Electronic Money Institution (EMI) license in Lithuania

Lithuania is the ideal destination for entrepreneurs and companies that wish to start a financial services business and obtain the Electronic Money Institution license thanks to the most favorable pricing and conditions in the EU.

Our expert team can guide you through the process of obtaining the license and provide invaluable legal and business expertise, ensuring your success.

Submit an application for a EMI license in Lithuania Submit an application

Electronic Money Institution license in Lithuania

An Electronic Money Institution (EMI) license is a permit issued by the Bank of Lithuania that enables a business to issue electronic money and hold client’s funds. Electronic money is a digital form of monetary value issued by authorized institutions for making payment transactions and can be stored electronically. This license is necessary for any business that wishes to offer a variety of payment services, including but not limited to digital wallets, prepaid cards, and online payment gateways in Lithuania, as well as in other EU countries.

The country's favorable regulatory environment, efficient licensing process, and competitive pricing make Lithuania an attractive destination for businesses looking to enter the electronic money issuance market. Furthermore, the country's membership in the European Union provides EMI licensees with access to a wide range of markets, making Lithuania an ideal hub for conducting business throughout the continent.

Payment Institution and Electronic Money Institution comparison

A Payment Institution license in Lithuania provides companies with the authority to offer a wide range of financial services that are essential for both businesses and individuals. Before deciding to obtain an Electronic Money Institution license, it is essential to understand whether an Electronic Money Institution (EMI) license is necessary or a Payment Institution (PI) license would be enough. To clarify the differences between the two, here is a brief comparison:

Horizontales Scrollen

	PI	EMI
Payment system of the Bank of Lithuania (for settlements in euros in the SEPA zone)	Yes	Yes
Money remittance	Yes	Yes
Currency exchange	Yes	Yes
Deposit/withdrawal of cash	Yes	Yes
Payment initiation	Yes	Yes
IBAN account opening	Yes	Yes
Debit cards issuance	Yes	Yes
Electronic money issuance	No	Yes
Holding client’s funds	No	Yes

A payment institution (PI) is a legal entity that provides payment services but does not allow the use of electronic money. PI can provide the following main services:

depositing and withdrawing cash from a payment account and related operations;

payment account management;

payment transfers and credit transfers;

issuing and managing debit cards;

standing orders;

electronic payments (e.g., using mobile phones or other smart devices)

payment initiation services;

account information services.

An electronic money institution (EMI) is a legal entity that provides both payment services and allows the use of electronic money. EMI can provide all services typical for payment institutions, but additionally can:

issue and manage electronic money;

provide electronic wallet services, which allow storing and managing electronic money;

perform currency exchange;

enable making payments using electronic money.

The main difference between payment institutions and electronic money institutions is that EMIs are authorized to issue and manage electronic money, while payment institutions are not. Electronic money is a virtual means of payment that enables making payments online or in other electronic spaces and is convertible into real currency at a set exchange rate.

Both of these institutions are regulated by the Bank of Lithuania and must comply with European Union (EU) legal acts, including the Payment Services Directive (PSD2) and the Electronic Money Institutions Directive (EMD).

In case your business model does not imply e-money operating, we suggest you get acquainted with obtaining the PI license process.

Requirements for the Electronic Money Institution license obtainment

If you're planning to obtain an EMI license in Lithuania, there are specific prerequisites that must be fulfilled to be eligible for the license. Our specialists will be glad to guide you through every step of the process, ensuring that you have a comprehensive understanding of the requirements and are equipped with the necessary knowledge to fulfill them.

KEY POSITIONS

Our team of specialists can cover key positions such as a money laundering reporting officer, a cyber security specialist, and a compliance officer, thereby helping you to meet regulatory requirements.

DOCUMENTS

In terms of documentation we will help to prepare the following information at the moment of submitting the application:

application for EMI license;
statement of payment the initial capital;
copy of rent contract of office in Lithuania;
business plan;
internal policies such as: AML/CFT policy, risk management policy Information security policy, etc (we will prepare all necessary policies and documents for you).

INITIAL CAPITAL REQUIREMENTS

The initial capital for the future EMI licensees is 350 000 EUR.

MEETING WITH THE BANK OF LITHUANIA

We can assist you in organizing a meeting with the Bank of Lithuania, providing full legal support throughout the process. Our team will coordinate and attend the meeting with you, ensuring that all necessary documentation and procedures are in order. We will also provide guidance on the regulatory requirements and help you prepare for the meeting. With our support, you can navigate the process with confidence and increase your chances of success.

As part of our legal consulting and project analysis services, we provide comprehensive support throughout the entire process, from initial consultation to obtaining the license. We offer assistance with all necessary policies and project implementation to help you obtain an Electronic Money Institution license in Lithuania in compliance with regulatory requirements. Our team of experts will guide you through the process and ensure a successful outcome.

Leave a request for obtaining the Electronic Money Institution license

Send us your request and our team will schedule a call with you as soon as possible to make a detailed price offer for obtaining a Electronic Money Institution license in Lithuania.

Request an offer for a EMI license in Lithuania Request an offer

The process of the Electronic Money Institution license obtainment

If you have decided to obtain an EMI license in Lithuania, it is important to understand the essential stages involved in the licensing process. The main stages are the following:

Submit an application

First of all we need to prepare an application form and submit it for the issuance of an EMI license to the Regulator – the Bank of Lithuania. Within 5 working days, the Regulator will assess whether the application will be accepted for examination.

Evaluation of the application

If everything has been done in order, the Regulator will evaluate application and accompanying documents. If there are no defects in application, the license will be issued within the fastest possible time frame of 3 months. In case additional information or documents are requested, the examination period will be extended.

Issuing or refusing the license

After evaluating application and all supporting documents, the Board of the Bank of Lithuania will review the information and make a decision on whether to issue or refuse your license.

Steps of the Electronic Money Institution license obtainment

We offer comprehensive assistance to those seeking to obtain an EMI license, making the process easier and more accessible. We aim to simplify the licensing process for you, so you can focus on your core business activities. With our help, you can be confident that your EMI license application is in safe hands, and you can be on your way to providing essential financial services to both individuals and businesses in Lithuania.

STEP 1: STRATEGY DEVELOPMENT AND LICENSING PREPARATION

For the price of 3 000 EUR we offer:

16 hours of legal assistance by Lithuanian lawyer;
24 hours of business consultation.

For the price of 5 000 EUR we offer:

32 hours of legal assistance by Lithuanian lawyer;
48 hours of business consultation.

We provide extensive business consulting services with our experienced team and Lithuanian lawyers to support you in preparing for a successful initial meeting with the Bank of Lithuania.

Our consultation topics will include:

comprehensive analysis of your business model;
risk assessment of partner countries, clients, and fund flows;
compliance evaluation with Lithuanian regulations;
review of all necessary documents, including policies and licensing requirements;
customized step-by-step plan and strategy for obtaining the license;
gain all the necessary information to start your project and confidently present your business model to the Bank of Lithuania.

STEP 2: PRE-LICENSING - 20 000 EUR

On this step we will assist you to establish a company in Lithuania and make all the preparations for the licensing process. We will assist you with:

organizing a meeting with the Bank of Lithuania;
registering a company;
corporate account opening;
initial capital registration;
preparation of a business plan for the following 3-5 years;
making a decision for IT-solutions, specialists, renting an office;
hiring of specialists.

STEP 3: LICENSING - 25 000 EUR

We will manage all your documentation requirements in this step and submit the application on your behalf for regulator review, with all necessary information. In case of any questions from the regulator, we will provide our legal assistance until the moment of successfully obtaining the license.

Leave a request for obtaining the license

If you have any questions left, don’t hesitate to leave a request and our specialists will schedule a call with you as soon as possible to provide you with information and make a detailed price offer for obtaining a Electronic Money Institution license in Lithuania.

Request an offer for an EMI license in Lithuania Request an offer