Establishment of a specialized bank in Lithuania

Authorized capital starting from 1 million euros (depends on the activity) The license is valid throughout the EU / EEA

• Lending (including credit treaties relating to immovable property);
• Payment for services;
• Issuance and administration of road checks;
• Acceptance of deposits and other refundable means;
• Currency exchange;
• Issuance of electronic money;
• Issuance of guarantees and obligations;
• Fund administration;
• Financial leasing;
• Financial intermediation;
• Assessment of the creditworthiness of services;
• Safe deposit box.

• Fast licensing process. Possibility to receive a license within 6 months;
• There are no regulatory sanctions for small violations in the first year of work;
• Low corporate tax rates comparing to other EU member states;
• Direct access to a single payment zone in EU / EEA financial markets;
• Customer deposits up to 100 000 are provided in accordance with rules of the EU;

• provision of investment services;
• management of investment and pension funds;
• Provide Other related services with the issue of securities.
• But you can register a separate brokerage and investment company or obtain a full license for implementation of banking activities. Advantages of Lithuania as a banking jurisdiction in the EU / EEA.

1. Members of the Board and of the Supervisory Board must have a higher education and a good reputation.
2. At least two members of the board (including the chairman) must comply the following requirements:
a. higher education in the field of jurisprudence, management, business administration or economics.
b. work experience in managerial positions for at least 3 years or for a total of 3 years within 5 years (general director or deputy) in financial institutions or their departments (Department, branch, etc.)
c. One of the board members should have an experience on a leadership positions at least 3 years in Lithuania.
d. Other deputies must have a higher education.
3. Staff of the internal audit service should have a higher education in the field of jurisprudence, management, business administration or economics. prifinance.com info.en@prifinance.com + 372 551 8958
4. Additional requirements also apply to the heads of the branch and representatives, as well as to other employees of the bank, who are authorized to take decisions related to financial services, on behalf of the bank to enter into contracts, containing elements of risk. Documents required to obtain Specialized banking license:

a. Draft constituent documents;
b. Documents confirming the formation of the authorized capital;
c. Activity program (based on the business plan and information from the client);
d. Operational plan for the next 3 years with financial projections;
e. Information on managers, shareholders, information on experience and impeccable reputation;
f. Description of the management system, risk management, IT systems and policies; system accounting and accounting policy;
g. Organizational structure of the profile;
h. Description of the internal control system, internal audit, prevention of violations in the compliance, hiring, outsourcing, conflict of interest on the managerial level, rules of engagement, deposits, credit policies and procedures, solvency assessment rules, consideration of the complaints, etc.