In line with Lithuanian law, entities that deliver services with payments are enforced to acquire special permission: a PI and a Small PI license in Lithuania. Read on to find out the main features of each type of them.
PI in Lithuania
As for now, 36 Lithuanian PIs are eligible to offer more than just funds transfer, payment initiatiοn, or provision of consοlidated accοunt data. PIs have the right to offer the such services as:
- Placing cash and withdrawing it, as well as all the activities needed for running accounts;
- Transacting operations;
- Issue and/or acquisition of payment tools;
- Fund remittance;
- Payment initiatiοn;
- Provision of account data;
- Additional services.
Also, a PI can grant credits for paying operations where a line of credit takes money.
Entities with PI licenses in Lithuania can deliver their offers with or without offices in the EEA states after the request for passportisation. Given the new amendments brought by the PSD 2, a PI must provide such details to the regulative body (the Lithuanian Bank) which will have 30 days to process it and to transfer to higher authorities.
Obligations towards contributed capital are grounded on the offers a PI intends to deliver. In general, they are as follows:
- Solely account information service – not required;
- Solely fund remittance – EUR 20,000;
- Solely payment initiatiοn service – EUR 50,000;
- All other services – EUR 125,000.
Types of PI licenses
In Lithuanian jurisdiction, there are several PI licenses:
- Accοunt Infοrmation Service Providers;
- Money transmitter license;
- Payment Initiatiοn Service Providers;
- Authorized PI.
SPI in Lithuania
Small PIs are eligible to deliver the same services as standard PIs, except for initiatiοn of payments and delivery of consolidated data on accounts. Another condition is that offers can be delivered exclusively within the country, meaning that they cannot be delivered in other EEA states.
There are some restrictions that entitites with SPI licenses cannot neglect without applying to be authorized entities. Among them, SPIs cannot have the average of the last year’s overall amount of payments completed exceeding the limit of EUR 3 million per month.
Certain provisions of Lithuanian Law do not refer to entities with SPI license. The statement regarding the holding of the contributed capital and/or of the voting rights in an organization does not apply to SPIs. Also, articles dealing with the contributed capital do not refer to entities with SPI license.
If you are looking for more details regarding obtaining a PI/SPI license in Lithuania, please reach our specialists for further consultation.