Main requirements for obtaining the license of EMI and PI

Main requirements (non-exhaustive list)

Electronic money institution (EMI)

Payment institution (PI)

Minimum share capital requirement

Not less than EUR 350 000

From EUR 20,000 to EUR 125,000, depending on the services to be provided

Managers and mandatory positions

CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties.

CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties.

Evaluation of the shareholders holding qualifying holdings in the applicant’s undertaking

The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires.

The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires.

Fee of the license

1 463 Eur

868 Eur

Duration of assessment of an application and attached documents

3 month-term which can be extended

3 month-term which can be extended