Obtaining financial license in Latvia

50,000 Euros - if payment institution provides payment services specified in subparagraph f) of paragraph 1of Article 1 of the Law on Payment Services and Electronic Money, namely: if payment transactions are performed through remote communication with the payer, through a digital or IT device and where payment is for telecommunications, an IT system or a cellular network operator that acts only as an intermediary between the payment service user and the seller of goods or the supplier of services.

• 125 000 Euros - if payment institution provides any of the payment services specified in subparagraphs a), b), c), d) or e) of paragraph 1 of Article 1 of the Law on Payment Services and Electronic Money, namely:

a) services, as a result of which the funds can be placed on the settlement account as well as all the necessary operations performed by the payment service provider to ensure that the payment service user can use the payment account

b) services, as a result of which the funds can be withdrawn from the settlement account as well as all the necessary operations performed by the payment service provider to ensure that the payment service user can use the payment account

c) execution of a payment transaction, including direct debit, as well as one-time direct debit, execution of a payment transaction through payment cards or a similar device, execution of a credit transfer, and a standing order. The payment of the services specified in this subparagraph includes the transfer of funds to a settlement account by the payment service provider or other payment service provider for the user by means of payment services

d) execution of a payment transaction, including direct debit, as well as one-time direct debit, execution of a payment transaction through payment cards or a similar device, execution of a credit transfer, and also from a standing payment order. The term "payment services" refers to a payment transaction where a credit line is applied to funds available to the payment service user

e) issue or purchase of a payment instrument

After contribution of the authorized capital, the payment institution can freely dispose of it.

The Commission makes a decision to issue a license within 3 months after receiving the necessary documents. In case of refusal, the reason for the refusal will be indicated.

In the annual report and the annual consolidated reporting, the institution that provides financial services should disclose information on all the payment services provided and the total value of settlement transactions performed during the reporting year, as well as disclose the outstanding amount of electronic money (at the end of the year when you need to submit the reporting, it will be necessary to indicate the total amount of electronic money that you own and the second amount, namely electronic money, which is still listed in your possession, but was already transferred to another location, but it is not deducted from your account) as of 31 December of the reporting year. The reporting year of the institution must coincide with the calendar year.

350 000 Евро - может выпускать электронные деньги в ЕС.

После внесения уставного капитала, платежное учреждение может свободно распоряжаться им.