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PSP License in Latvia

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The Payment Service Provider (PSP) License in Latvia allows companies to conduct payment transactions within the European Union in accordance with the PSD2 Directive. This is a great opportunity for businesses seeking to enter the EU market with minimal costs and transparent regulation.

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What does a PSP license in the Latvia provide?

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    Low costs for obtaining and maintaining a license

    The minimum authorized capital for a company starts from EUR 20,000, which is significantly lower than in other EU jurisdictions.

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    Access to SEPA

    Companies with a PSP license can conduct transactions in euros throughout Europe without additional restrictions and on favorable terms.

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    Access to the EU market

    Thanks to the “single passport” mechanism, a company can operate in all EU countries without the need to obtain separate licenses in each country.

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    Fast and transparent licensing process

    The Latvian regulator FKTK (Financial and Capital Market Commission) ensures effective verification of companies and simplified interaction with applicants.

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    Favorable tax system

    The corporate tax in Latvia is 20%, and it is applied only to distributed profits, which allows companies to reinvest their income without additional tax liabilities.

What are the Legal Requirements in PSP License in Latvia?

Office in Latvia

The company must have its registered office in Latvia.

Minimum authorized capital

Depending on the range of services, the minimum authorized capital can range from 20,000 to 125,000 euros.

Competent management

The owners and managers of the company must have appropriate qualifications and an impeccable reputation in the financial sector.

Latvian resident director

At least one member of the board must be a resident of Latvia or have a long-term work permit in the country.

Compliance with AML/CFT regulations

The company must develop and implement policies to combat money laundering and terrorist financing.

6 steps to get a PSP license in Latvia

  • Step 01

    Company registration

    Choosing an organizational and legal form and registering a legal entity in Latvia.

  • Step 02

    Development of a business plan

    Preparation of financial forecasts, AML/CFT policies and a description of the company’s future activities.

  • Step 03

    Preparation of documents

    Preparation of a package of documents, including shareholder structure, information systems security policy and internal control mechanisms.

  • Step 04

    Obtaining a license

    In case of a positive decision, the company receives a permit to conduct activities in the field of payment services.

  • Step 05

    Verification process

    The regulator evaluates the submitted documents, may request additional information, and analyzes the business reputation of the owners.

  • Step 06

    Submission of the application

    Submission of documents to the FKTK (Latvijas Banka) through a special electronic portal.

Frequently Asked Questions

Still have questions?

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How long does it take to obtain a license?

The process can take from 4 to 6 months, depending on the complexity of the project and the completeness of the submitted documents.

Can a foreign company obtain a PSP license in Latvia?

Yes, but the company must be registered in Latvia and meet all the requirements of local legislation.

What taxes do I have to pay?

The income tax is 20% and applies only to distributed profits.

Do I need to have a physical office in Latvia?

Yes, registration of a physical office is a mandatory requirement.

Can I use a Latvian PSP license to work in other EU countries?

Yes, thanks to the “single passport” mechanism, a company can operate in all EU countries without the need to obtain additional permits.

Our Services Include

Registration of a company in Latvia

Assistance in preparing all necessary documents for a legal entity.

Preparation of a business plan and AML/CFT policies

Development of the necessary documents in accordance with the requirements of the regulator.

Consultations on management requirements

Assistance in the formation of a competent management team.

Support during the application process

Full interaction with Latvijas Banka and support at all stages of the licensing process.

We Are Always Available

Our team ensures your business setup is smooth, efficient, and compliant with local laws. Contact us today to discuss your project.

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