Licensed payment institution (PI)
Friendly environment, good reputation and faster procedures? Well, that’s Latvia.
In case you’re looking for a business that can do remittance or card acquiring, then check out this Baltic country. Our consultants are here and ready to help you!
What does the payment institution (PI) license include? Well, it depends on the scope of activities – this is connected to the initial capital – which are as follows:
- €20,000 – only money remittance services
- €50,000 – only payment initiation services
- €125,000 – acceptance of cash payments, deposit and withdrawal of payments from a payment account, credit transfer, execution of payment through a payment card, etc
Nevertheless, if a licensed payment institution provides only account information service, it is not required to have any initial capital.
The Finance and Capital Market Commission will decide on the outcome of your application within 3 months of the submission of your application and all relevant supporting documents.
Of course, there’s more besides the initial capital. When it comes to management, persons acting in the Board of Directors of such PI and compliance officer, responsible for the AML/CFT issues, shall possess an impeccable reputation along with adequate professional capacity and education. Individuals who have acquired a qualifying holding, either directly or indirectly in the institution, must have an impeccable reputation.
As you can see, the requirements are not too difficult, however, the environment makes the difference as Baltic countries are generally considered as more pro-business in the region. If you want to know more, Aniva Consulting is here for you!