted EMI licence. Your choice depends on such factors as your specific business goals, time-to-market, resources, and the level of risk you’re willing to accept. Our team here at the Company in Lithuania UAB can expertly guide you through the process of decision-making by providing personalised actionable insights. However, for now, please consider the general aspects of each option.
The main aspects of obtaining a new EMI licence in Lithuania:
- You have full control over the structure and operations of the company, and you can design it according to your specific business model and tailor it to your preferences and requirements
- You’ll have to start the compliance process, including internal documents and procedures, from the very beginning
- The application process is time-consuming and involves various stages, including due diligence, background checks, and meetings with regulatory authorities
The main aspects of buying a ready-made company with an EMI licence in Lithuania:
- It’s a quicker and more convenient option, and the existing licence may remain with the acquired company, but starting or changing operations remains subject to the required regulatory approvals and compliance with the licence’s scope and conditions
- An existing licence does not establish that the company currently complies with every regulatory requirement. The buyer must assess regulatory compliance, outstanding supervisory measures, safeguarding arrangements and capital adequacy before completing the acquisition.
- Acquiring an existing EMI company usually involves higher initial costs as you’re essentially purchasing an established business entity
Key Requirements for the Lithuanian EMI Licence Applicants
To apply for an EMI licence in Lithuania, you’ll first have to register a new company in Lithuania that meets initial capital requirements and has a registered office in Lithuania. Depending on your business scope, you can choose precisely from such legal forms as a Private Limited Liability Company (UAB) or a Public Limited Liability Company (AB) (these are the only two permitted by the relevant EMI law). If your submitted application for registration is of good quality, it only takes a week to establish a company. We can help you with the preparation of documents in the Lithuanian language, as well as advise you on the most suitable business structure.
It’s of paramount importance to have all the legally required internal processes in place prior to applying for an EMI licence. It includes the implementation of such anti-money laundering and counter-financing of terrorism (AML/CFT) measures as KYC and processes for monitoring suspicious transactions. You’ll also have to thoroughly implement risk management, customer protection, and business continuity measures, and ensure that your company’s operational structure is aligned with the PSD2.
Pursuant to the PSD2, you are required to demonstrate measures in place that will safeguard your customer funds. Essentially, you must safeguard customer funds using a legally permitted method, such as segregation in an eligible account or investment in secure, liquid, low-risk assets, or qualifying insurance or a comparable guarantee. This way you’ll protect customer funds in the event of your EMI’s insolvency. Separating customer funds from operational accounts will also reduce the risk of inadvertent losses or mismanagement that could occur in the day-to-day operation of your EMI.
As an applicant for an EMI licence in Lithuania, you’ll also be required to establish robust regulatory reporting processes. This includes processes for submitting regular reports to the Bank of Lithuania, which monitors overall compliance and financial stability, and the Financial Crime Investigation Service (FNTT), which investigates and prevents financial crimes. These processes are essential to ensure that your business operates transparently, efficiently, and in compliance with the rigorous standards set by the Lithuanian regulatory authorities.
Requirements for the Buyers of a Ready-Made Company with an EMI Licence
To acquire a ready-made company with an already existing EMI licence in Lithuania, you’ll essentially have to seek approval and consent from the Bank of Lithuania for the acquisition. You will have to provide details about the proposed transaction, your background and qualifications, and the planned changes to the ownership structure. Your management team and shareholders will be required to undergo a fit and proper assessment by the authority to ensure you all meet the required standards of integrity, experience, and expertise.
Needless to say, you must have the necessary funds available to complete the acquisition. This includes the acquisition price, as well as any additional capital required to meet the ongoing capital adequacy requirements of the EMI and support its ongoing operations, compliance efforts, and growth strategies. To work out your financing strategy, you can contact our team here at the Company in Lithuania UAB which specialises in M&A transactions and can therefore help you to build a strategy that leads to sustainable success.
For now, take note of the essential requirements for your financing arrangements:
- Your financing method must be compliant with the laws governing EMIs and financial institutions in Lithuania
- Your financing sources and arrangements will have to be vetted for AML/CFT compliance
- You’ll have to provide the Bank of Lithuania with a clear and transparent financing structure
Ongoing Requirements for EMI Licensees in Lithuania
Once you’re an EMI licence holder in Lithuania, you’ll be obligated to demonstrate ongoing compliance with the Lithuanian and EU regulations. These regulations are designed to ensure that EMIs continue to operate in a safe, sound, and compliant manner. They can also help you avoid risks that may cost you reputation, money, or freedom, and build trust among customers and business partners.
The key ongoing legal requirements are as follows:
- Maintaining the minimum capital levels at all times
- Continuous adherence to AML/CFT regulations, including staff training, monitoring of transactions, and timely reporting
- Undergoing audits and inspections conducted by the Bank of Lithuania
- You should keep your business plan up-to-date by regularly renewing your business model, financial projections, and operational strategies
- Maintaining open and transparent communication with customers, addressing any concerns, complaints, or inquiries promptly
- Maintaining good corporate governance practices and ensuring that your board and management team have the necessary skills, knowledge, and expertise to manage the EMI effectively
- Staying informed about and complying with any new regulatory requirements which we, among everything else, can gladly help you with by providing ongoing support
If you think that Lithuania is the right European jurisdiction for your electronic money institution, our team here at the Company in Lithuania UAB can help you realise your business idea as swiftly as possible. With support from our committed legal advisors, business development professionals, and financial accountants, you’ll find the process of launching an EMI business in Lithuania straightforward, transparent, and effective. Reach out to us today to arrange a tailored consultation, where we’ll work with you to understand your specific needs and develop a custom roadmap for your business success.
Dažnai užduodami klausimai
Bank of Lithuania-regulated e-money institutions issue electronic money on the market. An electronic money institution issues electronic money that can be stored on electronic devices and used for payments. E-money institutions can transfer money (directly and via credit), make payments, and obtain cash withdrawals in addition to transferring money (directly and via credit).
A license allowing them to conduct unlimited activities across the European Union allows e-money institutions to operate throughout it.
Both electronic money institutions and payment institutions may receive customer funds for their authorised services. An EMI may issue electronic money; a payment institution cannot. Payment institutions may hold funds for executing payment transactions, subject to the applicable safeguarding requirements.
- EMI license application received by Bank of Lithuania’s Supervisory Service. If all necessary documents have been submitted and there are no deficiencies, the Oversight Service accepts the application within five working days.
- The Bank of Lithuania assesses an unrestricted EMI licence application within three months after receiving complete and sufficiently informative documentation. Requests for additional or corrected documents may extend the overall process. Authorisation is not guaranteed.
- Licensing decisions are made. Upon evaluating the documents, the Board of Directors of the Bank of Lithuania analyzes them.
The Board of the Bank of Lithuania decides whether to grant or refuse the licence following assessment of the application.
- Policies and procedures for anti-money laundering, know your customer, and cybersecurity of client assets.
- It will be necessary to prepare a three-year financial plan, as well as a cash flow statement and a profit and loss statement.
- Operational procedures, policies, and procedures related to the internal audit, operating plan, and accounting.
- Pagalba pildant paraiškas, ruošiant reikiamus dokumentus.
- This document must be signed by representatives of a company.
- Document describing the internal controls in place to prevent money laundering and terrorist financing in compliance with Lithuanian legislation.
- Safety incidents and complaints and their investigation, monitoring, and handling.
- Tracking, monitoring, and restricting payment data for customers.
- This report describes the business continuity processes, testing procedures, and statement of operations of exceptional importance, as well as a detailed description of the business continuity plans.
- Principles and definitions that apply to statistical data collection and suspicious transaction notification are outlined.
- Confirmation document for licensing fees.
- An unrestricted EMI must have initial capital of at least EUR 350,000 and subsequently maintain the applicable own funds requirement. Restricted activity EMIs are exempt from this minimum initial capital requirement.
- Professional indemnity insurance or a comparable guarantee is required where the EMI provides payment initiation or account information services.
- A document proving that client funds are stored in a client’s account.
- Details are provided about the company’s structure.
- CVs of key executives and company owners.
- In relation to the company’s office, an agreement has been reached.
- The EUR 900,000 limit applies to EMIs holding a restricted activity licence and concerns average outstanding electronic money over the preceding six months. For payment services unrelated to electronic money issuance, average monthly payment transaction value over the preceding 12 months must not exceed EUR 3,000,000. These limits do not apply to unrestricted EMI licences.
- A questionnaire is used to assess the company’s operational risks.
Due to the fact that the representative of the applicant company may not always be able to grasp the legal acts governing the application process for an EMI license, the Bank of Lithuania recommends that all applicants for an EMI license apply as soon as possible to the Bank of Lithuania, which will be assisted by Company in Lithuania UAB. Representatives of the Bank of Lithuania will provide detailed information to companies applying for authorization.
The company must meet with representatives of the Bank of Lithuania in order to determine what type of license is required for the project and what financial services will be provided under it. This will enable the company to answer any questions that may arise during application preparation. Two representatives from the Bank of Lithuania’s Supervisory Service typically attend such meetings, but technical experts may be required to evaluate the applicant’s platform or website.
There will be a number of topics discussed by the Bank of Lithuania at the preliminary meeting, including:
- Trumpas įmonės aprašymas
- Who are the company’s owners/beneficiaries and what is their country of origin
- A status indicator (platform ready, staff recruited) for an application
- Applications are accepted from independent businesses and subsidiaries of large groups of companies
- These individuals are responsible for conducting business
- Developing a model for project financing
- The specifics of the product or service, the target market, pricing policies, and any regulatory actions relating to the product or service
- Remittances from EMI
- The number of employees expected is approximately
It is necessary to deposit 1,463 euros into the State Tax Inspection’s account before applying for an EMI license in Lithuania.
Before the initial circulation of electronic money, the company must prepare all the requirements in order to be licensed as an Electronic Money Institution by the Bank of Lithuania. As part of the assessment process, the following points should be considered:
- Regulations governing EMI activities and their supervision must be followed; all required data must be submitted as well as additional information requested.
- All documents submitted by electronic money institutions must comply with applicable legal requirements.
- According to the electronic money and institutions for electronic money law, EMI is required to maintain a minimum capital of 350,000 euros.
- The payment institution must have a good reputation, be reliable and prudently managed, and be financially viable in order to ensure its financial viability. For this reason, it must be appropriate and appropriate for EMI and its shareholders or beneficiaries to own a significant part of the charter capital and/or voting rights.
- Institutions that deal with e-money need leaders with impeccable business reputations, who are qualified and experienced enough to do their jobs properly, and who possess an impeccable professional reputation.
- At the time the application is submitted, the prospective payment institution must be able to provide financial services, while the business plan provided must reflect the founders’ (shareholders or beneficiaries) capabilities.
As part of the provision process, the Bank of Lithuania Supervisory Service verifies and evaluates primary documents. A common understanding underpins their authorization conclusions. Following are the processes involved in the evaluation process:
- Communication with and meetings with the applicant firm (if needed) should be regular.
- Oversight Service deficiencies must be corrected by electronic money institutions
Depending on the number of services the applicant company intends to offer, the time it takes to examine the documents will vary. The application must include all documentation required for the proposed services. A narrower service scope may simplify the assessment, but it does not permit omission of mandatory documents.
The Bank of Lithuania website provides information about the licensing process
At present, 214 companies have been licensed by the Electronic Money Institution of Lithuania
- Lėšų pervedimai
- Withdrawal and deposit of cash
- Electronic money issuing
- Instruments for making payments
- Initiation Service for Payments (PSD2)
- Service for Account Information (PSD2)
An EMI licence for restricted activities has been developed specifically to create a favorable environment for Lithuanian and foreign startups. In order to facilitate the access of new market participants to the Lithuanian market and, later, to the European Economic Area market, after they receive a licence to engage in usual activities. An electronic money institution that engages in restricted activities does not have to meet the minimum capital requirement. This is the main difference between EMIs engaged in restricted activities and traditional EMIs. However, electronic money institutions licensed to engage in restricted activities can only do so in the Republic of Lithuania. A minimum capital requirement of EUR 350,000 is required to obtain an EMI licence; however, after completing a notification procedure, this licence permits the company to provide electronic money issuance, redemption, distribution, and payment services in other EU Member States as well.
EMIs are authorised through the Authorities, which receive an application directly from the EMIs. In order to ensure that the planning process is discussed in regards to before starting the project, the planning process is discussed in regards to well before commencing the project. We will discuss all major aspects affecting the licensing process, including authorisation processes, requirements, expectations, etc.
The application process consists of:
- A completed application for an EMI licence is submitted to the Supervision Service of the Authorities, which reviews all documents and makes sure they are complete and have no formal errors within five business days;
- Applications for EMI Licenses are assessed within three months if there are no deficiencies in the documents submitted.
The Board of the Authorities takes a decision regarding the issuance of a license after examining the submitted documents and analyzing summary information provided by the Supervision Service.
- There must be compliance with the requirements of the legal acts that regulate and supervise EMI activities;
- In accordance with the Lithuanian Law on Electronic Money and Electronic Money Institutions, EMIs must possess a minimum capital of EUR 350,000 as part of their initial capitalization.
- EMI’s qualifying shareholders must be able to ensure sound and prudent management, have sufficient repute, and have a sound financial position;
- To perform their duties properly, the heads of electronic money institutions must be well-regarded and have the appropriate qualifications and experience.
- Operating plans must reflect the founders’ abilities to implement them, and prospective EMIs must be prepared to provide financial services in a safe and sound manner when authorized.
For the granting of an EMI licence, a state levy must be paid to the State Tax Inspectorate (STI) before applying. A smaller levy applies to EMI licences to engage in restricted activities.
