AEMI license in Latvia

Published:
May 24, 2023
office building g68295e963 1920

Persons who received it have the right to issue e-money, transfer and exchange it.

The AEMI permit is issued for an indefinite period. It allows conducting business related to virtual money within the EU Economic Area. One permit is enough to work in all states included in the EEA.

Which services you could supply

You may offer remittance favors and certain other monetary favors with an AEMI permission, but you may not act as a bank or use the word “bank” in your name or marketing materials.

Institutions that work with e-money can usually:

  • Accept consumer money and convert it to e-money, but do not process it.
  • Clients can use e-money accounts as digital wallets, but they cannot use an overdraft or earn interest.
  • Offer direct debits, account-to-account transfers and debit cards, but not credit as a stand-alone product.
  • Offer some products for digital financial services like currency exchange

You can join the Single Euro Payments Area by obtaining a permission to create electronic money, which allows you to send and receive payments in the European currency under the same conditions and at competitive rates across Europe. Authorised electronic money institution license in Latvia given in EU countries can travel with their holders, permitting them to supply their services in other EU and EEA states. Despite this, applications are only approved by national financial services regulators. The ECB is not a party. In addition, the process for acquiring a permission is simpler and faster.

Advantages of obtaining AEMI permission in Latvia

On transparent and fairly favorable terms, it is possible to obtain permit to supply a wide range of payment services in Lithuania, only a banking permission can give more opportunities.

In favor of Lithuania as a lawfullment for acquiring an AEMI license, the following arguments can be distinguished:

  • Relatively short delivery time.
  • You don’t have to go through the licensing process again.
  • The use of English in business-company.
  • Access to the SEPA zone.

Authorization process

  1. Preliminary meeting before applying. Agents of corporations are obliged to participate in preliminary meetings with representatives of the Bank of Lithuania. The purpose of the initial meeting is to answer questions that may have arisen at the pre-application stage and to find out what monetary favors the applicant plans to supply.
  2. Submission of an application and documents to the Supervisory Service of the Bank of Lithuania. Within 5 working days, the Supervision Service checks whether all the necessary papers are submitted, and if no shortcomings are found, the request is accepted for consideration.
  3. Evaluation of the request and legal papers. The Board of the Bank of country analyzes the submitted info and documents and decides whether to issue a license or refuse to issue one.
  4. Issuance of a license or refusal to issue a Authorised e-money license in Latvia.

Requirements for AEMI license in Latvia

  • There are minimum capital demand in the amount of 350,000€, but the total number of shares or voting rights owned by sharers holding 10% or more of the authorized capital or voting rights is sufficient to meet the demands of Article 21 of the Law;
  • The average amount of e-money that is in revolution of an virtual money establishment in the course of economic activity is no more than two million euros;
  • The board and legal address of the enrolled institution (official seat) must be located in the Republic of Latvia;
  • Such an establishment may use for commercial purposes only the territory of the Republic of Latvia;
  • The table or board participants of an e-money establishment must be of good standing and have the necessary education and knowledge.

How to get AEMI license in Latvia

In order to obtain an AEMI license in Latvia, you need to go through several stages. The first step is to prepare for submitting a request. At this stage, you should have a ready business plan, a description of the planned business, a description of the structure of the shareholders (participants) of the commercial company, confirmation of the initial capital, information about the members of the board and council, important sharers and the person directly responsible for the management of the institution’s activities, a description of the continuity mechanisms of the commercial activity of the establishment, PMC and other necessary papers in accordance with FCMC Regulation No. 138.

The next step is to submit all the needed documents to the Monetary and Fund Market Commission (FCMC). If there are gaps in the submitted documents, the Commission may ask the corporation to fill them in or provide additional information. If the request is complete, the FCMC sends a letter to the entrepreneur informing them that the evaluation of the authorization application has begun.

Related insights

New Swiss AML Rules 2025: Key Points You Need to Know

Switzerland has always been known for its stable and investor-friendly financial system. Nevertheless, for the last time, this country has been facing constant international pressure to make sure that the country’s financial strength is not used illegally for money laundering and terrorist financing. For nearly ten years, Swiss watchdogs have made a number of tweaks…

Read more 02.10.2025

Crypto License: Best Countries for Cryptocurrency Broker License & Registration

A solid legal foundation is essential in the world of digital assets. A crypto license is a key part of building a trusted business, and as rules become clearer, choosing the right jurisdiction is the first critical step. Many entrepreneurs look for a crypto exchange license for sale to accelerate their market entry. This guide…

Read more 02.10.2025

Legal Structures in Switzerland: Which Fits Your Business Model Best?

Starting a business in Switzerland gives you access to the safe and prestigious market. The first stage in choosing a legal settlement in this country is to decide the suitable legislative structures. This election dictates your fiscal liability, tax status, and daily operations. It sets the course for the future of your firm. While most…

Read more 30.09.2025

How to Choose the Best Canton: A Practical Guide to Swiss Taxation

The country’s unusual political organization grants its 26 cantons significant latitude over their tax laws. This generates a competitive marketplace in which there can be wide disparities in tax rates from one jurisdiction to another. Anyone wishing to live, work or invest in the country needs to know about these! Where you settle down is…

Read more 29.09.2025

Top 9 Countries With Best Offshore Bank Accounts For 2025

The current offshore banking model continues as a very effective measure for the security, diversification, and investment of wealth on a global scale. Extending an off-shore account in the right jurisdiction will provide benefits that range from greater privacy to tax benefits and access to a wide array of acquisition possibilities, depending upon whether one…

Read more 29.09.2025

FCA Work Programme 2025–2026: Key Priorities and Outlook

The Financial Conduct Authority, also dubbed FCA for short, plays a major role in shaping the British financial system. Its work program sets out the regulator’s priorities as well as its long-term strategy on an annual basis. For 2025–2026, the watchdog focuses on technology-driven oversight, stronger consumer protection, and also financial stability in a rapidly…

Read more 25.09.2025

UK Company Bank Accounts with Foreign UBOs: Key Success Factors

Opening a British company bank account has always been an object of interest for firms willing to build trust, access local clients, and also operate trouble-free in the European Union. However, there might be one difficulty. When the ultimate beneficial owners are represented by foreigners, the process can turn daunting. Being under strict regulatory pressure,…

Read more 22.09.2025

Best Countries in Europe to Obtain an Electronic Money Institution (EMI) License

In fact, the establishment of an Electronic Money Institution (EMI) can be a very wise move for the many fintechs out there searching for regulated access to the payments market of the EU/EEA with full passporting rights. The regulator of each country might have a totally different perspective on timelines, scrutiny, supervisory style, and post-licensing…

Read more 22.09.2025

UAE Free Zone or Mainland License? Choosing the Right Path for Your Business in 2025

When it comes to setting up a business, the UAE is right there among the world’s best. The vision of the emirates as a conduit to markets across the Middle East, Africa, and Asia has for time out of mind drawn entrepreneurs and investors alike—from Dubai’s bustling financial districts to the strategic global connections of…

Read more 22.09.2025

Puerto Rico IFE/IBE Update & Overview

Puerto Rico is one of the few US regions that offers an organized offshore banking structure with meaningful tax incentives. There are two routes available IFE and IBE. They give access to a 4 % tax rate and dividend exemptions for owners from abroad. Nevertheless, these two permits are created for diverse purposes and are…

Read more 16.09.2025

St. Kitts and Nevis: Your Premier Tax Haven in 2025

Nowadays, St. Kitts and Nevis is considered one of the most appealing places for protection of belongings and wealth structuring. The governmental body continues to maintain a low-regulation monetary environment and a steady regulatory climate for businesses for sale. Over the past ten years, it has quietly become a popular place for international companies to…

Read more 16.09.2025

Top 10 countries for registering a crypto business 2025

By 2025, the launch and scale-up of a blockchain-driven venture would encounter a fragmented international framework, varied legal environments, and tough competitions for market share. A crypto business for sale or long-term operation is much more valuable when established in a jurisdiction harmonising tax treatment, operational clarity, and access to the fiscal system. The review…

Read more 16.09.2025