How to obtain a latvia payment service provider license

How to obtain a Latvia Payment Service Provider License

Latvia, a member of the European Union offers the opportunity to obtain a Latvia Payment Service Provider License which can be used to offer services in Latvia and across the European Union. The license is issued under the provisions of the Law on Payment Services and Electronic Money by the Financial and Capital Market Commission of Latvia.

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 Payment Service Provider 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 0.05 percent of the total payments made by the payment 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.

If you are interested in learning more about a Latvia Payment Service Provider License and how it can help your business today complete the form or simply call us and our dedicated team of experienced professionals will assist you through the entire process of obtaining a Latvia Payment Service Provider License.