Electronic money in the territory of the European Union is the customer’s monetary value, which is recorded and stored electronically on an electronic medium. Electronic money is issued by the issuer upon receipt of funds from other persons in the amount not less than the issued monetary value, and is accepted as means of payment by other organizations.
Obtaining a license for the creation of electronic money in any EU country makes it possible to provide various financial services throughout the European Union.
The license for the creation of electronic money allows you to connect to the Single Euro Payments Area, which allows you to make and receive payments in European currency at low prices and on the same terms anywhere in Europe.
Having obtained a license for the creation of electronic money, a merchant will be entitled to provide the following services:
• Emission of electronic money;
• Issue and / or purchase of payment cards;
• Take out of cash from a payment card by customers;
• Depositing of cash to the payment card by customers;
• Execution of various payment transactions;
• Transfer of funds;
• Providing information on the state of the account, etc.
By obtaining a license in Lithuania, you have the opportunity to start the licensing process without registering a company yet. The term for obtaining a license is three months, and the minimum authorized capital of such a company is 350 000 euros. Lithuanian regulation is aimed at supporting businesses, especially fintech start-ups, therefore, during the first year, no sanctions are applied to start-ups.
Demire Inc services:
• Preparation of documents for obtaining a license for payment services;
• Registration of a company in Lithuania, with all the necessary documents;
• Accounting, preparation of the necessary reports for your company;
• Lawyer consulting;
• Preparation and conduct of audit.