Latvia EMI License

Latvia is one of the countries that adopted the EU Directive of 2009, which defines the rules for the operation of e-money issuers and payment licenses. The country has a Law on payment services, according to which electronic money can be stored on servers of payment licenses or on smart cards. If the turnover of the issuer is limited to 2 million euros per year, a small license of the payment license in Latvia is executed with a simplified procedure and a lower duty.


Requirements for Companies Receiving full Payment Licenses in Latvia

A payment license of Latvia is issued to companies registered in the country, which authorized capital is at least 350 000 euros. In accordance with the EU Directive of 2009, it is necessary to take care of an availability of real office, the legal address of the company, a management from the number of local residents who have sufficient qualifications for electronic money issuing and providing the related services. It is recommended to register a company with FKTK, to resolve issues with financial and firmware, and then file the documents for licensing. For the companies already “known” to the Commission, the procedure, as a rule, is simpler.

To get permission to do a full-fledged e-money business in Latvia, it is required to fulfill the basic requirements:

  • to provide CV / CV of directorates, confirming their competence in the financial field;
  • to prove documented that the founders of the company have a specialized education and professional experience from three years;
  • to confirm that the founders have the right to engage in commercial activities and they have no previous convictions;
  • to provide documents confirming a presence of an office, a bank account, a software for business.

The Commission reserves the right to request other documents. A consideration of applications for EMI receiving in Latvia will takes from one month. A license package preparation will take at least one and a half months. Cooperating with N5Bank it will be possible to speed up the procedures.


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Our Services

We know how quickly, without a burdensome bureaucracy, to get a payment license in Latvia or other state. The company’s experts provide consultations, undertake all aspects of the procedure and help:

  • to register a company and obtain a permission for the operation in FKTK;
  • to receive a payment license – to prepare and submit all documents, to pay a fee, to get a certificate in person;
  • to open a bank account, to choose the best possible company form and tax model and so on.

We will simplify the license receiving to the customer in the best possible way. N5Bank will take care on starting of your work observing all requirements of the Latvian and international legislation in the field of electronic money emission and profile services.

Technical compliance:

Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.

Card issuance:

We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.


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