When the activities of an organisation are directly related to the provision of fiscal services, then obtaining monetary licenses is mandatory. It allows entrepreneurs convincing potential customers and partners of the stability and reliability of the company. Individual countries have their positive and negative sides, which are fully opened only at time of license getting in their jurisdiction. Particularly, Lithuania has huge advantages for such activities. Ready-made EMI license in Lithuanian jurisdiction is a great way for executives who value their time and want to open new financial horigazons.
Requirements for a licensee
Depending on the country where the company will obtain a license, the rules vary. It is obligatory to have initial capital of EUR 350 000. In application consideration, money remains in firm’s account. Banking account is opened in similar jurisdiction where it is planned to obtain a license.
Before submitting a request, you should familiarise yourself with the laws of the state. Thus, Latvian authorities allow the company to operate immediately after registration, if the amount of issued actives doesn’t exceed EUR 2 000 000 annually. Czech Republic adheres to the same principle, only the allowable amount here is 5 million euros. That is, for such firms licensed permission is not required.
Before issuing a document, organisation heads are carefully checked. Managers necessarily confirm their professional knowledge by submitting documents that can certify the inspector’s background. The vast majority of EU states inspect all top managers of enterprise.
The general requirements of the directive are listed below, but additional clauses may be added in each jurisdiction:
- active software and a strong technical base.
- risk management procedure.
- AML policy.
- customer identification must be carried out as securely as possible.
- client account.
- fulfillment of accounting and auditing obligations.
- specific demands for shareholders.
- control of operational risks.
Financial entrepreneurs are aimed to receive EMI in Lithuania. Recently, state authorities gave the go-ahead for remote filing of a request for obtaining fiscal field permissions. Thanks to this innovation, Lithuania attracted many organisations.
Lithuania is not an offshore jurisdiction, but does not prohibit non-residents from operating on its territory. The main rule for issuing a document is applicants must meet all demands.
- Company’s office must be registered within Lithuania, but branches may be located in other states.
- The size of the authorised capital varies depending on the number of branches in the financial area and ranges from 20 to 350 thousand euros.
- Enterprise head is local resident, but there are no demands for experience.
If organisation does not meet the criteria put forward, you can not count on obtaining a permit.
Today, firms are moving to Lithuania due to the possible negative consequences of Brexit and the inability to resort to passportisation in EU countries with a British license. If you want to simplify the procedure, as well as minimise the risk of refusal to grant a license, please contact specialists with experience in a similar industry.