Payment Institution license in Lithuania

Lithuania has the most favorable price and terms for the Payment Institution license obtainment in comparison to other EU countries.

Our team offers legal and business expertise to obtain a Payment Institution license in Lithuania, the best solution for financial service providers offering payment transactions.

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Payment Institution license in Lithuania

A payment service provider (PSP) is an enterprise that offers payment services and primarily facilitates the transfer of funds between individuals or businesses. Whether it's transferring money between bank accounts, paying for goods and services, or managing online transactions, PSPs make it possible to conduct financial operations. To carry out such an activity a company must obtain a payment institution (PI) license, which serves as proof that the enterprise has met the regulatory requirements stipulated by the Regulator - the Central Bank of Lithuania.

Lithuania has been a leading destination for fintech companies in the European Union with a growing number of Payment Service Providers (PSP) and E-Money Institutions (EMI) operating in the country. The business-friendly environment, which includes various support programs for foreign investors, has contributed to Lithuania's attractiveness as a jurisdiction for this type of business.

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 a Payment Institution license, it is essential to understand whether a Payment Institution (PI) license is sufficient or if an Electronic Money Institution (EMI) license is necessary. To clarify the differences between the two, here is a brief comparison:

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	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
Hold 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 implies e-money operating, we suggest you get acquainted with obtaining the EMI license process.

Requirements for the Payment Institution license obtainment

If you're considering becoming a PSP in Lithuania, there are several requirements you have to meet to obtain the license.

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 prepare the following information at the moment of submitting the application:

application for PI;
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 required might differ depending on the scope of services provided by the licensee:

in case the area of activity is limited by providing money transfers, the share capital has to be not less than 20 000 EUR;
in case the company intends to provide only payment initiation service, the share capital has to be not less than 50 000 EUR;
in order to conduct other services, the share capital has to be not less than 125 000 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 a Payment 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 Payment Institution license

Send us your request and our specialists will schedule a call with you as soon as possible to make a detailed price offer for obtaining a Payment institution license in Lithuania.

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The process of the Payment Institution license obtainment

If you have decided to obtain a PI license in Lithuania, it is important to understand the essential stages of the licensing process. Here's a short review of the process:

Submit an application

First of all we need to prepare an application form and submit it for the issuance of a PI 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 your application and accompanying documents. If there are no defects in your 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 your 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 Payment Institution license obtainment

We offer comprehensive assistance to those seeking to obtain a PI license, making the process easier and more accessible. Our team provides full support and guidance throughout the entire process, ensuring that all necessary requirements are met and the desired result is achieved.

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 - 15 000 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;
making a decision for IT-solutions, specialists, renting an office;
hiring of specialists.

STEP 3: LICENSING - 20 000 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.

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Payment Institution license in Lithuania