Advantages of emi license in Lithuania.

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In domestic and international transactions, electronic money is increasingly being used. Compared to any other forms of payment, they have several strengths:

  • there is no need to exchange such money;
  • multiple currencies can be stored in electronic wallets and accounts to avoid unnecessary conversion procedures;
  • you can use the tools remotely;
  • transfers are usually instantaneous;
  • electronic money is protected from counterfeiting, theft, change of value.

All this makes electronic money a convenient payment tool, for the use of which you need to license Electronic Money. Our managers are always ready to provide you with advice regarding the implementation of this payment system and obtaining the appropriate permits.

The importance of emi license in Lithuania

EMI license lithuania is a digital alternative to cash, which allows its users to make cashless payments with money stored on the card or phone, as well as through online transfers via the Internet.

The company that holds the EMI license gets the same rights as the payment institution, and even more. Companies licensed by EMI can keep their customers’ money longer, as well as produce payment cards, e-wallets and other payment instruments that provide for the storage of customer’s funds. With their help, it is convenient for customers to carry out payment operations, in particular, to buy goods and services.

EMI License in Lithuania: Transaction Limits

The e-money license allows institutions to open sub-accounts for their customers. Thanks to this, it is possible to create special electronic wallets. Before opening an EMI account, client verification is required, which includes the KYC procedure. This procedure is followed throughout the life of the account, until its closure. In some cases, additional verification methods may be introduced, for example, when certain limits are reached. If KYC-information about the client is insufficient, restrictions may be imposed on the use of the account.

Conditions for obtaining an EMI license in Lithuania.

Each licensing procedure is different, so not only can different requirements apply, but also conditions.
  • The company must have at least 3 directors, who together with the shareholders must have experience in the financial sphere.
  • An integrated personnel management policy is in place as well as the procedures that are required to ensure a business model.
  • Payment of the authorized capital, the amount of which depends on the turnover of the company, the region of activity (in the country of registration or throughout the EU/world) and the nature of the proposed services.

In addition, a certain fee for filing an application is required. To renew the license for electronic money you need to pay an annual fee. Its size depends on the jurisdiction where the licensing takes place.

The procedure for obtaining an EMI license in Lithuania

The applicant for a license must fully comply with all the requirements established by law and prepare all documents, including:

  • business plan;
  • information about the founders;
  • documents confirming financial solvency.

Despite the long procedure, the result is worth it, because the companies that have received the EMI license, will be able to effectively offer their clients a range of banking services in addition to lending and storage services for clients. Moreover, as a rule, all these services are available online, which people around the world enjoy. EMI allows you to make payment transactions as easy as possible, and this is an important reason for their worldwide popularity.