Licence of Electronic Money Institution in Lithuania

The Electronic Money Institution (EMI) license is a license issued by the Bank of Lithuania that allows businesses to issue electronic money and hold customer funds. Electronic money is a digital form of monetary value, issued by authorized institutions, used to pay for transactions, and can be stored electronically. Any business wishing to offer various payment services in Lithuania and other EU countries, including but not limited to digital wallets, prepaid cards and online payment gateways, must obtain the license.

Comparison of payment institutions and electronic money institutions.

The Payment Institution License in Lithuania authorizes companies to provide various financial services that are important for both businesses and individuals. Before deciding to obtain an electronic money institution license, it is necessary to understand whether it is necessary to obtain an electronic money institution (EMI) license or whether it is sufficient to obtain a payment institution (PI) license. To clarify the difference between the two, here is a simple comparison:

A payment institution (PI) is a legal entity that provides payment services but does not allow the use of electronic money. PI can provide the following main services:

    ■ Deposits and withdrawals of cash from payment accounts and related operations;

    ■ Payment account management;

    ■ payment transfers and credit transfers;

    ■ issuing and managing debit cards;

    ■ The Standing Committee;

    ■ Electronic payments (e. g. using mobile phones or other smart devices)

    ■ Payment for Initiation Services;

    ■ Account information services.

An electronic money institution (EMI) is a legal entity that both provides payment services and allows the use of electronic money. Electronic money institutions can provide all the typical services of payment institutions, but can also:

■ Issuing and managing electronic money;

    ■ Provide e-wallet services that can store and manage electronic money;

    ■ currency exchange;

    ■ Payments can be made using electronic money.

The main difference between payment institutions and electronic money institutions is that electronic money institutions have the right to issue and manage electronic money, while payment institutions have no right. Electronic money is a virtual means of payment that can be paid online or in other electronic spaces and can be converted into real money at a set exchange rate.

Requirements for obtaining a license for an electronic money institution

If you plan to obtain an EMI license in Lithuania, you must meet certain prerequisites to be eligible for a license. Our experts will be happy to guide you through every step of the process, ensuring that you fully understand the requirements and have the necessary knowledge to meet them.

    ■ Key Positions

Our team of experts can cover key positions such as Money Laundering Reporting Officer, Cybersecurity Specialist and Compliance Officer to help you meet regulatory requirements.

    ■ File

In terms of documentation, we will help prepare the following information when submitting an application:

EMI license application form; statement of initial capital payment; copy of Lithuanian office lease contract; business plan; internal policies such as AML/CFT policy, risk management policy, information security policy, etc. (we will prepare all necessary policies and documents for you).

    ■ Initial Capital Requirements

The initial capital for future EMI licensees is € 350,000.

    ■ Meeting with the Bank of Lithuania

We can assist you in organizing a meeting with the Bank of Lithuania and provide comprehensive legal support throughout the process. Our team will coordinate with you and attend the meeting to ensure that all necessary documents and procedures are met. We will also provide guidance on regulatory requirements and help you prepare for the conference. With our support, you can complete the process with confidence and increase your chances of success.

As part of our legal advice and project analysis services, we provide comprehensive support from the initial consultation to the licensing process. We provide assistance in implementing all the necessary policies and projects to help you obtain a regulatory-compliant electronic money institution license in Lithuania. Our team of experts will guide you throughout the process to ensure your success.

Procedures for obtaining licenses for electronic money institutions

If you have decided to obtain an EMI license in Lithuania, it is important to understand the basic stages involved in the licensing process. The main phases are as follows:

    ① Submission of application

First, we need to prepare an application form and submit it to the regulator-Bank of Lithuania to apply for the issuance of an EMI license. The regulator will assess whether to accept the application for review within 5 working days.

    ② Application evaluation

If everything is in order, the regulator will evaluate the application and the accompanying documents. If there are no defects in the application materials, the license will be issued within the fastest period of 3 months. If additional information or documentation is required, the review period will be extended.

    ③ Issue or refuse to issue a license

The Board of Directors of the Bank of Lithuania, after evaluating the application and all supporting documents, will review the information and decide whether to issue a license to you.

Steps to obtain an electronic money institution license

We provide comprehensive assistance to those seeking to obtain an EMI license, making the whole process easier and more convenient. Our goal is to streamline the licensing process for you so you can focus on your core business activities. With our help, you can be confident that your EMI license application is secure and that you can provide basic financial services to individuals and businesses in Lithuania.

Step 1: Strategy Development and License Preparation

We offer at a price of 3 000 euros:

24-hour business consultation.

For the price of 5 000 euros, we offer

48 hours of business consultation.

Comprehensive analysis of your business model; Risk assessment of partner countries, customers and capital flows; Compliance assessment of Lithuanian regulations; Review all necessary documents, including policies and licensing requirements; Customized step-by-step plans and strategies for obtaining licenses; Get all the information needed to start the project and confidently show your business model to the Bank of Lithuania.

Step 2: Pre-licensing-€ 20,000

In this step, we will assist you in setting up your company in Lithuania and preparing everything for the licensing process. We will assist you

Organization of meetings with the Bank of Lithuania;

registered company;

Opening a company account; initial capital registration; developing a business plan for the next 3-5 years; making decisions on issues such as information technology solutions, experts, renting an office;

Hiring experts.

Step 3: Licensing-€ 25,000

In this step, we will manage all your documentation requirements and submit the application and all necessary information on your behalf for review by the regulatory authorities. If the regulator raises any questions, we will provide legal assistance until the license is successfully obtained.