We advise both domestic and foreign companies on all matters related to licensing process. Most companies require a professional advice on obtaining a licence of payment institution. Our law firm has extensive experience and knowledge in the licensing process. Generally, the licence of payment institution is granted by the Bank of Lithuania and a company which is willing to provide payment services such as money remittances, payment transactions, provide cash deposit and cash withdrawal services, etc., must have a licence of payment institution Our law firm advises local and foreign companies on the following matters:
Knowledge & Insights
The EU Payment Services Directive adopted in 2007, aimed to removelegal barriers to the provision of payment services in the EU. According to EU payment Services Directive, all citizens and businesses are allowed to make all kinds of payment easily, safely, timely and cost efficiently. Licensed Payment Institution is the best choice for companies and star-ups, because it allows to process payments all around the Europe.
Licence of a Payment institution provides the following services:
Apart from the provision of payment services, payment institutions has the right to provide services related to payment services, such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data. Licence of payment institution consist of two different types:
According to the Bank of Lithuania, the main difference between a payment institution engaged in restricted activities and a payment institution, is that the payment institution restricted activities is not subject to the minimum equity capital requirement. However, licence of a payment institution engaged in restricted activities is solely valid in the Republic of Lithuania.
In order to be granted a payment institution licence, a company must submit documents and information to the Bank of Lithuania, including the following:
Bank of Lithuania issue a licence of payment institution. Laws provide that within 3 months a Licence of a Payment Institution is obtained. 2 months to obtain payment institution engaged in restricted activities.
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