Payment license in Lithuania: Britain’s equivalent and even better.
Great Britain had long been perceived as the financial hub of Europe with its multiple advantages but with Brexit, many businessmen have started considering other European jurisdictions, e.g. Lithuania.
This article is about whether it is worthwhile to get a payment license in Lithuania and covers the key regulator requirements and major advantages of the payment license in this jurisdiction.
Payment license in Lithuania: why has it got businessmen interested?
The UK had long been the leading EMI license issuer in Europe but its exit from the EU (Brexit) opened up opportunities for other European countries, including Lithuania, to shoot ahead. So what is appealing about other jurisdictions?
Financial companies holding a British payment license are alarmed at the possibility of becoming unable to provide financial services in the EU. Although there is not much clarity as of now, companies tend to play it safe and prefer to obtain EMI licenses in other European countries, including Lithuania.
Lithuania offers a significantly simplified EMI licensing process: the Bank of Lithuania has implemented an online process for payment license applications. Many well-known companies opt for the Lithuanian EMI license. For example, Paytend Technology, a Chinese company designing software for financial services, got its EMI license in Lithuania and set up its European headquarters there.
Key benefits of the Lithuanian EMI license
We have highlighted the following advantages of the Lithuanian payment license:
- recognition in all EU countries. The passporting process enables operations in all European Community countries under a single license;
- access to SEPA and CENTROlink, a payment system designed and managed by the Bank of Lithuania;
- remote account opening for individuals and entities;
- Visa and MasterCard payment cards issued both for individuals and corporate users;
- remote KYC procedure;
- a supportive environment for startups.
Getting the EMI license in Lithuania
The key requirements for the Lithuanian EMI license include:
- minimum authorized capital: EUR 350,000;
- good standing and relevant qualifications and experience;
- customer funds must be kept in a separate customer account (or must be insured);
- presence of the management’s representative in Lithuania.
So the payment license in Lithuania is becoming increasingly popular. Lithuania is a well-reputed and enabling jurisdiction with a favorably disposed regulator. The country offers an opportunity to get the EMI license remotely, with unique access to European payment systems via CENTROlink.
SBSB has an extensive portfolio of successful EMI license issues in Lithuania and beyond. We offer comprehensive FinTech project management on a turnkey basis, including but not limited to jurisdiction selection for company registration, legal support, software design for payment systems, and full-fledged project launch. Join our Telegram chat to get a free online consultation.