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.