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Obtaining EMI license in Latvia
Benefits of obtaining a license in this jurisdiction:
- EMI license provides the opportunity to work freely throughout the EU;
- This license does not establish restrictions on the number of issued electronic money;
- There is no need for an authorized capital when ordering a small EMI license;
- A simple procedure for acquiring a license.
A term for obtaining a license isfrom 1 to 3 months
EMI - Electronic Money Institution is a payment system, the online banking, a neo-banking. Such a financial company is created in order to provide all necessary banking operations on accounts. Based on the current situation in the world, such institutions are in demand, as they greatly simplify the conduct of international activities for every modern businessman. If you want to engage in entrepreneurial business in this area, then you need to officially formalize the business. For example, you can register a company under a payment system in Latvia and to obtain a license for electronic money in Latvia.
What is needed to obtain a license for a payment system in Latvia?
First of all, it is important to understand, that this activity is carefully checked by the state. Therefore, in order to obtain a license for electronic money in Latvia, you will need a properly prepared set of documents, that will fully comply with all requirements of the jurisdiction. In addition, you need to register a company in Latvia. We will help you to solve tasks according to the letter of the law and tell you about features of doing business in Latvia.
What must be considered in order to issue an EMI license in Latvia?
- A license is not needed, if you do not plan to exceed 500,000 euros or the amount of funds issued will not exceed 2,000,000 euros per year. You can start work immediately after we help you to open a company in Latvia.
- If you want to look prestigious and official in the eyes of customers and partners (but you will not exceed the limit indicated above), you can get a SEMI license in Latvia. In this case, you need:
- to provide all the information about your business: a structure, a business plan, supporting documents, etc;
- a share capital is no required.
- The issuer can work only in the territory of Latvia. This amendment was introduced due to the fact, that cash flow cannot be tracked outside the state.
- If you want to work with high turnover, you must obtain a full EMI license in Latvia. To do this, you need:
- A set of documents for the company;
- A description of the business;
- Additional documents in each individual case;
- The registered capital is 350,000 euros.
Basic requirements in order to obtain a license for a payment system in Latvia:
- At least one director must be a local.
- Directors must be sufficiently competent in this area (have the appropriate education and three years of experience in the financial sector).
- Founders must have a good reputation.
- Founders must document the absence of a criminal record.
How to issue a license for electronic money in Latvia?
To register a company under a payment system in Latvia, as well as obtain a license in Latvia for electronic money, use the services of IQD Consulting. Having a real experience and established contacts in this (as well as many other) jurisdictions, we will help you to set up a business abroad legally.