SEMI license in Lithuania

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SEMI license in Lithuania

With its Fintech-favorable approach, transparent legal system, and steady political regime, Lithuania has obtained the status of a new Fintech hub in the EU. It provides strong organizational active encouragement in form of policies, regulations, and monetary and non-monetary help to financial businesses in their initial year in the market. At the same time, the regulative sandbox permits businesses to launch and analyze their innovative approaches in a “live” manner provided with help of the central bank (Lietuvos bankas). One of the Fintech businesses actively capturing a share in the Lithuanian financial market is a small EMI (SEMI). To take advantage of all benefits a jurisdiction offers, a company must obtain a SEMI license in Lithuania.

Peculiarities of Fintech in Lithuanian jurisdiction

  • The regulation is in the remit of the central bank which acts as a central monetary authority of the country;
  • The time to acquire authorization: 3 – 6 months;
  • Low operational expenses;
  • The first-choice country for commercial activities in the EU for firms facing troubles due to Brexit.
  • Straightforward access to SEPA and permission to offer own IBANs.
  • Business-friendly jurisdiction and continuous incentives for entities.

How to get a SEMI license in Lithuania?

Licensing as a SEMI encompasses the following steps:

  • Firstly, an interview is held with the Lithuanian Bank. This meeting is conducted with the purpose to clarify any issues and get informed what kind of activities the company plans to offer.
  • 2nd step – creating an applicatiοn for a SEMI license to the regulative agency. The process of its procession typically lasts 5 working days, during which the regulator should notify whether all the relevant papers are included in the package. If no errors are found, the application is transferred for further assessment.
  • The third phase is an assessment. The Bank checks the data and decides on the granting or refusal of authorization.
  • The last thing is approval or refusal.

Overview of obligations for SEMI license in Lithuania

  • Owners: the owners of a SEMI must get via checking with the CCSSO; it is a stand-alone procedure.
  • Staff: The entity is necessitated to have the Board (at min. 3 directors and the CEO). It must disclose data on key employees, for example, AML officers. It is required to evidence that the team possesses good knowledge and expertise.
  • Capital obligation: SEMIs do not fall within the min. initial capital condition.

Documentation for SEMI

The package of documentation for getting a SEMI license in Lithuania covers papers that:

  • Prove the legal status.
  • Prove the repaying fees for license.
  • Show further activities.
  • Prove that the average overall amount of financial liabilities related to e-money in issue will not be more than 900 000 € and the average of the foregoing year’s overall volume of transactiοns conducted by the company will not prevail at 3 million €/month.
  • Describe measures to protect client’s funds.
  • Describe the structure of the business.
  • Internal control policies and procedures.

Our company provides professional assistance in getting a small EMI license in Lithuania. We are at your service to offer you comprehensive legal, technical, and business expertise and advisory support in licensing.

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Frequently asked questions

  • To incorporate a company in any jurisdiction, please contact our specialist, we’ll send you all relevant information.

  • You can find prices for company incorporation in Prices section, to get price for other services please contact our specialist via e-mail or contact form.

  • To obtain the new license, please contact our specialist, we’ll send you requirements and list of documents needed for the procedure.

  • We have wide range of ready-made companies available, to get details about specific company, please contact our specialist.