Open a Corporate Account with a Payment System in Lithuania
Opening a corporate account with payment systems rather than banks is becoming more and more popular. Payment systems have just one major drawback: you cannot get a loan. Otherwise, they are really great instruments that are in no way inferior to regular banks. And while opening a corporate account in a reputed bank requires a lot of effort as the banks are picky about the customers and businesses they want to deal with, payment systems are more relaxed in this respect, and even high-risk businesses have a chance to get a corporate account.
Need more information about payment systems and banks where you can open accounts for corporate or personal needs? Welcome to our portal International Wealth Info where experts write articles and provide up-to-date information about international business and banking, accounting, investment, relocation, and more. You can get in touch with our specialist to discuss your situation and find the best option existing in the market for free. And if you want to get a fully operational bank account with a bank or a payment system (or a company), we can do it for you at a reasonable fee.
Lithuanian Payment System: Advantages
Let’s look at what you can enjoy as a customer:
- The payment system issues e-money and makes local and international payments
- Payments in the SEPA region are available
- You will get your personal IBAN to make and receive payments
- You will be able to take advantage of all services except for insurance and retirement plans
- Each customer received customized services, including small and medium enterprises
- You can make transactions from home by establishing access to a convenient online banking platform
- The payment system is a safe instrument as the money is kept in the Bank of Lithuania
- The payment system complies with all EU laws and regulatory and legal acts adopted by the national financial regulator
Opportunities for Corporate Customers
Let’s take a look at the opportunities that the Lithuanian payment system can give to corporate customers:
- Corporate website in English and round-the-clock online payments
- Technical support in English on a 24/7 basis
- Convenient account management online
- EU accounts with a unique IBAN
- Payment services tailored to the corporate customers’ needs
- Express SWIFT/SEPA payments to any destination in the world
- Transparent and reasonable fees for the services
Limitations for Non-Resident Clients
As a general rule, businesses from any country (including offshore jurisdictions) can open an account with the Lithuanian payment system. There is one important condition: all the company’s transactions and its business in general should be transparent.
If an applicant comes from a sanctioned or blacklisted country or has any ties with such jurisdictions, the application may be turned down as well.
Requirements for Business Activities
The applications submitted by business owners involved in cryptocurrencies or forex transactions may be rejected.
Let’s take a closer look at prohibited activities:
- Gambling without a license
- Illegal transactions related to securities, currency, warrant, stock index, or exchange-traded funds
- Publications connected with pornographic materials
- Trading in excisable goods, including prescription drugs, alcoholic drinks, smokeables, weapons, illegal drugs, and steroids
- Lotteries and other activities of this type if they are unlicensed or unregulated
However, if your business is connected with gambling, forex, casino, or lottery, and you have all the required licenses, the Lithuanian payment system will onboard you.
Payment System Rates
The customers of the Lithuanian payment system are divided into certain categories, so the rates will vary depending on the category.
Here are the available categories:
1: companies set up in Lithuania that are engaged in accounting, retail trade, and e-commerce
2: companies established in the EEA that engage in logistics, e-commerce, legal services, retail trade, information technologies, accounting, marketing, or intermediary services
3: companies registered outside the EEA that deal with logistics, e-commerce, legal services, accounting, IT technologies, marketing, Intermediary services, or tax consultancy
4: companies set up in the EEA that are subsidiaries or operate in online advertising, forex, gambling, mass media settings, lotteries, casino games, money transfer services, notary services, dating services, financial services, betting houses, insurance services, or trade in real estate.
5: companies registered outside the EEA that are involved in the same activities as category 4 companies.
The first type of companies pays the lowest fees, while the fifth one pays the highest. If you want to know the exact amounts, please get in touch with our experts.
Account Opening Procedure
The first thing you will have to do is to fill out the application form and prepare a package of documents. As soon as all the required documents have been received, the application will be considered within 2 business days.
All customers undergo identification and verification procedures, but fortunately, these are done remotely. As soon as you submit the application, you will receive a link to the verification platform by email to complete the procedures. If you take all the steps correctly, your account will be activated in no time.
Steps Required to Open an Account Online
- Follow the above link to get in touch with our expert to discuss all the details and make sure that the Lithuanian payment system will meet your business requirements.
- Pay for our services using the most convenient methods (bank transfer, PayPal, cryptocurrencies, and so on).
- Fill out the bank application form in accordance with our recommendations.
- Get access to your corporate account with the Lithuanian payment system and benefit from the service that can be used on a 24/7 basis.
Documents to be Submitted
- Incorporation Certificate (issued in the relevant jurisdiction)
- Memorandum & Articles of Association
- Company extract from the register (no older than 3 months)
- Documents that certify beneficial ownership
- Structure of the company ownership (please specify the ultimate beneficial owner(s))
- The latest annual report
- Passports (other ID documents) of the beneficiaries, directors, and their legal representatives (the latter should have a power of attorney)
- In some cases, you will also need to provide a license for the business activities and an extract from the public registry issued by a relevant authority.
Need a corporate account? Do not hesitate to book a session today by clicking on the above link!
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