FinTech

Why Lithuania?

The Lithuanian government strongly supports FinTech start-ups, by providing them with benefits that allow FinTech companies to get a license and access the European financial market at significantly lower incorporation and operational costs.

Here, in Lithuania, FinTech start-ups are provided with such privileges as:

• Obtaining e-money or payment institution license in 3 months;
• Sandbox regime which grants non-existence of regulatory sanctions for the first year;
• “Lite” bank license for specialized banks with minimum capital requirement – € 1 M;
• Full SEPA reachability (34 countries) via CENTROlink, a payment system operated by the Bank of Lithuania, to non-banking institutions, including EMI and API;
• Ability to issue your own IBANs.

Deloitte FinTech Services

We, at Deloitte, are active and passionate members of the FinTech ecosystem. We help incumbents to adapt, start-ups to grow and investors to seize the next opportunity, while also creating ways for FinTech to benefit society as a whole.

Establishment and authorization

• Company formation, establishment and preparation of shareholder arrangements
• Advising on international expansion and restructuring
• Preparation of detailed analysis of company’s business model and advising on the obtaining of relevant license(s)
• Drafting of documents that are necessary for obtaining the license and managing the business
• Submission of an application for a license to the supervisory authority
• Passporting of the license in EU/EEA area
• Representation of clients before financial supervisory authorities

Legal consultations

• Daily advice on all legal matters vital for business and assistance in risk management
• Regulatory compliance
• Regulatory due diligence
• Consulting on legal aspects of implementing a blockchain technology in business operations
• Handling of regulatory formalities in the acquisition of holdings in regulated financial instruments
• Acting as your trusted advisors in relation to events including regulatory investigations as well as actual or potential contractual and regulatory breaches

AML compliance

• Drafting of internal policies and procedures
• Reviewing compliance and internal control systems
• Providing AML/CTF trainings
• Advising on disclosure and reporting requirements
• Performing AML / CTF audits

Data protection / Cyber Security

• Assessing your level of personal data protection via Data Protection Impact Assessment
• Reviewing and drafting data protection clauses, privacy related contracts and (online) privacy, cookie policies
• Advising on personal data transfers to countries outside the EU, e.g. drafting Binding Corporate Rules (BCR’s), privacy manuals & policies
• Consulting on data retention obligations
• Advising on appropriate cybersecurity controls and data breach management
• Communication with and representation of clients before data protection supervisory authority

Tax consultations

• Assistance in obtaining required tax registration
• Tax compliance
• Tax due diligence
• Tax structuring and advice on international tax matters
• Daily advice on all tax matters vital for business and assistance in tax risk management
• Acting as your trusted tax advisors in relation to events including tax investigations as well as company representation to the tax authorities

Financial advisory services

• Business plan and model preparation/review for licensing, regulatory compliance or other purposes
• Business valuation services
• Financial due diligence services
• Financial modelling services
• Independent business review for capital raising, borrowing
• Market research analysis

Deloitte FinTech News

Deloite Legal FinTech team, Monika Žlabienė, Tomas Davidonis and Indrė Ambrasūnaitė, has attended the conference of Association of UK Payment Institutions (AUKPI) on 6th of June in London. During the conference about regulatory obligations for electronic payments in the UK and the EU our FinTech experts talked about regulations in Lithuania: „Getting regulated and banked in Lithuania – How Deloitte can help?“.

Contact Us:

Deloitte brings together professionals with diverse experience and knowledge to provide customized solutions for clients across all segments of FinTech. Our dedicated lawyers, financial and tax advisors stay ahead of technological change by closely following on the latest trends and transformations in FinTech and are able to provide you support on all key stages of establishment and expansion of your business.