If your company provides financial services, you must obtain a work permit. Government agencies in different countries want to ensure that all financial institutions operate honestly, so they ask all organizations to register. Obtaining an EMI license in Lithuania will allow you to work legally in Europe and actively develop and increase the number of clients.
What is EMI?
Today there are a large number of organizations that provide services using e-money. These include various electronic wallets and financial institutions that issue vouchers.
EMI is an abbreviation that unites all financial non-banking organizations that perform transactions using e-money. But this does not include organizations that use cryptocurrencies. They have different types of licenses.
Benefits of obtaining an EMI license
Lithuanian authorities want to be sure that the country’s people do not have to worry about their financial security. As a result, it developed thoughtful legislation. So, every company that wants to provide non-banking financial services must be registered. All organizations that decide to ignore this rule will have big problems with the law and, in some cases, completely block the platforms through which transactions take place. It can lead to the complete cessation of the company.
In addition, many investors and clients prefer to cooperate only with licensed companies because this is the main guarantee that the organization works honestly. So, if you want to receive additional investments and attract the attention of a large number of potential customers, then you need to get permission.
For example, you will not be able to run promotions or be active in attracting new customers so as not to attract the attention of regulatory authorities.
If you already own an EMI company, you most likely want to see your business grow. So, if you have clients worldwide, you will have to get not one but several licenses at once. The point is that a permit obtained in Lithuania gives the right to work on the territory of the entire EU. Thus, securing permission in this country expands the market.
License acquisition speed
Obtaining a license usually takes a little time. So, as soon as you decide to start working in Lithuania, you need to register a company in this country. You need to collect a package of documents in advance and submit it to the state authorities. Usually, organization registration takes only 5 days. You may do this remotely. Then you have 3 months to prepare documents for licensing.
If you have collected the necessary list of documents but made mistakes, you have 3 more months to put everything in order.
For your company to obtain a license, it must meet the basic requirements, among the most important are:
- The minimum initial capital is 350 thousand euros;
- The excellent reputation of owners and shareholders of the company (ideal experience in similar positions);
- Thoughtful business plan and much more.
Your company also needs to have the right software with an excellent level of protection. In addition, you must verify all your clients and not cooperate with people who have previously been involved in fraud, money laundering, or financing terrorism.
How can you make it easier to get a license?
Today, obtaining a license is not difficult if you turn to qualified lawyers for help. Our company has a team of professionals who specialize in assisting in obtaining various permits, including those for EMI.
So, our experts will tell you more about how to get a crypto license, what documents are needed, how long it will take, how to properly process the papers, and much more. They will answer all questions, check the readiness of your company to obtain a permit, and much more. You should expect the initial consultation to take several hours, but you will receive the most accurate information.
It is worth saying that the country’s legislation is constantly changing; our specialists regularly monitor legal news, so they know precisely how to obtain the necessary permission quickly. At the same time, if you decide to do everything yourself, you risk making many mistakes based on outdated information. So, thanks to lawyers’ advice, you can get a license much faster.