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What's your experience with pervesk ?

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Oh, thanks,‌ I missed that. As I said, if the compliance is stricter after the sanctions it‍ might be a good indicator they are at least trying to go the right way.⁠
 
Budget at least a million for it.

You need to maintain the EMI's minimum‍ capital requirements which start at 300,000 EUR but tend to go higher. On top of⁠ that, you need to show you have enough Own Funds to support your business.

Then you have all the usual running costs, such as salaries, software, insurance, licenses, and so⁤ on.

The purchase has to be approved by the relevant competent authority. You must convince⁣ them that you are a fit and proper owner of the institution.
 
Any updates by Pervesk. I was on the process of application, but since the quarantine‌ regime, they didn`t answer me. Gediminas, maybe you can comment this?
 
Hi, send me an email or PM with your application #. I will find⁠ it out for you. 😉
 
does this apply for⁠ the entire EU or for the a particular country?
 
It's the minimum requirement set out in the EU Directive and applies‍ to all EU/EEA and UK. Some countries have even higher minimums.
 
There is actually sort of a way around it. In one conference I've heard︀ that Globalnetint.com are offering some sort of whitelabel solution. The costs where quoted as 30000︁ to 50000 for the setup, and there is some profit share agreement (said they would︂ give the details only if we sign an NDA), but supposedly they give you their︃ core banking system, you can use their compliance team, etc. In that case you act︄ as an EMI agent and can offer all the services they have, such as IBAN︅ issuance and SEPA and SWIFT payments.
 
The question was about buying︀ a license. Being an EMD (E-Money Distributor) is a bit different. You are reliant on︁ the EMI for the underlying architecture, correspondent relationships, and they can impose ultimate say-so about︂ clients you onboard and business you conduct. It depends on what you want to achieve.︃ Might be a good solution in some cases.
 
Also you need to think about what rev share you’ll get above the buy rate‌ and if that will work for you under a whitelabel program
 
Fully agree with both of you, it's just the most "ready made" solution I've ever‌ heard of.

Checking the Lithuanian central bank page they seem to already have 12 of‍ these EMI agents already.

GlobalNetint, UAB

So they probably must be doing something right.
 
Yeh... But they won't do that, on purpose. Nobody wants to‍ tell people they lost the fight, especially the central bank of Lithuania.
 
they have sepa not target2, they use centrolink connections , anybdy did manage open accunt‌ with them?

Account is not that hard to open if you compare with offshore banks‍ nowadays
I think its better if they are ''strict'' instead of other emis /processors that⁠ do not even check documents. Those are the ones that don't last, get their licenses⁤ revoked....and then you lost your assets

Also, introducer/assistance of any firm is not required at⁣ all, you simply do it alone in the website

Its just a matter of trying....⁢
 
Exactly, if your case is straight-forward‍ - you can do it on your own, that's what I always suggest to my⁠ clients.
 
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