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.
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:
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.
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:
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.
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