Entrepreneurial activities in segment of payments digital systems is actively gaining momentum. Many executives are already interested in the possibility of obtaining the status of issuer of E-money and organizing a neo-bank. Nevertheless, legitimate work requires special permit. Presently Lithuania is in leading stance as one of the leading countries in attracting Fintech projects. Unlike other countries, Lithuanian Bank sets its loyalty by providing licensed permissions and developing this sphere. That’s way EMI license in Lithuania for sale will be great opportunity to conquer this niche.
Why Lithuania? Benefits of Establishing EMI in Lithuania
- Relatively short time to get license. Entire licensing way, depending on completeness of submitted documents, usually takes from 6 to 12 months.
- Effective legal framework in line with EU laws and regulations. In addition, all documentation for obtaining a license can be submitted in English.
- Possibility of certification of the license for all EU countries. As a result of the UK’s exit from the EU and the lack of financial cooperation arrangement between EU and UK, some UK licensed firms subsequently moved to EU, not wanting to be tied to just one market.
The licensed organization is entitled to:
- credit means to clients’ accounts;
- cash withdrawal operations;
- perform transactions of various types (direct transfers, etc.);
- make payments with participation of trust limits;
- issue plastic cards to pay for different things;
- transfer funds without opening an account.
Payment facility license entitles a legal entity to operate only in the territory of the issuing country. Nevertheless, registration in one of European Union jurisdictions, it will be possible to work in any of the EU states.
First of all, it is important to understand that this activity is carefully checked by the state. Therefore, in order to obtain a permit, you will need a properly prepared set of documents that will fully comply with all the requirements of the jurisdiction. In addition, you need to register the project. Depending on the category, registering procedure is modified. For example, small payment licensed permission is suitable for legal entities whose activities are limited to an amount of three million euros per year. Generally, application is sent to Commission with next mentioned papers:
- company information;
- complete package of data on founders and shareholders;
- business plan for a three-year period;
- confirmation of the security of the funds accepted from the individual entrepreneur and legal entity;
- evidence of non-involvement in money illegal circulation.
If you are interested in such a question, remember that this is a rather lengthy process, and if difficulties arise, licensing may be denied. Commission has the right to request any other documentation. It is important that founder of enterprise has a specialized education. In addition, officials will be asked to provide evidence of at least three years of experience in the segment. Despite the apparent simplicity, the procedure is quite complex and confusing. Therefore, candidates are advised contacting professionals for registration.
