A Latvia Electronic Money Institution (EMI) can be applied 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. For a company that wants to apply for a Latvia Electronic Money Institution (EMI), it has to have a minimum initial capital of EUR 350,000.

Latvia Electronic Money Institution (EMI) License

 

Latvia, a member of the European Union offers the opportunity to obtain a Latvia Electronic Money Institution (EMI) license which can be used to offer services in Latvia and across the EU, based on compliance with the license conditions. 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.

According to the provisions of the law, an institution holding Latvia Electronic Money Institution (EMI) can issue Electronic Money and also provide payment services which cover the following:

  • Service as a result of which cash can be placed on a payment account as well as all necessary operations by the payment service provider to ensure that the payment service user can use the payment account
  • Service as a result of which cash can be withdrawn from a payment account as well as all necessary operations by the payment service provider to ensure that the payment service user can use the payment account
  • Execution of a payment transaction, including direct debit and also one-off direct debit execution of a payment transaction through a payment card or a similar device, execution of a credit transfer, also of a standing order. It also includes a transfer of funds to a payment account opened by the payment service provider of the payment service user or by another payment service provide
  • Execution of a payment transaction, including direct debit and also one-off direct debit, execution of a payment transaction through a payment card or a similar device, execution of a credit transfer, also of a standing order. It also includes a payment transaction where a credit line is applied to the funds available to the payment service user
  • Issuing and acquiring of a payment instrument
  • Money remittance
  • Execution of a payment transaction where the payer’s consent to execute the payment transaction is given by means of distance communication, a digital or an IT device and where the payment is made to the telecommunication, IT system or network operator that acts only as an intermediary between the payment service user and the seller of goods or the provider of services.

Latvia EMI License Requirements

A Latvia Electronic Money Institution (EMI) can be applied 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. For a company that wants to apply for a Latvia Electronic Money Institution (EMI), it has to have a minimum initial capital of EUR 350,000.

The next step is the actual process of application for the Latvia EMI License which will require submission of information such as the personal information of the shareholders (of all holding above 10% of shares or voting rights) and the beneficial owners, certificate of the good reputation of the shareholders of members or participants, academic qualification of the key personnel, financial stability information, Business Plan and Anti Money Laundering (AML) and Anti-Terrorist Financing Policies (ATF).

Latvia EMI License Costs

While there is no specified license fee for the application process, the law states that the Latvia Electronic Money Institution has to pay up to 0.02 percent (including) 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.

How can I get a Latvia Electronic Money Institution (EMI) License?

Empire Global has a team of experienced professionals who will assist you through the entire process of Latvia Electronic Money Institution application including assistance in the preparation of documents, submission of application and responding to any queries from the Commission. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Latvia License.

Latvia Payment Service Provider License