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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 corruption and bureaucracy, which allows businesses to work effectively and develop. In addition, state is a member of the EU, which makes it possible for firms that have received a PSP license in Lithuania to work on the European market without the need to obtain separate licenses in each EU country.
The fintech industry in state has become very popular over the past few years and has become one of the key sectors of the country’s economy. Lithuania occupies a leading position in Europe for the development of Fin-Tech startups, so it is a very attractive place for those who want to develop their business-company in this field.
One of the advantages of country is the easy process of registering a firm and achieving a license to give monetary services. The Bank of Lithuania offers a simplified registration procedure that allows firms to register their business in a very short time and obtain the necessary licenses.
In Lithuania, there are many companies working in the fintech sphere, in particular, payment systems, e-money and other financial services. In addition, country has a favorable ecosystem for startups, which includes financial means and support from public and private organizations.
Acquiring a permit in state has several advantages for firms that give money favors. Here are some of them:
A financial favors license is needed for any firm wishing to give money services in country. To obtain a license, you must meet certain demands and go through a certain process.
Acquiring a permit in lawfulments can be a complicated and lengthy process, but it can be simplified by following some steps.
In order to obtain a permit for the provision of money favors in state, it is needed to prepare a wide list of papers, which may include the following:
It is important to prepare all the necessary papers in advance and check them in detail for compliance with the demands of the Bank of Lithuania. In case of an incomplete or insufficient set of papers, the processes of obtaining a license may be delayed or rejected altogether.
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