Latvia EMI license in 2026

• Tetra Consultants needs to understand the intended business activity and corporate structure to advise on whether Latvia EMI license is the most suitable for your company. 

• Our legal team and licensing specialists will review the proposed business model and corporate structure to ensure it aligns with the regulatory requirements set by Latvijas Banka. 

• If your company needs an EMI license, Tetra Consultants will arrange for a pre-application meeting with the Latvijas Banka (the Bank of Latvia) to assess your company’s eligibility for a Latvia EMI license. 

• During the meeting, the Commission will clarify the procedure and requirements for procuring an EMI license in Latvia. 

• Tetra Consultants will assist with the preparation of an introductory presentation to the Commission, based on the business plan and documents you provide. 

• Before Tetra Consultants can register company in Latvia, you are required to provide a list of required KYC documents. Some of these documents include the names of directors, company’s resolution and identification proof. 

• Based on the documents provided, Tetra Consultants will draft and notarize the Memorandum and Articles of Association, business plan and other incorporation documents. Our legal team and licensing specialists will ensure the corporate structure and incorporation documents comply with the requirements of the Latvia Commercial Register and Latvijas Banka. Tetra Consultants will assist you in ensuring the following key information are prepared as per requirement: 
  • Proof that capital requirement of EUR 350,000 is met 
  • Organizational structure with background of each relevant office holder 
  • Description of each type of payment services to be provided 
  • Payment transaction diagram 
  • Payment market analysis 
  • Targeted market segment description 
  • Marketing activities and distribution channels 
  • Forecast quarterly budget calculations for the next 3 years under target and stress scenarios 
  • Key assumptions (client, transaction numbers, pricing, financing sources, etc.) including the relevant explanations 
  • AML and risk compliance 
  • Technical system risk compliance 

• After preparing the relevant documents, Tetra Consultants will register your company through the e-service in Latvia Commercial Register. 

• Tetra Consultants will also register your company for Value-Added Tax (VAT) through the State Revenue Service (SRS) Electronic Declaration System. 

• Although you can apply directly for an EMI license without registering as an electronic money institution, Tetra Consultants recommends that your company registers as an electronic money institution before applying for an EMI license. 

• This is because most of the documents needed to register an electronic money institution are also required for the application of an EMI license. Registering an electronic money institution will allow you to start operations within Latvia and familiarise with the rules and regulations stipulated by the Commission. 

• Tetra Consultants will assist your company in preparing the relevant documents and registering as an electronic money institution with the Commission. 

• A registered electronic money institution can only operate and provide e-money services within Latvia. To operate outside Latvia, your company will need an EMI license. 

• As such, Tetra Consultants will assist you in preparing the documents required for application of an EMI license in Latvia after your company has successfully registered as an electronic money institution. Documents required include: 
  • Organizational structure 
  • Protection of customer fund 
  • Management structure and internal control system 
  • Outsourcing services and control 
  • AML/CTF policy 

• Tetra Consultants’ legal team and licensing specialists will review and compile these regulatory documents to ensure they are fully compliant with the Law on Payment Services and Electronic Money and the licensing framework issued by Latvijas Banka. 

• The Bank of Latvia may request the company to make amendments or submit additional documents if there are deficiencies in the documents submitted. Tetra Consultants will make the required adjustments and submit the amended documents, if necessary. 

• The Bank of Latvia will decide whether to issue a license based on the documents submitted within 3 months after all relevant documents have been submitted. The EMI license will be issued for an indefinite period. 

• The Bank of Latvia may choose not to issue a license if the information submitted is insufficient, dishonest or does not provide for sensible and effective administration of the institution. Tetra Consultants will advise you on your business model and make sure that the procedures and systems drafted are aligned with the requirements of the Law on Payment Services and Electronic Money and AML/CFT regulations. 

• Tetra Consultants will assist in consolidating the required corporate documents and opening a corporate bank account with a reputable bank that provides the relevant services such as multi-currency accounts, SEPA, IBAN and SWIFT. 

• Typically, directors and shareholders are not required to travel to Latvia to open the corporate bank account. However, if travel is required, we will have a representative accompany you to the bank meeting. Alternatively, our team will negotiate with the banks to conduct a conference call instead or to request for a waiver. 

• Once the bank account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address. 

• Tetra Consultants’ team of Chartered Accountants will ensure that your newly established electronic money institution continues to meet regulatory laws set by the SRS of the Republic of Latvia. Our accounting and tax team will also assist with ongoing bookkeeping, financial statement preparation, and annual tax filings to maintain regulatory compliance. 

Annual reporting

• By the end of January of each year, an electronic money institution must submit to the Commission a list of shareholders who had qualifying holding in the institution as of 31 December of the previous year. 

• Information about the shareholders and their extent of involvement in terms of number of voting stock or percentage of equity capital held must also be reported. 

• The Bank of Latvia can request for additional reports on the operations of the institution and regulatory environment, if deemed necessary. 

• Besides submitting an audited annual report to the SRS of the Republic of Latvia, electronic money institutions are also required to report the sum of outstanding electronic money, which will be done on the end of December of the reporting year. They will also have to announce the sum of electronic money redeemed in the reporting year. 

Find out more!

• Tetra Consultants works as your advisor and trusted partner in your business expansion and payment license application. With our own team of lawyers, licensing specialists, compliance team, and accountants, we tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients 

• Contact us to find out more about how to secure Latvia EMI license to conduct electronic money services. Our team of experts will revert within the next 24 hours

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