AEMI license in Latvia

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

Financial services provider in New Zealand

New Zealand, known for its stunning scenes and flourishing economy. A vigorous and dynamic monetary administrations area can be offered by Financial services provider in New Zealand. As a center point of development and dependability, the nation draws in both neighborhood and global financial backers looking for solid monetary arrangements. In this article, we dive…

Read more 30.05.2023

AEMI license in Latvia

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…

Read more 24.05.2023

AEMI License in Lithuania

Organizations dealing with virtual monetary forms are firms offering specific services and being engaged in e-funds handling and processing. Holders of a permit as AEMI license in Lithuania get official right to conduct business-activities throughout entire EEA without necessity to get supplementary permissions in other countries. It’s also possible to get a limited permit, with…

Read more 22.05.2023

Slovakian cryptos regulation

The jurisdiction that we will review today is included in the list of states that already identify Bitcoin and additional digital currencies. However, in 2018, the state strengthened its position regarding virtual money and firms interested in it. Slovak banks have begun liquidating the accounts of firms associated with crypto at the initiative of the…

Read more 21.05.2023

Offshore bank license in Vanuatu

If you looking for the perfect place to starting an interaction, founders of corporations analyze various markets. Mostly corps-owners look at the Caribbean`s or European countrysides. But experienced businessmen know that there are also good countries in Oceania where obtaining licenses is fairly quick. One such option is the miniature but economically robust island-nation of…

Read more 15.05.2023

Offshore bank license in Dominica

The Dominica`s is an almost flawless place to extend an offshore`s bank. This country provides maximum clients and this allures considerable co-owners. This is one of the few countries where the strictness of the law works in favor of customers. That is why numerous seek to get an offshore bank license in Dominica. The acquiring…

Read more 15.05.2023

PSP permission in Lithuania

Money favors in Lithuania are quite developed and available for local residents, as well as for foreign tourists and business travelers. The state has a well-developed structure and technologies that allow providing fast and convenient payment services. Country has a stable economy and favorable conditions for biz. The jurisdiction has a fairly low level of…

Read more 09.05.2023

PSP license in Dubai

If you are researching a place you would like starting an interaction, one of the best options would be Dubai. It is a true paradise for businessmen in different industries. The region is one of the top 10 best financial centers in the world. Therefore, to get PSP license in UAE is considered to be…

Read more 09.05.2023

Forex broker license in Bulgaria

Despite the wide choice of EU member states to acquire a permission, there are jurisdictions that offer a faster and more efficient request procedure, one of which is state. An additional advantage for currency brokers of working with a permitted brokerage firm is relatively lower costs compared to other states. We will tell you everything…

Read more 09.05.2023

Fund management license in Singapore

Storage of money can and should be implemented in the countryside with a positive acquisition climate. One such place on our planet is Singapore. After the creation of a great economic miracle, the government in the region is trying to do everything to continue the flow of investment into the country. In particular, it created…

Read more 09.05.2023

Investment license in the Czech Republic

European markets have a related economizing and identical lawmaking for all EU member states. In most cases, this means that a company that has licenses for activities in one of the countries of this formation can operate without restrictions in the market of other states. This approach makes it possible to issue a crowdfunding CNB…

Read more 04.05.2023

Investment license in Latvia

When co-owners are looking for a country to open a business, they pay attention to the stability of the politics system and economics performance of the region. The most stable countries are considered to be EU-member states. This small Baltic country offers great prospects for the development of business structures. That is why obtaining investment…

Read more 04.05.2023