EMI License: Lithuania EU

The EMI license in Lithuania is a profitable tool that increases the potential of your company's growth and development. 

To lawfully function in Lithuania, every company that issues electronic currency must first obtain an EMI license. A license allows for offline/online payments, sub-accounts within a bank account, electronic wallets, individual IBANs, and money transfers to overseas accounts.

The European Economic Area (EEA) permits holders of a Lithuanian license to provide the following services without the need for a separate license in another EEA state. This license is transferrable for certain activities, allowing you to work in other states. Furthermore, an entrepreneur may obtain a limited EMI license and exclusively supply services in Lithuania. In this case, the company might face restrictions on its turnover.

Advantages of a Lithuanian EMI License

• Obtaining an EMI license is a rather quick and simple process
• Customers can have their own IBAN
• SWIFT transfer capability
• Individuals and legal companies can open payment accounts remotely
• The business can issue Visa or MasterCard credit cards
• The corporation can make payments in several currencies to global banks
• The corporation has the authority to make its own payment decisions and open accounts Furthermore, correspondent accounts from all across the world
• Providing cash deposit and withdrawal services, as well as all transactions required for payment account administration
• In the international rating of tax competitiveness, an exceptionally appealing tax structure with relatively modest rates ranks sixth
• The duration of the license is not time-limited
• Passporting the license to other European Union countries
• You must write all documentation in English. Furthermore, Lithuania's jurisdiction is compliant with EU standards and hence does not necessitate much investigation
• Customer checks can be performed remotely as part of KYC procedures via video link, digital signature, or digital scans of documents
• In the first year of the institution, there were almost no fines.

Requirements for obtaining an EMI License:

• A minimum share capital of 350,000 euros is required 
• Proof of origin and receipt of funds
• Opening of a local office
• Opening a bank account in Lithuania
• AML officer availability
• Beneficiaries' impeccable reputation
• As the leader of the institution, a director or manager must have a higher education in law or economics, management or business administration, as well as an excellent reputation, competence, and practical experience
• The shareholders must include at least one individual; Lithuanian residency is not necessary. The essential criteria is that you be over the age of 18 and have a stellar company reputation.

The regulatory authority for EMI-licensed companies in Lithuania is

• Supervision Service of the Bank of Lithuania

More info about the Lithuanian EMI license:

• Following the UK's Brexit from the EU, Lithuania has set a record amount of FinTech licenses awarded in European jurisdictions. Over 100 Lithuanian payment institutions and electronic money issuers have already been registered
• The Central State Bank is committed to correcting any mistakes or weaknesses that may have occurred during the company's first year of operation
• Furthermore, Lithuania has a particular visa procedure that allows entrepreneurs to obtain a residence permit in a streamlined manner
• The Lithuanian Central Bank issues EMI licenses. This state regulator, like other government agencies in Europe providing licenses, is directed by the 2009-110 EC Directive, which is the legal basis for issuing electronic money
• The Central Bank of Lithuania will evaluate the EMI license documents submitted within three months of the initial day of submission. Following the review, the Central Bank of Lithuania will make the decision to award an EMI license within the same time frame. If there are deficiencies in the documentation about the form and content of the document, the regulatory body may request revised forms or missing data on regulatory requirements
• Lithuania has been a member of the SEPA single payment area, which connects 34 nations around the world, since 2016.