This automatically gives companies that have a license of the Lithuanian payment system a competitive advantage. The authorization is issued for 3-6 months, and the applicants will not have to wait about a year, as in many other states.

The Procedure to Obtain a Lithuanian Payment License

The license of electronic money in Lithuania is issued when the following requirements are met:

  • Opening a full-fledged, operating company. A branch or a representative office do not fit: the company must have a head office or a main office in the country, and all control and management processes and transactions are required to be performed through it. The EU directive stipulates that it should not be less than 350 thousand euros. The larger the activity of a potential electronic money issuer, the greater the authorized capital amount.
  • A presence of accounts in the Lithuanian bank. Even if the company already provides the corporate services in another European country, this condition needs to be met due to the financial flows must pass through local structures to facilitate the control by the regulator.
  • At least one resident of the country presented in the top management of the company. He, like other directors, must confirm professional competence with documents. The Managing Director is required to reside permanently in Lithuania throughout the company’s life.
  • At least one individual is a member of the company’s founders.

A payment license in Lithuania is issued to applicants who have complied with the requirements and provided a package of the confirming documents to the regulator. That are:

  • the constituent documents of the company (depending on the organizational form);
  • information identifying all investors / shareholders of the company;
  • a description of internal regulations, safety procedures and regulation (compliance, AML and so on);
  • a documentary confirmation of a bank account availability, “physical” office and a legal address of the company and other documents that the regulator shall deem necessary to require.

Our Services

“Prifinance” company provides a support in obtaining Lithuanian payment licenses and performing all related procedures. We will develop for the customer an individual strategy of action, an optimal taxation model and help:

  • to register a company and open an account in the country;
  • to collect documentation for EMI obtaining in Lithuania under the rules of the country – experts will check it for a presence of legal and actual errors, help to translate it and legalize;
  • to draw up a business plan, a business model;
  • to submit a license package to the registration authority, to obtain a license.

Our customers who wish to issue electronic money and provide related services will receive a professional legal and organizational support. Please, contact us, we will undertake all hassles and formalities.

Our clients