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Main Requirements for EMI License Lithuania

List of requirements for applying for a new EMI license in Lithuania.

DescriptionELECTRONIC MONEY INSTITUTION (EMI)
Services
Payment services plus issuance and redemption of electronic money
Max period for keeping clients’ funds
Unlimited
Initial share capital
€ 350,000
Additional capital reserves
– Depends on the business model
– € 250,000 on average
License fee
€ 1463
Supervisory fees
– Payable per each budgetary year of the BoL
– Amounts to 0.585% of annual income from issuance of e-money and/or payment services
Real-life duration of licensing process
(1) Preparation Period: 2-3 Months
(2) Examination Period: 3-6 Months
– Grant of License.
Requirements for shareholders and UBOs(1) No citizenship, local residence, or local language knowledge requirement
(2) Impeccable reputation and experience/understanding financial sector
(3) Sound financial standing sufficient to cover at least initial share capital and additional capital reserve
(4) Scrutiny checks for direct and indirect shareholders and UBOs holding 10% or more shareholding
Number of managers required(1) Minimum 7 for the initial year of operation
(2) Compulsory positions:
(2.1) 3 members of the Management Board
(2.2) CEO (could be one of the members of the Management Board)
(2.3) Country Manager fluent in Lithuanian (not required if the CEO meets this requirement)
(2.4) Local AML Officer
(2.5) Local Compliance Officer
(2.6) Local GDPR officer
(2.7) Internal Audit Officer (may be outsourced)
(3) No citizenship, local residence, or local language knowledge requirement for Management Board and CEO
(4) Scrutiny checks for Management Board members, CEO, and Country Manager

This page was last updated on September 20, 2022.