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EXperience.

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VK LEGAL - a team of qualified lawyers with extensive legal experience in drafting agreements, dealing with various legal issues related to the protection of personal data, labour law, debt recovery and other areas of law. We always strive to satisfy our clients’ expectations and raise high standards for ourselves.

6

Years of Experience
76
Successful Projects

3

international partners

Comparison of EMI and PI

4/12/21
Services Electronic money institution (EMI) Payment institution (PI) Issuance and redemption of electronic money + - Receiving and holding clients' funds without instructions for payment initiation + - Payment services + + Currency exchange services + + Lending services Necessary additional registration for consumer credit providers Necessary additional registration for consumer credit providers Receipt of deposits - - Investment services, clearing, services related to securities emissions - - License valid across the European Economic Area (EEA) allowing to provide services in any other EEA state without the need for further authorization from that country + +
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Main requirements for obtaining the license of EMI and PI

4/12/21
Main requirements (non-exhaustive list) Electronic money institution (EMI) Payment institution (PI) Minimum share capital requirement Not less than EUR 350 000 From EUR 20,000 to EUR 125,000, depending on the services to be provided Managers and mandatory positions CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties. CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties. Evaluation of the shareholders holding qualifying holdings in the applicant’s undertaking The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires. The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires. Fee of the license 1 463 Eur 868 Eur Duration of assessment of an application and attached documents 3 month-term which can be extended 3 month-term which can be extended   Last update: 14-04-2021
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