EMI License in Lithuania
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E-commerce and fintech are among the fastest growing sectors driving the global market, and licensing is essential to succeed in these areas. Lithuania is one of the leading fintech hubs in Europe, where obtaining an EMI license is a simplified process compared to other jurisdictions.
What does a EMI License in Lithuania provide?
What are the Legal Requirements in EMI License in Lithuania?
Form of Legal Entity
The license is issued exclusively to companies registered in Lithuania as a UAB (Uždaroji Akcinė Bendrovė) — the equivalent of a limited liability company (LLC).
Minimum Authorized Capital
A minimum share capital of €350,000 is required, with mandatory proof of the legal origin of funds.
Appointment of an AML Officer
A qualified AML Officer must be appointed to oversee compliance with anti-money laundering and financial crime prevention requirements.
Requirements for Shareholders and Founders
All shareholders must have a clean business reputation and proven financial stability. At least one founder must be an individual aged 18 or over.
Residency Requirements
At least one key employee, such as the CEO or AML officer, must be a resident or citizen of the Republic of Lithuania.
Qualification Requirements for Management
Management must hold a university degree in law, business, or management, and have relevant professional experience in financial services or corporate governance.
5 steps to get an EMI license in Lithuania
Frequently Asked Questions
Still have questions?
How do I determine whether my activities fall under the requirements for obtaining an EMI license?
According to the Lithuanian Law on Electronic Money Institutions, any institution that issues or wishes to issue electronic money must apply for this license. Electronic money has the following characteristics:
It has a monetary value.
Can be stored electronically.
Issued for the purpose of making a payment.
Accepted by other persons (not including the issuer) as payment.
In addition to issuing electronic money, a licensed institution may carry out the following activities:
Provide payment services.
Provide ancillary services, such as storage of funds, currency exchange, processing of relevant data, etc.
Exchange electronic currency for cash.
Distribute and redeem electronic money through an agent.
Are there any restrictions for foreign companies to obtain an EMI license in Lithuania?
Lithuania provides EMI licenses for both local and foreign companies. Foreign companies can obtain a license provided that they register a legal entity in Lithuania with the legal form of Uždaroji Akcinė Bendrovė (equivalent to LLC) and meet the requirements set by Lithuanian law, in particular, the minimum authorized capital, management structure, and financial reporting. It is important that the company has a physical address in Lithuania to conduct business.
Is an electronic money institution a bank?
No, an electronic money institution is not a bank. It cannot provide loans or open credit lines to its customers, as well as offer investment services, unless it obtains an additional license as a fintech company.
Under what circumstances can the Bank of Lithuania refuse to issue a license?
If the Bank of Lithuania finds any deficiencies in the license application, it will require that they be corrected. If these deficiencies are not corrected within the established period (3 months) or if you do not apply for an extension of the deadline, the Bank may refuse to issue a money transfer license. In addition, the Bank may issue a license only if the information provided complies with the legal regulations governing transactions and authorizations for the transfer of funds.
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