Both the Electronic Money Institution (EMI) license and Payment Institution (PI) license issued by the Bank of Lithuania allow credit institutions to provide electronic payment services to clients. An Electronic Money Institution (EMI) licensed in Lithuania under the Bank of Lithuania (BoL) has become available for sale. Through 'passporting', this allows you to operate your electronic money institution across all EEA countries with a single license. An EMI License (for unrestricted activities) allows an electronic money institution to issue electronic money and provide payment services within the European Economic Area (EEA). The e-money can be stored in the clients e-wallet, prepaid card or payment account. IBAN accounts. Unlike banks, EMIs are not allowed to lend money to clients or issue credit cards. Correspondent banking relationship in 25 currencies including USD. It oversees all businesses, including lending entities, providers of remittance services, e-money institutions, investment companies, consumer credit providers, and insurers. Vintage Swiss Trust Company for Sale Financial Assets Business Licenses Available On Request. This EMI has had 5 billion EUR in total transactions to date, over 400 business IBAN accounts operational as of writing and it became profitable at the end of 2020. To get PI license or EMI license easily in Europe you need to have the next documents. Posted on January 21, 2022 by . Certified Actuarial Analyst (CAA) by the Institute and Faculties of Actuaries (IFoA). At the time of this article (May 2021), the amount of fee is 1,463 EUR. For example, there are no minimum capital requirements or shareholder eligibility requirements for an EMI license for restricted activities. If there are no discrepancies or deficiencies with the submitted documents, the Supervision Service will accept the application for consideration. Financial reports include all financial statements, measure of performance through performance indicators, report on the institution funds, etc. The scope of state and government institutions, Cryptocoins and licensing of cryptocurrency operations, Prices for registration and maintenance of companies, Cryptocoins and licensing of cryptocurrency operations. On average the whole process takes ca 5 months, and the state fee for license issuance is just 1448 EUR. Company in Lithuania UAB can assist you obtain an EMI license, thereby ensuring a smooth start for your business. The institution must also submit a set of audited financial statements, together with the auditors report. Distribute and redeem electronic money through an agent. Once the applicant has submitted the license application, the Bank of Lithuania will revert back with comments if there are deficiencies found in the documents submitted. Member of the Cyprus Blockchain Technologies (CyBT) think-tank. Loans provision subject to fulfillment of following points: loan is provided solely for purpose of payments; loans issued in connection with the execution of a payment transaction must be returned within a year; one should not hold loans for the purpose of payments. If the documents are drafted in a different language, they must be translated and signed by a translator. . Provide supporting services such as storage of funds, currency exchange, processing of relevant data, etc. audited financial statements, bank statement, etc. Tetra Consultants assists our international clients in securing a Lithuania EMI license (Electronic Money Institution). Our experts will contact you within 24hrs. Besides issuing electronic money, the licensed institution may conduct the following activities: Grant credit related to the services if the stipulated conditions have been met. You must demonstrate that these pertinent workers have the training and credentials needed to fill these roles. - Minimum initial capital requirement of EUR 350,000. On the other hand, an EMI license for unrestricted activities requires a minimum initial capital of EUR 350,000 and proof of the qualifications and suitability of the shareholders of the EMI. - By becoming an E-money EMI / Electronic Money Institution in Lithuania, your license will be recognised in all other EEA (European Economic Area) member states. Additionally, an EMI that holds a license for restricted activities cannot provide more than EUR 3,000,000 worth of payment services unrelated to electronic money issuance per month. ELI Deal service presents various EMI licenses for sale in Lithuania and helps to make purchasing process as simple and quick as possible. Member of the Cyprus Institute of Internal Auditors (Cyprus IIA) Research and Training Committee. Requirements for an EMI license. Existing management and vendor structure. Operational account and segregated client funds account with Central Bank of Lithuania with a neutral balance. In addition, the ELI Deal team will accompany you at all stages of transaction and give advice on any issue. The prospective EMI will be required to provide a comprehensive business plan that details the management and administration of electronic money insurance activity, based on the nature and range of financial activities provided. E-money is digital representation of cash. The Bank of Lithuania has the right to request for additional documents and reports, when it deems fit. Identification of an interested purchaser is a must. An Electronic Money Institution (EMI) licensed in Lithuania under the Bank of Lithuania (BoL) has become available for sale. An EMI license is required for an electronic money institution to issue e-money. On the other hand, an EMI holding an EMI license for restricted activities can only conduct business activities in Lithuania. Several years ago, Lithuania became the main European jurisdiction issued the most licenses to electronic funds establishments. Both a data security officer and an AML officer are required. Instructors on Compliance, Regulation & Internal Audit at the Institute for Professional Excellence (IforPE). Details EMI In Lithuania for sale Profitable & Operational E-money institution for sale in Lithuania. S Lithuanian EMI for Sale Businesses For Sale Finance Companies Lithuania $1,568,763 (1,590,000 EUR) Why Lithuania? Since e-money is usually backed by fiat money, it is different from cryptocurrency that is based on blockchain technology. Of you decide to buy an EMI license in Lithuania, it will be the right choice for payment service providers who plan to propose a more detailed list of services. This will allow the bank to issue e-money to clients and provide other e-money related services. The Oversight Service verifies, within five working days, whether all the necessary documents have been provided and, if there are no deficiencies, accepts the application. An EMI license for unrestricted activities will allow the applicant to operate in other countries in the EEA without having to procure additional licenses. There are no big demands for company owners and managers regarding residence in Lithuania/Europe. Benefits of Establishing EMI in Lithuania Relatively short time to get license. Compliance audit for applicants. If you are interested in e-money institutions you can find more propositions in the EMI licensing department on this site. Lithuania EMI for sale Cysec STP for Sale Below Market Price 2 years ago . It is an E-money License Lithuania Cost When submitting an application for EMI authorization the applicant is required to pay EMI license fee. EN#0114 - Lithuanian EMI entity for sale. Tetra Consultants assists our international clients to obtain Lithuania EMI License which is needed for electronic payment transactions. However, the institution cannot issue it through the agent. Effective legal framework in line with EU laws and regulations. Additional services connected with E-money. During the meeting, the Bank will clarify the procedure and requirements for procuring an EMI license in Lithuania. It allows them to buy products or services with virtual currency. ELI Deal service presents various EMI licenses for sale in Lithuania and helps to make purchasing process as simple and quick as possible. Instructors on Compliance, Regulation & Internal Audit at the Institute for Professional Excellence (IforPE). A small EMI license costs 1,235 euros. Agreement signing for AEMI license Step 2. A PI license costs 898 euros. Explanation of administration system, critical-path methods, and bookkeeping; A representation of the organizational arrangement; The announcement of the intended acquisition; Participants of the executive team and important role holders were surveyed; The agreement for the Professional liability insurance, documentation proving other analogous liability assurances, and information and support for the computation of the insured sum; Risk assessment survey regarding applicants operations. Every electronic money institution that issues digital money in Lithuania has to procure an EMI license. Electronic money can be kept in a clients e-wallet for a substantial amount of time before the client chooses to retrieve the electronic funds to make payment. The Bank of Lithuania may also refuse to issue a license in the case when the information submitted do not comply with the laws and legal acts regulating the activities and authorisation of EMI. All documents submitted to the Bank of Lithuania must be drafted either in Lithuanian or English. The Lithuanian licensed institution offers; Certified Persons and Certified Anti-Money Laundering (AML) Officers in the Public Register of the Cyprus Securities and Exchange Commission (CySEC). You will be required to demonstrate that . Member of the Cyprus Institute of Internal Auditors (Cyprus IIA) Research and Training Committee. Members of the Cyprus Investment Funds Association (CIFA) and the Associations Fintech Committee. Certified Actuarial Analyst (CAA) by the Institute and Faculties of Actuaries (IFoA). Other important persons should all be named. Such an institution licensed by Lithuania is allowed to transfer money abroad, provide services for withdrawing and depositing money, oversee e-transactions and conduct debit or credit transactions. What are payment initiation services and account information services? For further information on the sale of this Lithuania EMI license, please contact our Mergers & Acquisitions team at [emailprotected]. Nevertheless, the smaller EMIs are exempt from the necessary minimal capital. They are typically stored in a phone or card and are used to make payments during the purchase of goods and services. Special visas for citizens of states that are not part of the EU/EEA, but are conducting their new business in Lithuania. Ensure these funds are covered by an insurance agreement, guarantee or surety bond. Passportized to all European countries. While there is no limit on the transaction amount for a Lithuania EMI license for unrestricted activities, a Lithuania EMI license for restricted activities only allows an electronic money institution to hold an average outstanding electronic money of less than EUR 900,000 per month for the preceding 6 months. These services cannot be provided by an EMI. The shortest possible time that the Bank of Lithuania can issue an EMI license is 3 months for unrestricted activities and 2 months for restricted activities, provided that there are no amendments to be made to the submitted documents. There are two types of EMI licenses in Lithuania, namely the EMI license for unrestricted activities and the EMI license for restricted activities. A big advantage is non-cash payment system allowing you to quickly and easily make transfers of any size. A licensed Electronic Money Institution (EMI) in Lithuania is available for sale. In contrast, funds in a payment account set up by Payment Institution must be credited to the payees payment service provider as soon as possible. Depending on the license obtained, the e-money issued can be used within a region or country to pay for goods and services and converted to other currencies. Members of the Cyprus Investment Funds Association (CIFA) and the Associations Fintech Committee. However, in addition, an EMI License also allows credit institutions to issue electronic money. License can be obtained within 3 - 6 months. Republic of Lithuania Law on Electronic Money and Electronic Money Institutions, Lithuania Law on Electronic Money Institutions. Certified Persons and Certified Anti-Money Laundering (AML) Officers in the Public Register of the Cyprus Securities and Exchange Commission (CySEC). The EMI must be a credit institution incorporated in the Republic of Lithuania or a Member State of the European Economic Area (EEA). The Bank of Lithuania oversees all banking services in Lithuania. In cases, when all documents haven't been submitted or have been submitted with deficiencies, the term is extended for another 3 months for EMI and PI, 2 months - Small EMI and 5-6 months - Small PI. Services throughout the EU/EEA without the need for extra licenses. An electronic money has the following characteristics: Is received by other parties (not including the issuer) as payment. All rights reserved. For the ability to link active bank cards to client internal accounts, you can purchase an AEMI/EMI license. When submitting an application to CBL the applicant must provide the following documents and information: - the articles of association; What languages should the documents submitted to the Bank of Lithuania be in? 2010-2022 Tetra Global Consultants. In addition, a report detailing the operational and security risks, as well as the annual report for supervision of implementation of money laundering and/or terrorist financing prevention measures must be submitted. Obtaining a Lithuania EMI license for unrestricted activities will allow your company to provide any of the above electronic money related services in the European Economic Area (EEA) without having to procure a local license. License is valid for the following activities: 1) services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account; 2) services enabling cash withdrawals from a. Direct connection to Bank of Lithuania Centrolink for own IBAN account issuing and SEPA transfers plus full SWIFT service. Home > Jurisdictions > Lithuania company registration > Lithuania EMI license. Members of the Global Institute of Internal Auditors (IIA). Our service package includes Lithuania company registration, business account opening, license application including advisory services, compliance review, and preparation of business plans and internal policies. Lithuania is a popular jurisdiction to obtain an EMI license. You can see our current offers in the categories Cryptocoins and licensing of cryptocurrency operations, Ready-made companies, Banks for saleandLicenses for sale. You may use your own money to pay for international instalments if you hold a license as an Authorized Electronic Money Institution. EMI license is also informally known as an e-wallet license. As such, Tetra Consultants recommends getting a Lithuania EMI license if you wish to provide e-money services to the European market. Offshore FX CFD license for sale 1 month ago We have offshore market makers companies for sale as follows. Our company has successfully helped more than 10 companies to obtain EMI license in Lithuania. Based on the business plan and documents you provide, Tetra Consultants will prepare a PowerPoint presentation containing information about your company such as your funding model and sources, expected number of employees, outsourcing arrangements and the qualifications of the management team. When will the Bank of Lithuania refuse to issue a license? It was an effort to bring the system for issuing digital money up to date to foster innovation. PROCESS STAGE I Signing and collecting the necessary documents; Step 1. On the other hand, an electronic money institution with an license for restricted activities can only operate within the Republic of Lithuania and is not allowed to provide electronic money services outside the country. ELI Deal service specialists will help you find an EMI license for sale that offers favorable and loyal conditions for running your business. What services can you provide with a Lithuania EMI license? This means that clients fund can be stored for a longer period of time in payment accounts in an electronic money institution as compared to in a payment institution. EN#0155 - Operational investment brokerage firm license in Latvia for sale October 18, 2022. These are other types of financial services. Compliance Officer and MLRO outsourcing. Types of EMI licenses in Lithuania Conditions for license getting Get a consultation +1(888)-647-05-40 office@eternitylaw.com Thus, if you want to open your own commercial structure connected with circulation of digital currency, then purchasing a ready EMI license for sale in Lithuania will be the most profitable option for you in terms of jurisdictional conditions and market stability. In addition, all documentation for obtaining a license can be submitted in English. At this moment, there are 192 EMI Licensed companies operating in Lithuania. E-money is commonly defined as electronic money stored in a computer system or technical device that contains a monetary value. Employees. The Bank of Lithuania requires the established electronic money institution (EMI) to adhere strictly to the following requirements: Fitness of submitted documents: Submitted documents must be accurate and meet the requirements of the legal acts governing EMI activities and their administration. The EMI firm needs to have a chief executive officer and a council with at least three individuals, according to the stipulated organizational hierarchy. Furthermore, you must have adequate resources in place. The Lithuanian licensed institution offers; This listing represents a rare opportunity for a suitable group or investor to acquire a fully licensed and fully operating EMI in Lithuania. Information collection and conduct of KYC on beneficiary and directors: Certificate of incorporation Power of attorney Shareholder register More entities for sale can be found within our Entity Acquisition or Sale service. What is the price? If there are no formal problems, they will take your application into account. New know your customer processes for remote client checking make it possible to create invoices without having to locate the customer at the facility. Make certain that you have a clear idea of your technology issues, such as accountants, and that you have previously established the outsourcing contracts and any other deals with entities involved in the service supply before you apply the papers for the EMI licensing. A unique opportunity of owning this . Our EMI license agent can help you with the purchasing and registration process. For further information on the sale of this EMI license in Lithuania, please contact our Mergers & Acquisitions team at [emailprotected]. Some of this data is a result of Lithuania being the financial technology hotspot of the EU area, and this development of e-wallets has been greatly facilitated by Lithuanias comprehensive legal structure, open for financial technologies, strong commercial and political climate. Tetra Consultants will amend the submitted documents accordingly, if necessary. Modern business is connected with an EMI license which engages in e-money-related and payment services. Typically, the expected time to procure a Lithuania EMI license is around. Upon receiving an amendment request, you will have, Tetra Consultants will arrange for a pre-application meeting with the. nike air zoom victory spikes for sale; employee promotion best practices; . These assets are designed for making it easier for users to complete electronic deals. By Salvus Team News EMI, entities, for sale, Lithuanian Comments Off . This EMI has had 5 billion EUR in total transactions to date, over 400 business IBAN accounts operational as of writing and it became profitable at the end of 2020. Moreover, setting up a company in Lithuania is a fast and simple process. Currently, there are 80 electronic market institutions operating in Lithuania. Call us at: +372.50.43.245 Support: +44.20.3290.7275 E-mail: info@maxcorp.eu Skype: maxcorp.eu Bank account balance with statements for three bank accounts with Swiss Bank, balances in total ~550,000 EUR. Place them in a separate bank account that is opened by a financial institution in the Republic of Lithuania or another Member State. 22 Sin Ming Lane #06-76 Midview City, Singapore 573969. With an EMI license for unrestricted activities, companies can issue digital money, virtual wallets and payment accounts across Europe. Requirements and application : +371 67240090 Contact us about Get your FREE Copy of Guide to do Business in the Baltics The Supervision Service will assess the submitted documents within 5 business days. Own App. You will not be required to attend the pre-application meeting. The traditional role of the bank is to lend money, and this includes providing credit products such as mortgages, bonds, business loans, etc. Lithuania is one of the two fastest EMI Licensing governments in the EU. In the fourth quarter of 2020, the total income from electronic money issuance and payment services in Lithuania was approximately EUR 114.4 million. Typically, this process should take, Upon registering the company, we will proceed to, Generally, you can expect your Lithuania EMI license (Electronic Money Institution) application to take around, For example, amendments may be requested by the Bank of Lithuania if the information previously provided is missing, incomplete, or inconsistent. The monitoring division of the Bank of Lithuania will thereafter demand you fill out an application for the permit. Ability to secure clients money through Central Lithuanian Bank. . The seal of the translation agency should be attached to the documents. To prepare a strong E-money EMI / Electronic Money Institution license application, you will need to demonstrate that you have a local operational setup and presence in Lithuania. The own funds requirement of an EMI designated for issuance of electronic money must account for no less than 2% of average outstanding electronic money. According to research, there will soon be more people using electronic wallets. All electronic money institutions must submit reports and documents to the Bank of Lithuania regularly. Jurisdiction: Lithuania Brand new EMI license issued by the Bank of Lithuania (Q4 / 21). Please contact us to get more information. Starting visa. Like EMI, they are governed under the Lithuania Law on Payments. They can be used to carry out payments with or without a bank account. E-money value is supported by fiat means. If you are interested in an EMI license in Europe, our specialists can consult you. There must be a capital reserve for the Bank of Lithuania. Attending the meeting ought to be executives from your firm. More entities for sale can be found within our Entity Acquisition or Sale service. There is an option to open individual BAN accounts. A working technical platform with core-banking, payment engine, KYC/KYB, monitoring, screening and online bank-end/front-end. The monitoring service should have evaluated and informed you if you supplied the required paperwork within the next 5 working days. If the applicant fails to revise the documents before the stipulated deadline (within 3 months for EMI for unrestricted activities; 2 months for EMI for restricted activities) and does not request a deadline extension, the Bank of Lithuania will not issue an EMI license to the applicant. There is no requirement for a resident director or shareholder to register a company in Lithuania. The Board will review the summarized information and make the final decision on whether to issue the EMI license. The requirements for an EMI license (for unrestricted activities) are more stringent than that for restricted activities. Among the many offers that are constantly updated with new ones, you can find the most profitable and most suitable for you. What do you get by obtaining license in Lithuania? To view list of available EMI and banks for sale in Europe, view this webpage Contact us For additional information on our buying/selling licensed ready-made financial companies, banks, brokerage companies services, please contact our in-house country expert, Mr. Kunal Fabiani, directly: Mr. Kunal Fabiani CEO Americas & Africa Contact me! Before applying, Tetra Consultants will assist you in registering a Lithuania company by providing a local company address and local company secretary. Members of the Global Institute of Internal Auditors (IIA). By using the system of electronic money, customers may conduct transactions with traders. Quick sale. A Lithuania EMI license for unrestricted activities allow the company to issue electronic currency throughout Europe. ELI Deal representatives will get you through preparing documents and business registration procedures, provide extensive advice on compliance with relevant normative demands and other questions you may have. Fully audited core banking system including accounting, booking, four eyes, audit trail etc. on EN#0138 Lithuania EMI license for sale, Copyright 2018-2022 | All Rights Reserved by Painkiller Financial Services Limited |, Dubai introduces Virtual Assets License (VAL) for crypto-businesses, CySEC RBS-F Form and Deadline for the year 2021, SALVUS invited to FMLS 2022 10 years anniversary edition, FATF increased monitoring & high-risk jurisdictions for October 2022, EN#0157 Securities Dealer license in Seychelles for sale, EN#0156 Money broking license in Labuan for sale, EN#0155 Operational investment brokerage firm license in Latvia for sale. Paperwork attesting to the applicants legitimacy; A document attesting to a representatives entitlement to representation; A documentation attesting to the payment of the licenses stamp obligation; Evidence in writing that the minimum share capital is not lower that the level allowed by law; An explanation of the steps taken (or to be done) to protect customer finances. This means establishing a physical base, including a physical office. ELI Deal representatives will get you through preparing documents and business registration procedures, provide extensive advice on compliance with relevant normative demands and other questions you may have. The great decision for every entrepreneur will be obtaining an EMI license for sale in one of the Baltic countries such as Lithuania, which is situated on the Baltic Sea coast, a signatory to the Schengen Agreement, and a WTO member. Once the Bank of Lithuania has given approval for your company to proceed with the application submission, Tetra Consultants will assist in preparing and submitting the relevant documents to the Supervision Service of the Bank of Lithuania. Other important persons should all be named. License fees - E-money license fee in Lithuania - EUR 1,463 - Small E-money licence fee EUR 1,235 Extensive clients base and many more. That obtain a financial license in Lithuania, a number of conditions must be met: the head office is registered on the territory of Lithuania, while the businessman has branches anywhere, including outside the state; the authorized capital limit is determined taking into account the peculiarities of the chosen .
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