For business representatives related to financial services, Latvia provides the opportunity to legally launch a company for the provision of monetary services, including the emission 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 is going to be engaged in.
The issue of licensing of Latvian financial companies is regulated by the Payment Services Law. As follows from legislative norms, any participant in the release of electronic money acts as a financial link in the country's economy, which implies a licensing obligation.
Since Latvia has agreed with 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 get a license in Latvia taking into account the chosen direction 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 issue for the year does not exceed 2 million euros, the opening of a business takes place according to a simplified procedure - 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 carry out financial activities in the territory of Latvia, and who should take measures to maintain a stable position. Business requirements:
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.