The definition for a payment service is quite wide under the law and includes most forms of payments that can be made electronically. An application for a Latvia Electronic Money Institution License can be made by a Joint Stock Company or Limited Liability Company registered in the country. The process of application commences with the formation of the Company and by fulfilling the minimum initial capital requirements. The Company will also have to provide information about the shareholders, beneficial owners, and members of the Company along with business plans and anti-money laundering procedures.
While there is no specified license fee for the application process, the law states that the Institution has to pay up to 0.02% of the average total assets of the electronic money institution during a quarter but not less than 2500 lats per year to the Commission. The entire process of application and licensing can take up to 3 months. As the licensing process is quite complicated, it is recommended that you obtain the support of professionals for the process. If you are interested in learning more about a Latvia Electronic Money Institution License and how it can help your business please complete the form below or call us now where one of our dedicated team of experienced professionals will assist you through the entire process of obtaining a Latvia Electronic Money Institution License.