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Jul 10, 2017 — According to the European Regulation (EU) No 575/2013, Banks considered as Credit Institutions. Only the Banks (Credit Institutions) have exclusive right to accept deposits and other repayable funds from non-professional market participants and provide full scale banking services.
Lithuanian licensed Bank is able to offer all banking services in single European financial market of 30 countries for 500 million wealthy consumers and 20 million businesses.
Equity capital of EUR 1 000 000
From the 1st of January 2017, EU member state Lithuania introduces a new type of payment service provider : Specialized Bank
Lithuania offers pan-European banking license ready tostart banking services in single European market within 6 months. Having minimum equity capital of EUR 1 million and licensing time of 6 months Lithuanian Specialised Bank has no equivalents within the rest of European jurisdictions.
Banking services provided by Specialised Bank in European markets:
Receipt of deposits;
Issuing of e-money;
Correspondent banking services;
…and other banking services.
Fast licensing process. Issue of the license within period of 6 months.
Equity capital of EUR 1 000 000, comparing with EUR 5 000 000 for ordinary bank.
The documents can be submitted in English and amended “on the go” instead of formal writing forth and back.
Direct access to Single Euro Payments Area (SEPA).
Deposits up to the amount of EUR 100 000 ensured according to EU regulations.
Remote client verification. Innovative “know your customer” processes for remote client verification allow open the accounts without physical presence of the client.
Direct access to EU/EEA financial markets.
No sanctions for the first year. The Bank of Lithuania is committed to support start-ups and not to punish them during the first year of operation for minor infringements.
Start-up visa. Special visas for the citizens of non-EU/EEA countries running innovative businesses in Lithuania.
Terms - from 6 month.
Total cost - Eur 1.200.000 (including the salaries and management fees)