Payment Institutions or Payment Service Providers are financial companies that provide payment services in accordance with the EU Payment Service Directive 2.
Payment institutions can provide services such as making of payment transactions, depositing of cash into payment accounts, withdrawing of cash from payment accounts, transfer of money, and account information (AIS). Of course, having received a license of a payment institution in one of the EU countries, you will have the opportunity to provide services in all EU countries.
Companies providing services to online stores, bank-link, just operate under the license of a payment institution. Like the electronic money license, the payment institution license allows you to connect to the Single Euro Payments Area, which allows you to make and receive payments in European currency on the same terms anywhere in Europe.
By obtaining a payment institution license in Lithuania, you have the opportunity to start the licensing process without registering a company yet. A license obtained in the territory of Lithuania makes it possible to provide services throughout the European Union without additional licensing. The term for obtaining a license does not exceed 3 months, and the minimum authorized capital of a company that provides financial services under this license is 20 000 euros. Lithuanian regulation is aimed at supporting business, especially in the field of fintech, therefore, the costs for opening such a company are lower here, and the terms for obtaining licenses are shorter.
Do you intend to conduct financial activities in Lithuania? Contact us and get a professional consultation.
Demire Inc services:
• Preparation of documents for obtaining a license of a payment institution;
• Registration of a company in Lithuania, with all the necessary documents;
• Accounting, preparation of the necessary reports for your company for regulatory authorities;
• Lawyer consulting;
• Preparation and conduct of audit.