As a preliminary point, we would like to clarify that we receive many inquiries from parties interested in acquiring a license. Regrettably, we’ve observed a common misconception that the process entails merely tendering an application fee or demonstrating the required…
Dear Valued Stakeholder, We are issuing this advisory to communicate our insights and recent experiences regarding the current licensing framework managed by the Financial Conduct Authority (FCA) in the United Kingdom. This advisory is backed by extensive discussions with a…
An electronic money institution (EMI) is a type of financial institution that is authorized to issue electronic money (e-money), which is a digital representation of monetary value that is accepted as a means of payment by other parties. E-money can…
What is an EMI License in Lithuania? An Electronic Money Institution (EMI) License is a license, issued by the Bank of Lithuania, that allows an institution to issue and redeem electronic money. Electronic money (e-money) refers to a digital store…
If you are interested in starting a pseudo-bank or a neo-bank in the EU and need to provide access to wallets, cards, and IBANs to your customers you would be needing an EMI License or an E-Money License in Europe. …
What Is an EMI License in the UK? An EMI (Electronic Money Institution) license is authorized by the FCA (Financial Conduct Authority) to companies who want to issue and redeem electronic money. EMI License holders in the UK can issue…
Unlike Payment Institution, E-Money license is solely regulated by FCA, while this allows for fewer requirements for approval by the governing body, it also means that it is less protected than a conventional banking license. As a licensed EMI, you…
Taxes Description Corporate Income Tax (CIT) The standard CIT rate is 15%. Generally, CIT is applied on taxable income received by a Lithuanian tax resident from its local and worldwide activities. Taxable income is calculated by reducing the general income…
List of requirements for applying for a new EMI license in Lithuania. Description ELECTRONIC 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…
Notes Assumptions The fixed fee indicated in the fee section is offered on the basis of the following assumptions: As both aspects are outside of our control, we cannot offer a cap. The fee quote is based on our experience…