The EMI license (Electronic Money Institution) in Latvia is required for credit institutions that issue electronic money services. Our Latvian lawyers can guide you regarding the license you need to carry out your activities in the financial field. We invite you to discover in the following lines some information about obtaining an EMI licensing in Latvia.
The conditions for obtaining an EMI license in Latvia
Companies that want to issue electronic money (e-money) must apply to the Financial and Capital Market Commission of Latvia for an EMI license. With this license, the companies in question can offer payment services with electronic money and other related facilities. Here are some of the conditions for obtaining an EMI license in Latvia:
- A minimum initial capital of EUR 350,000 is required when applying for an EMI license in Latvia.
- The company that applies for EMI licensing in Latvia must have a legal address in this country, as must the management board.
- The authorities reserve the right to make checks on the holders of the credit institution applying for an EMI license in Latvia. Persons with a clear criminal record and a good reputation in the financial field are accepted.
- At least part of the activities of the company in question must be carried out in Latvia.
- The Articles of Association are required at the time of application for EMI in Latvia.
- A document is needed that contains information about the protection offered to those who use e-money services offered by the company in question.
- Internal control and risk management are other information that must be provided when applying for an EMI license in Latvia.
- Also, in this case, a business plan for 3 financial years is required.
These are some of the conditions and formalities required for EMI licensing in Latvia. For more details, do not hesitate to talk to our Latvian lawyers.
How can you be helped by our attorneys in Latvia to get an EMI license?
The procedure for obtaining an EMI license is quite complex and requires specialized help. Here, our lawyers in Latvia can guide you on the procedures to follow and the documents to prepare. Here are other details in this regard:
- We can help you register the company in Latvia.
- We can talk with the shareholders of the company in order to understand well what the future operations will be and what objectives are established with the company in question.
- We can open a bank account, with a power of attorney. This process can take around 4 weeks.
- The minimum initial capital deposit of EUR 350,000 follows. Proof of the money in the respective bank account is required at the time of application for the EMI license in Latvia.
- Next comes the preparation of the documents in order to obtain the EMI license in Latvia. The whole process can take around 6 months. We can also guide you regarding the creation of a business plan, which must be drawn up for 3 financial years.
Our lawyers in Latvia can facilitate communication between clients and the relevant authorities in order to obtain an EMI license. We also make sure that anti-money laundering policies are implemented in the company before the activities are carried out.
In addition to assistance in obtaining an EMI license, our specialists can also help you with the formalities related to immigration to Latvia. Moreover, we help foreign citizens who relocate to this country to obtain residency in Latvia. We can also guide those who are already settled here and want to obtain citizenship in Latvia. Whatever the problem you want to solve from a legal point of view, don’t hesitate to contact our law firm in Latvia and get the necessary legal help.