Obtaining a financial license in Latvia

Latvia provides representatives of businesses related to financial services with the opportunity to legally launch a company providing money services, including the issuance of electronic money.

This became possible after the country adopted the 2009 EU Directive. Obtaining a financial license in Latvia depends on what specific activity the businessman intends to engage in.

Features of financial licensing in Latvia

The issue of licensing Latvian financial companies is regulated by the Payment Services Law. As follows from the legislative norms, any participant in the issuance of electronic money acts as a financial link in the country’s economy, which implies a licensing obligation.

Since Latvia has agreed to this provision, when opening a company the founder will have to agree on the issuance of a permit certificate. The recipient of a financial license will be able to:

  • accept cash and transfer money to payment system accounts;
  • transfer virtual currency in an amount corresponding to the deposited funds;
  • carry out direct and credit payments, transactions through debit products, terminals, and other regular transfers;
  • execution of payment orders using credit funds;
  • issue of financial assets;
  • customer service without using personal details.

To clarify, how to obtain a license in Latvia taking into account the chosen area of ​​service, contact the E-COMMERCE BROKER Company for free consultations and professional assistance in coordination.

If the company does not intend to exceed the monthly limit of 0,5 million euros, or the total emission for the year does not exceed 2 million euros, opening a business takes place according to simplified regulations - you can start working immediately after registering the company, or apply for a small license.

Requirements for the company and documents

The state agency FKTK is responsible for licensing the activities of organizations involved in the payment process. The Financial Market Commission, based on the current legislation, decides who should be allowed to operate financially on the territory of Latvia, and who needs to take measures to maintain a stable situation. Business requirements:

  1. If you are to receive a small certificate without a minimum threshold for the authorized capital, then you must provide information on all board members. Along with the application, a business plan is submitted confirming the financial status of the documentation and other accompanying documents.
  2. If they plan to conduct a business with a large monetary turnover, the company must have an authorized capital of 350 thousand euros or more, among the board members at least 1 must be a resident or have legal grounds for working in Latvia. All management team must have previous experience in financial management, including electronic services.
  3. The founder must have a diploma in economic specialization, as well as 3 years of work experience.
  4. Members of the board cannot have a criminal record or conduct other forms of business.

Particular attention should be paid to all of the above requirements when preparing to submit a license application in order to successfully license a company.

Deadline, for how long does it take to issue EMI licenses in Latvia, usually does not exceed 5 months, of which it takes about a month to prepare documentation. The waiting period for an FKTK decision is 1-3 months.

For quick obtaining a financial license It is recommended to contact the specialists of the E-COMMERCE BROKER Company. They will help you draw up the necessary forms and provide free advice on the nuances of licensing a particular activity.


Best business consultant 2020.

Leave a request for a free consultation right now

Leave a request

Fill out the fields below and submit your application. We will contact you shortly.

Sign up Now!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a request

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Open chat
Hello! What service are you interested in?
We also speak English.