Obtaining Electronic Money Institution licence in Lithuania: documents and compulsory bodies
Documents and information to be submitted to the Bank of Lithuania
In order to be granted an electronic money licence, a company must submit documents and information to the Bank of Lithuania, including the following:
- Articles of association;
- a programme of operations;
- a business plan, including a forecast budget for the first 3 years;
- the evidence that the minimum size of the equity capital does not fall below 350 000 EUR;
- a description of the measures taken for safeguarding electronic money holders funds;
- a description of the governance arrangements and internal control mechanisms applied;
- a description of the internal control mechanisms established in order to comply with obligations in relation to prevention of money laundering and terrorist financing;
- a description of the structural organisation;
- the data on the identity of persons holding in the authorised capital of the EMI;
- the identity of directors, including the persons responsible for the management of the electronic money issuance activities of the EMI;
- data of an audit firm;
- the address of the registered office.
Compulsory bodies and positions of an EMI
EMI must have the following bodies: the general meeting of shareholders, the head of the company and the Board (minimum of 3 members).
Specific qualification and experience requirements for the Heads of the EMI
EMI’s (holding a licence) Board must have at least 2 members with a legal, management, business administration or economics high education or members who worked at least 1 year in a related practise area as an inspector, auditor, auditor’s assistant, lawyer, accountant, head of the company in the last 5 years.
The Head of the company must have legal, management, business administration or economics high education and having at least 2 years of experience (in the last 8 years) of managing a company or its structural unit (department, branch, division etc.).
If requirements above are not met, other objective data can be presented in order to prove the heads and/or members eligibility to run the company.
To find out more how to obtain an Electronic Money Institution licence in Lithuania, please contact our English speaking lawyers at email@example.com.