EXperience.
creativity.
results.
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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