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Obtaining Electronic Money Institution licence in Lithuania: documents and compulsory bodies

13 April 2018
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Documents and information to be submitted to the Bank of Lithuania

In order to be granted an electronic money licence, a company must submit documents and information to the Bank of Lithuania, including the following:

  • Articles of association;
  • a programme of operations;
  • a business plan, including a forecast budget for the first 3 years;
  • the evidence that the minimum size of the equity capital does not fall below 350 000 EUR;
  • a description of the measures taken for safeguarding electronic money holders funds;
  • a description of the governance arrangements and internal control mechanisms applied;
  • a description of the internal control mechanisms established in order to comply with obligations in relation to prevention of money laundering and terrorist financing;
  • a description of the structural organisation;
  • the data on the identity of persons holding in the authorised capital of the EMI;
  • the identity of directors, including the persons responsible for the management of the electronic money issuance activities of the EMI;
  • data of an audit firm;
  • the address of the registered office.

Compulsory bodies and positions of an EMI

EMI must have the following bodies: the general meeting of shareholders, the head of the company and the Board (minimum of 3 members).


Specific qualification and experience requirements for the Heads of the EMI

EMI’s (holding a licence) Board must have at least 2 members with a legal, management, business administration or economics high education or members who worked at least 1 year in a related practise area as an inspector, auditor,  auditor’s assistant, lawyer, accountant, head of the company  in the last 5 years.


The Head of the company must have  legal,  management, business administration or economics high education and having at least 2 years of experience (in the last 8 years) of managing a company or its structural unit (department, branch, division etc.).


If requirements above are not met, other objective data can be presented in order to prove the heads and/or members eligibility to run the company.


To find out more how to obtain an Electronic Money Institution licence in Lithuania, please contact our English speaking lawyers at


T: +37167240090


F: +37167240091


For questions, please, contact Valters Gencs, attorney at law at

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The material contained here is not to be construed as legal advice or opinion.

© Gencs Valters Law Firm, 2016
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