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 carry out financial activities in the territory of Latvia, and who should take measures to maintain a stable position. Business requirements:

1. If you are to receive a small certificate that does not have a minimum threshold for the authorized capital, then you must provide data on all members of the board. Together with the application, a business plan is submitted, which confirms the financial condition of the documentation and other accompanying documents.
2. If the business is planning to run in a large money turnover, the company must have an authorized capital of 350 thousand euros and more, among the board members at least 1 must be a resident, or have legal grounds for working in the territory of Latvia. The entire management team must have a past experience in financial management, including e-service.
3. The founder must have a diploma in economic specialization, as well as 3 years of work experience.
4. Board members cannot be tried or run other forms of business.

Special attention should be paid to all of the above requirements when preparing to apply for a license in order to successfully license a company.

Term, for how many EMI licenses are issued in Latvia, usually does not exceed 5 months, of which it takes about a month to prepare the documentation. The waiting period for FKTK's decision is 1-3 months.

For a quick obtaining a financial license it is recommended to contact the specialists of the E-COMMERCE BROKER Company. They will help to draw up the necessary forms and advise free of charge on the nuances of licensing this or that activity.