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Payment System License in Lithuania

If a legal entity registered in Lithuania plans to provide payment services to clients, it must obtain the appropriate authorization from the regulatory authorities. Often, companies apply for an EMI license, which gives entrepreneurs the right to issue their own electronic money, perform various payments, and more.

In Lithuania, a payment system (PS) license is a document issued to companies for an indefinite term. Licensed entities can provide their services across the entire European Economic Area without the need to obtain additional licenses in individual countries.

Steps

01

Company registration in Lithuania

A local company must be registered, which will later be issued the license. For this, it is necessary to choose a company name, list the participants, and provide their documents.

02

Opening a bank account

The company must open a bank account to deposit share capital. This is a complex process that should be entrusted to professionals. A document package must be collected, and further negotiations must be properly handled.

03

Share capital contribution

The exact amount of share capital depends on the type of license. If required, the beneficiary must provide documents confirming the source of funds contributed as share capital.

04

Hiring mandatory staff

The company must employ staff for key positions, some of whom must be local residents. We assist with sourcing and recruiting employees.

05

Office rental

One of the mandatory requirements is renting an office. We will help select a budget-friendly option that meets the requirements.

06

Preparation of documents for license application

A business plan and policies must be prepared. In addition, application forms must be completed. The client only needs to provide basic information, based on which we will prepare documents in compliance with local legislation.

07

Application submission

After preparing the company and documents, the application must be submitted to the regulator. After submission, be ready to answer additional regulator questions. We ensure timely and accurate responses.

08

Obtaining the license

After successfully completing the previous stages, the company receives the license. It must begin operations within six months from the date of issue; otherwise, the license may be revoked.

Why obtain a payment system license in Lithuania: advantages of licensing

Obtaining a PS license in Lithuania offers the following advantages for business owners:

  • A relatively straightforward licensing procedure.
  • Corporate tax, state duties, and mandatory annual fees are among the lowest in the EU. There are no municipal charges.
  • A payment system license in Lithuania allows participation in SEPA (Single Euro Payments Area). In this zone, the distinction between domestic and international EUR payments is eliminated. This improves the efficiency of cross-border transactions and fosters the integration of national markets across countries — and a Lithuanian PS license grants access to all these benefits.

Another notable advantage is the ability to apply for a license without initially creating a company. If the license is granted, the applicant must register the appropriate legal entity within 6 months. This means that companies are not required to freeze assets in share capital until licensing is successfully completed and business activities begin.

What a payment system license in Lithuania provides

A licensed PS gains numerous opportunities and the right to provide a wide range of services:

  • Issuing various payment instruments;
  • Processing money transfers;
  • Carrying out different types of payment operations, e.g., to a client’s account or to a supplier’s account;
  • Providing clients with IBAN accounts;
  • Accepting payments from international accounts within the SWIFT system, and much more.

Requirements for obtaining a payment system license in Lithuania

Before applying, legal entities must meet the following requirements:

  • Minimum share capital — from EUR 350,000;
  • Availability of documents confirming the source of funds;
  • No restrictions imposed by Lithuanian or EU regulators;
  • A physical office located in Lithuania.

When applying for a payment system license in Lithuania, the applicant must prepare a large set of documents, including a business plan, company structure description, and more. Errors during preparation or submission, or the need to provide additional documents, will extend the licensing timeline.

Usually, obtaining a license takes about 3 months; if extended, up to 6 months. To simplify the process and minimize the risk of rejection, contact our company. We will handle all necessary actions and prepare the documents for licensing your PS.

Free initial consultation on legal issues, related to the daily activities of the business

Additional services

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Czech payment system license

Choosing a favorable jurisdiction for licensing is a serious issue that businessmen often face. If you are planning to register a payment system (PS), the Czech Republic may be a suitable option for licensing.

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Hong Kong payment system license

If you are interested in setting up a currency and money transfer business in Hong Kong, you must first obtain a license to operate in the financial sector. Such permits are issued by the Department of Customs and Excise.

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PSP system UK

In the UK, the licensing of payment systems (PS) is carried out by certain regulatory bodies, in particular, the FCA. They can provide business owners with a special license — AEMI. Having received such permission, the company will be able to work in any country, open IBAN accounts, obtain the status of a member of SWIFT, SEPA, and so on.

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Frequently Asked Questions:

To obtain a payment system license in Lithuania, you must prepare a business plan, AML policy, and other documents, register a company, and hire specialists for mandatory positions (director, AML officer, etc.). A bank account and paid-up share capital are also essential elements for obtaining the license.
When choosing a payment system, it is necessary to consider its license, service coverage regions, and available payment methods. The system must also match the company’s characteristics (country of registration, residency of participants, etc.). The tariffs offered by the payment system are also an important factor.
If all requirements for maintaining the company are met, the license is indefinite. However, it may be revoked in case of prolonged inactivity and/or violations of operational rules.
The final cost of obtaining a payment system license in Lithuania depends on various factors (the target region of the payment system, projected turnover, etc.). You can find out the exact cost by consulting our specialists.

Contact
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+85281926676

info@incluence.net

Rm 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong

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