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Financial Licences in Lithuania

Lithuanian government offers transparent and cost-effective virtual currency authorization.

Company Registration

We provide full service for a company registration in Lithuania.

Ready-made companies with Crypto licences

Buy ready-made company with Cryptocurrency exchange and Crypto wallet and custodian services license.

Accounting Services

All companies and subsidiaries in Lithuania are subject to the obligation to keep accounts.

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    Your goals will be accomplished in a reliable, confidential and timely manner!

    Our mission is to provide integrated consulting services for legal entities all over the world. We are always result-oriented, which allows us to effectively solve issues of our clients.

    In addition to the establishment of companies, accounting service and legal services, we offer our clients assistance in obtaining financial licenses and recruiting personnel.

    Finasta is a team of specialists who will help to open a company and develop business in Europe.

    OUR SERVICES

    Cryptocurrency Licence in Lithuania

    Lithuania is one of the few member states of the European Union in which legal financial transactions with cryptocurrency are possible, and there is an official permit for the conduct and regulation of cryptocurrency business by the state (FCIS). Widely recognized in the traditional financial sector (FIAT) and in e-money licensing, the Lithuanian government also offers transparent and cost-effective virtual currency authorization.

    Cryptocurrency Licence

    Money remittance services EUR, USD, GBP

    Company Registration

    AML Services

    Accounting Services

    Support in the issuance of Lithuania crypto license with a guarantee of a turnkey contract.

    Robert Martson CEO

    We were provided excellent customer service. All responses were prompt and professional.

    Emma Ranke Manager

    Great service, efficient communication and a really easy way to get a crypto license with lots of help and support to get the right deal.

    Mark Stiver Ceo at dron

    Cryptocurrency exchange, Crypto wallet and custodian services license

    Ready-made company in Lithuania, with a license for working with virtual currency:
    European Union Residents - 9,900 EUR
    Non-European Union Residents - 14,900 EUR

    Cryptocurrency exchange, Crypto wallet and Custodian services license. A company with such a license is able to exchange digital currency for FIAT or vice versa, or cryptocurrency for another cryptocurrency, receiving a commission for the services provided.

    Obtaining cryptocurrency license:

    • European Union Residents – 9,900 EUR.
    • Non-European Union Residents – 14,900 EUR.

    The price includes:

    1. Preparation of documents and company registration.
    2. Assistance in developing a business plan and business model for obtaining a license.
    3. Preparation of all documents, forms and applications for a license.
    4. Development of a common AML / KYC policy that meets the requirements of the regulator.

    The price does not include (paid separately):

    1. AML specialist (Compliance Officer) – from 500 EUR / month.
    2. Accounting services.
    3. Assistance in opening a current account for the company – in the payment system (EMI) or in the bank – from 1000 EUR.

    PACKAGE «COMPANY AND CRYPTOCURRENCY LICENSE IN LITHUANIA» EUROPEAN UNION RESIDENTS

    EUR 9,900 One Time Payment
    • Purchase of a ready-made company with Crypto licence.
    • Paid share capital (EUR 2,500).
    • Preparation of legal company documents.
    • Assistance in director employment/KYC/AML officer and information State Social Insurance Fund.
    • Lease of legal address at Vilnius Business Centre for 1 year.
    • Review of the business model and the structure of the Cryptocurrency Company.
    • Assistance in opening a bank account for cryptocurrency companies.
    • Procedural Rules and KYC/AML Company Procedures.

    PACKAGE «COMPANY AND CRYPTOCURRENCY LICENSE IN LITHUANIA» NON-EUROPEAN UNION RESIDENTS

    EUR 14,900 One Time Payment
    • Purchase of a ready-made company with Crypto licence.
    • Paid share capital (EUR 2,500).
    • Preparation of legal company documents.
    • Assistance in director employment/KYC/AML officer and information State Social Insurance Fund.
    • Lease of legal address at Vilnius Business Centre for 1 year.
    • Review of the business model and the structure of the Cryptocurrency Company.
    • Assistance in opening a bank account for cryptocurrency companies.
    • Procedural Rules and KYC/AML Company Procedures.

    Our Services

    Additional Services

    KYC/AML officer services in Lithuania

    from 500 EUR / month

    Legal Consultation

    from 250 EUR / hour

    REQUIREMENTS FOR THE APPLICANT COMPANY

    In order to prevent the legalization of the proceeds of crime, the activities of cryptocurrency companies are monitored by the relevant legal institutions. Board member as well as owners of the company must meet the requirements of impeccable reputation and have no criminal record.

    Companies providing services in the cryptocurrency sector are subject to the following requirements:

    There is no need for owners or board member of a cryptocurrency company to be physically present in Lithuania so that foreigners/non-residents of Lithuania can legally engage in crypto related activities while in their country.

    GENERAL PROVISIONS

    During the licensing process, the regulator has the right to request additional information and a detailed/white paper description of the proposed activity of the cryptocurrency company. A licence may be issued only after all necessary information is considered sufficient and all licensing conditions are met.

    Any change in the structure of the cryptocurrency company after the receipt of the license (address, owner, board member, beneficiary, AML officer) requires the registration of changes in the registry with the provision of a complete set of documents.

    The application for a cryptocurrency licence is considered by the Bank of Lithuania, regulated by the FCIS and issued by the Business Register. FCIS is an independent structural unit of the Lithuanian Police and Border Police Department.

    Cryptocurrency companies are regulated by the Law on the Prevention of Money Laundering and Financing of Terrorism, in particular Order No V-5 of January 2020.

    The cryptocurrency company has no special reporting requirements to the tax authorities. Accounting must be provided in the same way as for any other Lithuanian company. FCIS can always make prescriptions and queries about the activities of a cryptocurrency company. The basic requirement of the FCIS is to comply with AML/KYC requirements, such as the collection of client data from a crypto related project and the possibility of making them available to the regulator on demand.

    LICENSING PROCESS

    In order to apply for a cryptocurrency license, a Limited Company (UAB) must be established in Lithuania to provide cryptocurrency exchange or storage services. The minimum requirement for the company’s authorized capital is 2,500 EUR. The establishment of a cryptocurrency company can be carried out upon a visit to Vilnius or completely remotely by proxy without the need to visit Lithuania.

    Today UAB is one of the most frequently used and popular forms of business activity in Lithuania. The statutory capital of the UAB is divided into shares which can be sold in whole or in part, donated or hereditary. UAB must have at least one owner (natural or legal person) and one director (natural person) authorized to sign on behalf of the company.

    Stages of obtaining a cryptocurrency licence in Lithuania:

    REQUIREMENTS FOR THE APPLICANT COMPANY

    In order to prevent the legalization of the proceeds of crime, the activities of cryptocurrency companies are monitored by the relevant legal institutions. Board member as well as owners of the company must meet the requirements of impeccable reputation and have no criminal record.

    Companies providing services in the cryptocurrency sector are subject to the following requirements:

    There is no need for owners or board member of a cryptocurrency company to be physically present in Lithuania so that foreigners/non-residents of Lithuania can legally engage in crypto related activities while in their country.

    PROCEDURE FOR OBTAINING A CRYPTOCURRENCY LICENCE

    Documents required for the application

    The following documentation will be required to review and prepare an application for a cryptocurrency licence:

    • Valid copy of passport from home country.
    • Power of attorney (PoA) (if the procedure for opening a company and obtaining a license occurs remotely).
    • Company business model/detailed activity description.
    • CV/Summary of experience and education of all participants in the crypto related project.
    • Website address where cryptocurrency services will be offered.
    • Certificate of criminal record (not more than 3 months) for owners, board members, final beneficiaries (UBO) and AML officers.
    • Data of all beneficial owners (UBO) must be provided at the request of FCIS.

    The cryptocurrency company must also have an AML officer. AML officer for the prevention of money laundering and terrorist financing must have previous professional experience and an impeccable reputation (Lithuanian residence is not compulsory).

    The licensed company must keep a detailed and up-to-date overview of all customers and transactions in accordance with AML/KYC rules. The FCIS Control Authority can make requests about the company’s activities, especially regarding compliance with the AML/KYC policy.

    Risk Assessment, KYC/AML documents and procedural rules

    Before applying for a cryptocurrency license in Lithuania, it is necessary to prepare documentation on internal procedures of the company in order to meet the anti-money laundering criteria (AML) and «Know your client» (KYC) established by FCIS. Some parts of this include, for example:

    Internal security measures and risk assessments

    Assessment and risk management of money-laundering and terrorist financing:

    • Determination of risk level.
    • Risk classification.
    • Nationality.
    • Transaction control procedures.
    • Origin of funds.
    • Compliance monitoring and internal audit.
    • Due diligence measures.
    • Notification obligations.
    • Collection and storage of information on company transactions and clients.
    • Fulfilling the obligation to notify the regulator.
    • Internal control rules of the company.
     

    Procedural rules, AML/KYC procedures

    • Description of lower-risk transactions and establishment of appropriate requirements and procedures for such transactions.
    • A description of transactions with a higher level of risk, including risks arising from means of communication, location of customers. Other parameters and establishment of appropriate requirements and procedures for conducting and monitoring operations.
    • Rules of Due Diligence.
    • Customer Identification – document requirements.
    • Source of welfare, proof of address of residence.
    • Requirements and procedures for storing data on transactions and clients of the company.
    • Regulatory Notification Requirements.
     

    AML/KYC officer

    The duties of an AML employee include:

    • Assistance in the development, implementation and maintenance of an institution’s anti-money-laundering programme.
    • Organization of the collection and analysis of information on suspicious transactions or transactions where there is a risk of money-laundering or the financing of terrorism.
    • Submission of written statements on compliance with the requirements of this Law to the management of the Virtual Currency Exchange Service Provider or Virtual Currency Wallet Service Provider registered in the Commercial Register of Lithuania.
    • High Risk Customer Accounting and Suspicious Activity Reporting.
    • Communication to FCIS in case of suspicion of money laundering or financing of terrorism.
    • Develop and maintain a system of risk assessment for products and services, clients and clients, as well as for other issues related to money-laundering.
    • Monitor and implement a permanent AML learning program for other employees.
    • Guidance and reporting to senior management on issues related to AML’s internal policies and procedures.
    • Organization and conduct of inspections and audits of external organisations, and development of recommendations on compliance with regulatory requirements.
     

    KYC/AML officer applies due diligence measures:

    • When establishing a business relationship with a new client.
    • When a cash payment is made in excess of 15,000 EUR or equal to in other currencies.
    • When verifying information in case of doubt as to the reliability of the documents or data provided.
    • In the case of suspected money laundering or financing of terrorism.
     

    FCIS requirements for an AML compliance officer:

    • Only a person who has the education, professional aptitude, abilities, personal qualities, experience and impeccable reputation necessary for the performance of the duties of AML may be appointed as an employee of AML.
    • The company should provide specialized training on measures to prevent money-laundering and the financing of terrorism to its employees, especially those responsible for customer relations and transaction control.

    The Compliance Specialist not only tracks and processes various confidential financial data, but also interacts regularly with the board of directors as well as financial authorities. In addition to KYC/AML, an officer of your company must have sufficient authority to ensure the effective performance of his duties. Ideally, an AML specialist should be a director-level employee with industry experience to deal with all aspects of their professional environment.

    TAXATION OF CRYPTOCURRENCY COMPANIES IN LITHUANIA

    • Virtual currency exchange services are not subject to VAT.
    • Services provided and accounts paid in virtual currencies are subject to normal VAT rules.
    • The cryptocurrency company’s profits are taxed at a rate of 15%. A micro company with less than ten employees and less than 300,000 euros of gross annual income may be taxed at a reduced corporate tax rate of 0-5%.
    • Income tax (WHT) 15% is levied on distributed profits (dividends paid).

    TAXATION OF CRYPTOCURRENCY TRANSACTIONS IN LITHUANIA

    The taxation of transactions in virtual currency depends on the nature of the transactions. There is no direct tax if the token is sold or purchased similarly to a security, investment or other currency.

    Sales are considered normal/regular, even if payments for goods and services are received in virtual currencies. For accounting purposes, the transaction must have a value in euros and VAT rules are applied according to a normal transaction. Payment of goods or services in virtual currency does not exempt from VAT. If VAT is applied to payments in physical currency, it should also be applied to payments in virtual currency. VAT declarations must be submitted in euros and VAT will be paid / returned in euros.

    FCIS

    The mission of the Financial Crimes Investigation Service (FCIS) is to protect the public financial system by uncovering criminal acts and other violations of the law.

    The purpose of the Financial Crimes Investigation Service is to develop methods of combating criminal activities against the public financial system. In pursuance of this objective, FCIS is actively involved in the implementation of the National Crime Prevention and Control Programme, the National Anti-Corruption Programme, and is preparing a public relations strategy, through which it seeks to involve society in preventive activities against financial crimes. The Service pursues its objective by taking operational measures, detecting and conducting pre-trial investigations and preventing criminal acts, implementing measures to combat money-laundering, as well as the means to guarantee the legality of the receipt and use of financial support from the European Union and other countries, by conducting an assessment of their commercial and financial activities and submitting an expert opinion thereon, as well as measures to ensure that hidden taxes can be reimbursed in order to maximize their impact on the actual revenues to be paid into the State budget.

    At present, the Service gives priority to the detection, investigation and prevention of criminal acts related to money laundering, VAT embezzlement, illegal receipt and use of financial support of the European Union and foreign countries. These criminal acts are particularly damaging to the State budget and create a negative image of the State.

    Please contact our team, and we will offer you the best possible solution for your needs.

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