PSP License in Latvia
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The Payment Service Provider (PSP) License in Latvia allows companies to conduct payment transactions within the European Union in accordance with the PSD2 Directive. This is a great opportunity for businesses seeking to enter the EU market with minimal costs and transparent regulation.
Low costs for obtaining and maintaining a license
What are the Legal Requirements in PSP License in Latvia?
Office in Latvia
The company must have its registered office in Latvia.
Minimum authorized capital
Depending on the range of services, the minimum authorized capital can range from 20,000 to 125,000 euros.
Competent management
The owners and managers of the company must have appropriate qualifications and an impeccable reputation in the financial sector.
Latvian resident director
At least one member of the board must be a resident of Latvia or have a long-term work permit in the country.
Compliance with AML/CFT regulations
The company must develop and implement policies to combat money laundering and terrorist financing.
6 STEPS TO GET PSP LICENCE IN LATVIA
Company registration
Choosing an organizational and legal form and registering a legal entity in Latvia.
Development of a business plan
Preparation of financial forecasts, AML/CFT policies and a description of the company’s future activities.
Preparation of documents
Preparation of a package of documents, including shareholder structure, information systems security policy and internal control mechanisms.
Submission of the application
Submission of documents to the FKTK (Latvijas Banka) through a special electronic portal.
Verification process
The regulator evaluates the submitted documents, may request additional information, and analyzes the business reputation of the owners.
Obtaining a license
In case of a positive decision, the company receives a permit to conduct activities in the field of payment services.
Frequently Asked Questions
Still have a questions?
How long does it take to obtain a license?
The process can take from 4 to 6 months, depending on the complexity of the project and the completeness of the submitted documents.
Can a foreign company obtain a PSP license in Latvia?
Yes, but the company must be registered in Latvia and meet all the requirements of local legislation.
What taxes do I have to pay?
The income tax is 20% and applies only to distributed profits.
Do I need to have a physical office in Latvia?
Yes, registration of a physical office is a mandatory requirement.
Can I use a Latvian PSP license to work in other EU countries?
Yes, thanks to the “single passport” mechanism, a company can operate in all EU countries without the need to obtain additional permits.
OUR SERVICES INCLUDE
Registration of a company in Latvia
Assistance in preparing all necessary documents for a legal entity.
Preparation of a business plan and AML/CFT policies
Development of the necessary documents in accordance with the requirements of the regulator.
Consultations on management requirements
Assistance in the formation of a competent management team.
Support during the application process
Full interaction with Latvijas Banka and support at all stages of the licensing process.
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