Eternity Law International — News — PI license in Latvia

PI license in Latvia

Published:
January 27, 2023

If you want to deal with money transfers, payment-processing, attracting merchants, initiating payment-operations or opening accounts, today we’ll get closer to how to quickly obtain a permit such as a PI license in Latvia.

First step: apply for payment-institution license in Latvia  – this is done at Latvian Bank. Such a permission provides enterprises involved in this field of activity with the ability to spread to others with next-mentioned:​​

  • all operations with payment-account (depositing money, withdrawals, money-transfers, payments);
  • carrying out operations with cards or similar appliances;
  • transferring money from an account to another account of other payment-systems;
  • carrying out operations with a credit-account;
  • account data.

Buy company with PI license in Latvia: advantages

Main advantages of ready-made PI license in Latvia will be:

  • a program for new firms that want to build a personal fintech in Latvia;
  • fast process of issuing permissions – the issuance of such permit takes place 3 months after the application for an e-money or payment-institution permission;
  • remote KYC for client registration with financial sanctions easing for startups – for example, no regulatory fines or sanctions in the first year of functioning;
  • SEPA and CENTROlink will be available to you – these are payment-systems developed and managed by Latvian Bank.

​Main characteristics of PI in Latvia license for sale

  1. Permissions provided in Latvia will be automatically recognized in the EEA (European Economic Area) member countries. This advantage will give you possibilities to operate freely and spread services openly in the EEA countries without obtaining other permissions, but having only a Latvian-license.
  2. You will be entitled to issue payment-accounts with IBAN codes throughout Europe.
  3. You will be able to obtain a Payment Institution license in Latvia in 3 months.
  4. Payment-schemes such as SEPA are available to you.
  5. Individuals and legal entities will be able to remotely open accounts.
  6. It will be possible to issue Visa or Mastercard payment-cards to both individuals and business users.

Requirements for PI license in Latvia 

Businesspersons may buy PI-licenses in Latvia. However, to apply you will need the following information:

  • all company’s data;
  • operations that she performed;
  • business-plan and prospects;
  • evidence of the availability of initial capital;
  • a description of the measures that will protect customer funds;
  • how security will be controlled within enterprise;
  • system for monitoring and responding to customer complaints;
  • the process of ensuring the confidentiality of customer data;
  • Security policy;
  • the measures that will be taken to ensure that the company operates continuously;
  • ways to collect transaction, performance and fraud data.

Payments is an area that requires certain experience, knowledge and attention of everyone who works in it. All employees in this area should be able to clearly explain everything to the client about norms for license-authorization. Financial regulator needs to take into account all aspects when applying. For example, shareholders and management must be in good shape, have a good reputation and relevant experience and knowledge.Our specialists will be able to provide you with comprehensive professional advice on any issues, as well as help you obtain PI license in Latvia. We can save you time when applying because our experts are familiar with all regulations and requirements and have made all the important decisions prior to submitting your application. We also have an extensive list of ready-made businesses and licenses for sale. Contact us now in any way convenient for you.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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