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EMI License in Lithuania

Lithuania EMI license (Electronic Money Institution)

EMI license in Lithuania is a profitable tool, increasing the prospects of your business's growth and development. Gofaizen&Sherle specialists provide a full company set up with all the necessary infrastructure, and support at every stage and the result is a Lithuanian EMI license.

Every company engaged in issuing electronic currency in Lithuania must obtain an EMI license to legally operate in this jurisdiction. Having a license will allow offline/online payments, providing sub-accounts within a bank account, creating electronic wallets, providing individual IBANs, and transferring money to foreign accounts.

Holders of a Lithuanian license are allowed to provide the above services in the European Economic Area (EEA) without having to obtain an additional license in another EEA state. This license is passported for these activities, which allows you to work in other states. In addition, an entrepreneur may obtain a limited EMI license and provide its services only in Lithuania. In this case, certain restrictions may apply to the company's turnover.

All about the Lithuanian EMI license

EMI
  • After the UK left the EU, Lithuania is leading the way with a record number of FinTech licenses issued in European jurisdictions. Currently, more than 100 Lithuanian payment institutions and electronic money issuers have already received registration.
  • The Central State Bank is loyal to possible errors or shortcomings of the company during the first year of its existence. In addition, there is a special visa procedure in Lithuania, which allows startups to obtain a residence permit in a simplified procedure.
  • EMI licenses are issued by the Lithuanian Central Bank. This state regulator, as well as other government institutions issuing licenses in Europe, is guided by the 2009-110 EC Directive, which is the basis of law for issuing electronic money.
  • The submitted documentation for the EMI license will be reviewed by the Central Bank of Lithuania within 3 months from the first day of submission. The decision to issue an EMI license will be made after the review, within the same 3 months. If there are shortcomings in the documentation related to the form of the document and its content, the regulatory authority may request corrected forms or missing data on regulatory requirements.
  • Since 2016, Lithuania has been a member of the SEPA single payment area, which unites 34 countries of the world. Thanks to a single account in this structure, the country has the right to be a payer and recipient of money within SEPA countries. Thanks to the generated accounts of the CENTROLink payment system, the user has direct access to the Single Euro Payment Area.

Capabilities of Lithuanian EMI license compared to classic banks

Payment Service Provider (PSP)
Electronic Money Institution (EMI)
Specialized Bank
Bank
Payment services/money remittance (In and Out)
Fiat currency exchange
Issuance of E-money (opening multicurrency accounts, e-wallets)
Lending to businesses and individual
Deposits to businesses and individuals
Investment services, clearing, securities emissions
EU Passporting to provide services in all EU countries
Payments System by Central Bank (for EUR settlement in SEPA area)

Advantages of a Lithuanian EMI license

EMI
  • Relatively fast and simple procedure for obtaining an EMI license.
  • Customers can obtain a personal IBAN
  • Possibility of SWIFT transfers
  • Remote opening of payment accounts for individuals and legal entities
  • The company can issue Visa or MasterCard payment cards
  • The company can transfer payments with global banks in different currencies
  • The company can make its own payment decisions and open accounts. In addition, correspondent accounts around the world
  • Providing services for cash deposit or withdrawal and all transactions necessary for payment account operation.
  • An extremely attractive tax system with relatively low taxes ranks 6th in the international ranking of Tax competitiveness
  • The duration of the license is not limited to time.
  • Passporting the license to other EU countries.
  • All documents can be submitted in English. In addition, the jurisdiction of Lithuania complies with EU norms and therefore does not require in-depth research.
  • Ability to conduct customer checks remotely as part of KYC procedures, through video link, digital signature, or electronic copies of documentation.
  • Virtually no fines in the first year of the institution

Stages of EMI License in Lithuania acquisition

Stage 1

Preliminary assessment of the project

clock2-4 weeks
3000 EUR
Result
Process
Initial meeting with the Bank of Lithuania is successfully conducted; The approval to proceed with licensing is received from the Bank of Lithuania

Gofaizen & Sherle conducts preliminary analysis of the client prepares for the initial meeting with the Bank of Lithuania, which includes:

  • 1.Analysis of the documents that client have on hands
  • 2.Preparation of materials for the meeting with the Bank of Lithuania
  • 3.Preparation for initial meeting with representatives of the Bank of Lithuania
  • 4.Representing the client on the initial meeting with the bank of Lithuania

Stage 2

Pre-Licensing process

clock2-3 Months
17 000 EUR
Result
Process
Basic documents have been prepared; there is a complete understanding of the project; preliminary approval from the Central Bank of Lithuania obtained

Gofaizen & Sherle After the successful meeting with Bank of Lithuania conducts pre-licensing process which includes the following:

  • 1.General consulting regarding the EMI licensing process
  • 2.Initial assessment for infrastructure require
  • 3.Preparation of (a) Business plan (b) Program of Operations (c) preliminary Financial Forecasts
  • 4.Shareholders and Group Companies Due Diligence
  • 5.Local Company Formation and assistance with Bank account opening for share capital contribution
  • 6.Human resource (at least 4 employees shall be in Lithuania) -assistance in essential staff recruitment process; drafting employment agreements
  • 7.Premises search (HQ should be based in Lithuania)

Stage 3

Licensing

clock4-6 Months
15 000 EUR
Result
Process
All the necessary documents are drafted, application submitted; license granted

Gofaizen & Sherle carry out assistance for licensing process according to the following steps:

Preparation of legal, financial and IT documents (non-exhaustive list):

  • 1.Description of the Management Structure
  • 2.Compliance documentation (AML/KYC/KYT etc.)
  • 3.Financial documentation and forecasts
  • 4.Operational Risk Procedures
  • 5.IT Procedures

Application for the license

  • 1.Submission of the application for the license
  • 2.Representation and guiding through the entire licensing process
  • 3.Payment of the state fees

Stage 4

Infrastructure set-up

clock2-3 Months
10 000 EUR
Result
Process
All the necessary arrangements for the project are completed; EMI license holder fully operative

The stage is necessary for the license holder to be fully operative and be capable of initiating activity. Deliverables include the following:

  • 1.Setup of IT Systems -mediation in finding an IT system supplier and/ or facilitation of IT; system development to meet EMI License requirements
  • 2.Compliance –consulting and training of employees on KYC process, AML and terrorist financing check tools according to the specs of the project
  • 3.Banking Partner –to meet the requirements on clients’ funds segregation, provide FX and/or cross-border transfers, and other financial services

Stage 5

Maintenance and add-ons. Ongoing after license acquisition by Request

clockOptional
Result
Process

This stage is necessary to support and maintain the structure and includes:

  • 1.Accounting services
  • 2.Auditing
  • 3.Opening of safeguarding accounts
  • 4.Connection to SWIFT payment scheme
  • 5.Agreement for the issuing own brand MasterCard cards
  • 6.BIC/SWIFT and LEI codes acquisition
  • 7.Reporting to Central Bank on the regularly basis
  • 8.Applying for activity in other jurisdictions (incl. passporting)
  • 9.Consulting on the arising issues from Central Bank
Documents
Requirements
Charter of the payment institution
Corporate documents
Company requisites
Detailed business plan
Action program and activity structure
Proof of minimum share capital
Bank account
Founders' passports and certificate of registration
A detailed description of the generally accepted measures to protect and regulate clients' funds
Local office lease agreement
Criminal records of all beneficiaries
Description of the use of internal management controls, including administrative procedures, risk management procedures, and accounting procedures
Description of the internal management control mechanism for the performance of duties to prevent money laundering and terrorist financing
Description of company policies: customer funds protection measures, risk and accounting controls, AML, organizational structures, and branches
The minimum share capital of 350,000 euros (no share capital requirement for a restricted license)
Proof of origin and receipt of finances
Opening of a local office
Opening of a Lithuanian bank account
Availability of AML officer
Impeccable reputation of the company's beneficiaries
A director or manager must have higher education in law or economics, management or business administration, and have an impeccable reputation, competence, and practical experience as the head of the institution.
There must be at least one individual among the shareholders, Lithuanian residency is not required. The main requirement is the age over 18 and impeccable business reputation.
Requirments
Opportunities
Charter of the payment institution
Corporate documents
Company requisites
Detailed business plan
Action program and activity structure
Proof of minimum share capital
Bank account
Founders' passports and certificate of registration
A detailed description of the generally accepted measures to protect and regulate clients' funds
Local office lease agreement
Criminal records of all beneficiaries
Description of the use of internal management controls, including administrative procedures, risk management procedures, and accounting procedures
Description of the internal management control mechanism for the performance of duties to prevent money laundering and terrorist financing
Description of company policies: customer funds protection measures, risk and accounting controls, AML, organizational structures, and branches
The minimum share capital of 350,000 euros (no share capital requirement for a restricted license)
Proof of origin and receipt of finances
Opening of a local office
Opening of a Lithuanian bank account
Availability of AML officer
Impeccable reputation of the company's beneficiaries
A director or manager must have higher education in law or economics, management or business administration, and have an impeccable reputation, competence, and practical experience as the head of the institution.
There must be at least one individual among the shareholders, Lithuanian residency is not required. The main requirement is the age over 18 and impeccable business reputation.

FinTech lawyers in Lithuania

Laura Puidokienė

Laura Puidokienė

Position:
Associate, Lawyer
Vladimiras Kokorevas

Vladimiras Kokorevas

Position:
Senior Associate, Lawyer

TESTIMONIALS

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    Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
    Vladimir Nosov
    CEO
    Whitebit
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    quotes
    Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
    Liubov S
    CEO
    Payeer OÜ
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    quotes
    Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
    Edward Kost
    CEO
    VULTURE OÜ
  • logo
    quotes
    We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
    Bar El
    CEO
    UAB GetCoins
  • logo
    quotes
    Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
    Nikita Tepikin
    Managing Partner
    Legal Kornet
  • logo
    quotes
    The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
    Ganna Voievodina
    CEO
    Manimama OÜ
  • logo
    quotes
    At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
    Victor Romero
    CEO
    UAB Pilsenga
  • logo
    quotes
    Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
    Roman Potemkin
    Founder & CEO
    TRASTRA
  • logo
    quotes
    Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
    Ben Richter
    CEO
    Ventures X
  • logo
    quotes
    Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
    Thomas Zelias
    CEO
    UAB TalentChain

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Lõõtsa tn 2a, 11415 Tallinn, Estonia
Žalgirio g. 88-101, Vilnius, Lithuania
License for operating activity: FIU000407
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