Fintech industry

The fintech remains one of the most promising and scalable business industries which attract billions of investments yearly. At Star Legal, we offer support for companies seeking EMI and crowdfunding licenses in Lithuania that enable them to expand across the European Union and reach a wide and digitally savvy customer base.

Lithuanian EMI licenses

• Legal support during the licensing process
• Compliance support
• Recruitment

 

 We offer services that cover the entire EMI licensing process. We will begin with identifying your needs and covering the areas that are essential for successful application submission, such as AML or team requirements. We will then move on to filling in the application form so that it complies with the requirements of the Bank of Lithuania and preparing all the necessary documentation. Once the application is assessed, we will support you in responding to the comments from the regulator and preparing for the final stage—receiving the license.

 

The initial stage of gaining a license includes analysis of the intended business and financing plan as well as amending it to match the requirements of the Bank of Lithuania, company incorporation, and other necessary steps of preparing fill in the application form. Once the company is prepared, we move on to filling in the application and preparing all the needed documents that include:

• Legal documents such as AML, KYC, and cybersecurity policies;
• Financial documents such as plan for 3 years, profit and loss statement, and cash flow statement.
• Internal policies, risk assessment policies, and other operational documents;
• Internal control mechanisms for money laundering and terrorism prevention;
• Procedures for monitoring, handling, and following up on operational and safety incidents;
• Procedures for handling confidential data;
• Business continuity plans;
• Data collection principles;
• Security policies;
• Company structure description;
• Confirmation of paying the application fee;
• Evidence of the availability of funds for equity;
• Professional compensation insurance contract;
• Client funds account confirmation;
• Company owner and key shareholders information;
• Office agreement;
• Questionnaire on operational risks.

Lithuanian crowdfunding licenses

• Legal support during the licensing process
• Compliance support
• Recruitment

 

The Bank of Lithuania has clear requirements for issuing a crowdfunding license. They include:

• Specifying the types of crowdfunding services intended and how they will be marketed;
• Confirmation of crowdfunding services provision with payment services;
• Descriptions of the governance and internal control for compliance and risk management;
• Description of systems, resources and procedures for data processing security;
• Safeguards and evidence of compliance with these measures;
• Description of the procedures relating to investment restrictions for inexperienced investors;
• Business continuity plan description;
• List of persons responsible for the management of the institution;
• Information on its shareholders holding 20 % or more of the authorised capital;
• Internal rules preventing the applicant’s internal stakeholders from using their crowdfunding services;
• Description of the procedures for handling customer complaints.

 

Star Legal team will help you draw all of these documents and internal policies for a successful application process. Moreover, we will support you in hiring the right team and implementing all the required procedures in practice.