A company must have a board of directors with a minimum of 3 members and a CEO.
Formally, the term for issuing a license for EMI and PI is 3 months, for Small EMI and PI — 2 months. In case documents are submitted not fully or are submitted with deficiencies, the period is extended by another 3 months for EMI and PI, 2 months for Small EMI and 5−6 months for Small PI.
Convenient banking environment for opening an account and keeping client funds in the Bank of Lithuania for SEPA IBAN numbers
An enabling environment for startups, advice and assistance from official organizations
Personnel management structure
Founders must go through the investor verification procedure in the CCSSO — this is a separate procedure from licensing.
When applying for a license, a company must provide information on key employees: anti-money laundering and information security officers. It is also necessary to prove that the persons concerned have the necessary qualifications and experience.
Initial capital requirements
The Bank of Lithuania may require additional funds, the amount depends on the calculations of the business plan.
Small EMIs do not qualify for minimum initial capital requirements.
At least 20 000 euros if the payment institution intends to provide only money transfer services only
At least 50 000 euros if the payment institution intends to provide only payment initiation services
At least 125,000 euros if the payment institution intends to provide all other services
Small PIs do not qualify for minimum initial capital requirements.