Payment Institution license
in Lithuania

Launching payment business from scratch.

Lithuania is one of the most popular European jurisdictions for obtaining a PI (Payment Institution) license. Favorable conditions have been created here for the start and development of fintech projects, and the licensing procedure is characterized by more lenient requirements compared to other countries. Experts from SBSB Fintech Lawyers will help you obtain a license for legal activities as a provider of financial services and will provide support at all stages of the business project implementation, taking on the resolution of all bureaucratic issues.

Why choose Lithuania for obtaining license for payment services

The Lithuanian regulator (Bank of Lithuania) actively develops the financial technology industry and creates favorable conditions for foreign investors. This is why this jurisdiction is rightfully considered the European hub for the easy and fast start of fintech projects.

In Lithuania, it is possible to obtain several types of licenses for launching a payment service — EMI and PI (including their limited versions Small), and a license for Account Information Service Provider. The functionality of the PI class license allows legally providing such payment services:

  • conducting operations with payment accounts (for example, crediting or withdrawing money);
  • conducting financial transfers through the payment account with the provider of payment services of the user or with another provider of payment services, including credit line transfers;
  • issuance of payment instruments and/or acquiring of payment transactions;
  • payment initiation services.

To learn more about the PI license and the opportunities it opens up for licensees, consult with SBSB specialists.

Advantages of Obtaining Payment License in Lithuania

There are several key advantages to obtaining a payment license in Lithuania:

  • Developed banking and payment infrastructure. By obtaining a Lithuanian license, you will find it easy to connect to SEPA.
  • Active support for the fintech business at the state level. In addition to a transparent regulatory framework, the jurisdiction offers a “sandbox” mechanism for testing innovative solutions.
  • Possibility to enter the markets of EU member states. Thanks to the passporting procedure, companies can provide their services throughout the EU, which allows for scaling the business, increasing the number of customers, and conducting cross-border operations.
  • Favorable tax climate. Lithuania has lower tax rates than other European jurisdictions, with a number of tax incentives provided for new companies. This attracts the attention of many fintech startups.
  • Relatively fast and not very complex licensing procedure. The Lithuanian central bank strives to maintain a balance between user protection and the stimulation of innovations in the financial sector, so the jurisdiction has created transparent licensing conditions.

Requirements for Obtaining Lithuania Payment Institution License

An applicant for a license must go through several stages, including:

  • preparation of a document package;
  • online submission of an application through a special electronic portal of the Bank of Lithuania;
  • verification of the submitted information by the regulator;
  • decision-making by the regulatory body after reviewing the documents.

At the document preparation stage, representatives of the potential licensee must meet with specialists from the Bank of Lithuania’s Supervision Service.

The potential licensee must meet certain requirements. The list of mandatory documents includes:

  • confirmation of the availability of a minimum share capital of €20,000–125,000 (the amount depends on the type of services that the company plans to provide);
  • business plan of the company and financial forecasts;
  • description of the organizational structure;
  • security policies, including AML / CTF procedures;
  • other external policies and procedures;
  • data on owners and key personnel, as well as information about their qualifications and experience.

Cost of Obtaining PI License

The amount of payment varies depending on the project. In each case, the features of the business model and additional expenses are taken into account (for example, office or staff search, policy writing). Contact the SBSB team to find out the exact cost of your project!

How to obtain Payment Institution License Lithuania

If you plan to obtain a payment institution license in Lithuania or another jurisdiction, you need the help of professionals. Experts from SBSB Fintech Lawyers offer comprehensive turnkey legal support, thanks to which you do not need to worry about bureaucratic aspects during the licensing procedure. Our team will take care of all organizational matters, including document preparation and communication with the regulator.

Contact SBSB experts, and you will receive a payment license to launch your payment service!

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