An Electronic Money Institution (EMI) is a type of financial institution that provides electronic money services in Lithuania. It is regulated by the Bank of Lithuania and requires a licence to operate.
The process to obtain the licence involves submitting an application to the Bank of Lithuania, which includes a business plan, financial statements, and other documents. The cost of the licence is approximately €50,000 and the timeline for obtaining the licence is approximately 6-9 months. This cost only related to the administrative procedures and doesn't include all the technical and legal costs associated to all the documents to provide to the regulators.
An EMI in Lithuania can offer services such as issuing electronic money, providing payment services, and providing payment accounts. These services are similar to those offered by an Electronic Money Institution in the UK, however, the UK licence requires additional capital requirements and a more detailed business plan.
If you are interested in obtaining an Electronic Money Institution licence in Lithuania or in the UK, please contact our company for consulting services. We have extensive experience in the field and can provide you with the necessary guidance and support to ensure that you obtain the licence in a timely and cost-effective manner.