Financial services licensing in Europe. Finance institution license in European Union (EU)

Strict legal regulation is a distinctive feature of the Financial Services sector in all countries. FinTech companies, banks, electronic money institutions, payment service providers, insurance companies, investment managers and investment funds, forex dealers, securities brokers and other finance institutions in Europe are subject to higher regulation and risk management requirements. Moreover, this sector is highly diversified and covers lots of instruments and services as well as various business models. Licensing of a finance institution in one of the member states within the European Union and European Economic Area opens up business opportunities to provide services in all other states, enjoy benefits of a Common Market of 500 million wealthy consumers and over 20 million businesses. ECOVIS specializes in the licensing of finance institutions and Fintech’s providing financial services in Common European Financial Market.

ECOVIS – the most experienced financial services licensing advisor 

ECOVIS ProventusLaw currently is the most experienced financial institution licensing and compliance advisor. Our experience goes back to the incorporation of the first modern NSEL 30 Index fund in Lithuania 15 year ago. A few years later ECOVIS ProventusLaw assisted in licensing a specialised US securities investment fund – ZPR US Small Cap Value Fund for the US-based investment manager ZPR International.

We licensed the European branch of the California based e-payment company Alternative Payments in 2014, servicing over 100 000 websites around the world. Alternative Payments currently holds a Lithuanian license for their pan-European business. We serviced the global financial advisor deVere Group getting a license for their global activities, advised national post operator AB Lietuvos Paštas and the leading mobile telecommunications service provider UAB Omnitel getting their licenses. We mediated the Singapore-based Senjo Group global holding company in 2017, who specialize in payment services and financial technology, with the acquisition of Finolita Unio, which has a payment institution license. Recently, ECOVIS ProventusLaw acquired an electronic money institution licence for Singapore-based Instarem, which operates in more than 50 countries. Currently we service clients from continental Europe, the UK and USA, Canada, China, Hong Kong, Israel, UAE and Singapore. We do not differentiate between experienced international finance institution providing services around the globe and Fintech start-up making their first steps into the European financial market. We welcome everybody and we are ready to assist.

Inga Karulaitytė

Head of practice group

Inga Karulaitytė – Kvainauskienė

Partner, attorney at law

The experience by ECOVIS ProventusLaw include:

The lawyers of ECOVIS ProventusLaw incorporate various payment institutions, e-money, investment management companies and other financial institutions intending to operate both in Lithuania and in the EU. Our lawyers have incorporated various financial institutions ranging from those operating on the Lithuanian market to financial institutions registered and licensed in Lithuania but operating on the financial markets of EU countries.

Perfect solution for pan-European and global payment processing. Equity capital – from EUR 20 000 to EUR 125 000. Licensing time – up to 3 months. More about Payment Institution license.

Wide range of payment services. Payment cards issue. Equity capital – EUR 350 000. Licensing time – up to 3 months. More about Electronic Money Institution license.

Prestigious banking license opening wealthy pan-European financial market of 500 million consumers. Specialised Bank capital requirement – EUR 1 mill. Bank – EUR 5 mill. Licensing time – 6 months. More about Specialised Bank/Bank licensing.

Pan-European financial license opening single European brokerage and investment advisory market of 28 states and 500 million consumers. More about MIFID license.

The lawyers of ECOVIS ProventusLaw draft incorporation documents and represent clients in the formation of various investment funds, investment companies, pension funds, other collective investment undertakings and their management companies. In the formation process, we focus in particular on establishing effective cooperation between an investment fund or a management company and the market regulator, i.e. the Bank of Lithuania. More about Investment Management and investment fund licensing.

Platform helping lenders to find businesses that need financing. Permit (license) issue time – 1 month. Equity capital – from EUR 40 000. More about Crowdfunding licensing.

Peer-to-Peer (P2P) platform helps lenders to find consumers who need financing. Equity capital – EUR 40 000. Permit issue (licensing) time – 1 month. More about P2P Lending Platform Operator Licensing.

Non-banking vehicle helping consumers find financing. Equity capital – EUR 40 000. Permit issue (licensing) time – 1 month. More about Consumer Credit License.

Pan-European insurance license opening wealthy European insurance market of 500 million consumers and more than 20 million business. Insurance company equity capital – EUR 1 000 000. Insurance broker equity capital requirement starts from – EUR 15 000. More about Insurance Company, Insurance Broker License and InsurTech licensing.

Licensing of Initial Coin Offerings (ICO) and Token offerings. Electronic Money on Blockchain. Fund transfers fiat currencies/cryptocurrencies. Preparation of ICO documentation. More about licensing solutions for blockchain technologies.

ECOVIS ProventusLaw represents its clients in drawing funding for operations of companies and for individual business projects. In addition to traditional loans from credit institutions, our clients use other business finance instruments such as issuance and public offering of securities as well as facilities offered by venture capital funds. The law firm has developed a special support programme for small companies (start-ups) operating in the sectors of online payments as well as IT and telecommunications.

Success stories

News

European finance institutions registered in Lithuania

Licensing of banks, credit institutions, payment and e-money institutions, fintech companies, insurance companies, investment funds and investment management companies for the purpose of providing services in single European market.  

Licensing of payment and e-money institutions in EU

In view of the fact that since upcoming years are very likely to see a significant expansion of the Payment services and E-money markets, it is necessary to present key

Assisting USA alternative payments giant on entrance to EU

We assisted an e-payment company registered in California, US, Alternative Payments, operating worldwide and servicing over 100 000 websites in incorporating a European unit in Lithuania and in obtaining a