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Obtaining an Electronic Money Institution License in Lithuania
Lithuania has become a popular choice for businesses seeking to enter the European e-commerce market through electronic money issuance. By obtaining an Electronic Money Institution (EMI) license in Lithuania, companies gain the authority to operate across the entire European Union.
What is an EMI License in Lithuania?
An EMI license in Lithuania grants permission to issue and manage electronic money, providing various financial services. This includes:
- Storing monetary value electronically;
- Issuing payment instruments (like cards);
- Processing payments and transfers;
- Providing acquiring services.
Lithuania’s business-friendly environment and relatively straightforward licensing procedures have made it an attractive jurisdiction for fintech startups and established financial institutions.
Benefits of a Lithuanian EMI License
- EU-wide Passporting: Operate across the European Union with a single license;
- Favorable Regulatory Environment: Lithuania offers a supportive regulatory framework for fintech businesses;
- Lower Costs: Compared to other jurisdictions, Lithuania boasts competitive taxation and licensing fees;
- Access to SWIFT Payments: Facilitates international transactions;
- Ability to Open Accounts: For both individuals and corporate entities.
Steps to Obtain an EMI License in Lithuania
The process of acquiring an EMI license involves several key stages:
- Data Collection and KYC: Prepare essential documents such as articles of association, shareholder information, software descriptions, and financial records;
- Company Formation: Establish a legal entity in Lithuania and set up a local office;
- Application Preparation: Complete necessary forms outlining the business structure, financial plan, and IT security measures;
- Financial Documentation: Provide details of the company’s bank account, VAT number, and accounting arrangements;
- License Application: Submit the completed application to the Bank of Lithuania.
Are you looking to overcome financial boundaries in the modern digital economy? Unlock vast opportunities with IFB. Contact us today and obtain an EMI license in Lithuania or buy ready-made companies with this license!
