Main Requirements for EMI License Lithuania

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

DescriptionPAYMENT INSTITUTION (PI)ELECTRONIC MONEY INSTITUTION (EMI)
ServicesPayment services
Payment services plus issuance and redemption of electronic money
Max period for keeping clients fundsT + 1, in exceptional cases max T + 3

Unlimited; the element of e-money needs to be described to the BoL
Initial share capital
– Depends on the scope of services to be provided:

— € 20,000 in the case of money transfer services
— € 50,000 in the case of payment initiation services
— € 125,000 in all other cases

€ 350,000
Additional capital reserves
– Depends on the business model
– € 100,000 on average

– Depends on the business model
– € 250,000 on average
License fee
€ 898

€ 1463
Supervisory fees
Payable per each budgetary year of the BoL

– 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
– Preparation Period: 2-4 Months
– Examination Period: 6-9 Months
– Grant of License.

– Preparation Period: 2-4 Months
– Examination Period: 6-9 Months
– Grant of License.
Requirements for shareholders and UBOs
– No citizenship, local residence, or local language knowledge requirement
– Impeccable reputation
– Sound financial standing sufficient to cover at least initial share capital and additional reserve
– Scrutiny checks for direct and indirect shareholders and UBOs holding 10% or more shareholding

– No citizenship, local residence, or local language knowledge requirement
– Impeccable reputation
– Sound financial standing sufficient to cover at least initial share capital and additional reserve
– Scrutiny checks for direct and indirect shareholders and UBOs holding 10% or more shareholding
Number of individuals required
– Minimum 7 upon start of operations
– Compulsory positions
— 3 members of Management Board
— CEO (could be one of the members of the Management Board)
— Country Manager fluent in Lithuanian (not required if the CEO meets this requirement)
— Local AML Officer
— Local Compliance Officer (could be combined with Country Manager at the very start of operations)
— Internal Audit Officer (may be outsourced)
– No citizenship, local residence, or local language knowledge requirement for Management Board and CEO
– Scrutiny checks for Management Board members, CEO, and Country Manager

– Minimum 7 upon start of operations
– Compulsory positions
— 3 members of Management Board
— CEO (could be one of the members of the Management Board)
— Country Manager fluent in Lithuanian (not required if the CEO meets this requirement)
— Local AML Officer
— Local Compliance Officer (could be combined with Country Manager at the very start of operations)
— Internal Audit Officer (may be outsourced)
– No citizenship, local residence, or local language knowledge requirement for Management Board and CEO
– Scrutiny checks for Management Board members, CEO, and Country Manager

This page was last updated on February 4, 2022.