As a consequence of Brexit a lot of UK companies are moving to the Baltic States in order to preserve their relations with the European Union. More and more companies and offshores are being founded within the Baltics. Lithuania offers a new possibility for business in the Baltic states – a small share capital bank.
What is a Specialised Bank?
Small share capital bank or the so called Specialised bank works just as a regular bank. There are the same management positions and the same level of prudential requirements and reporting. The licence fee and supervision fee are the same as when you are opening a regular bank. The main difference and advantage of Special Purpose bank is the relatively small share capital of EUR 1 million whilst for a regular bank the starting capital is 5 times higher – EUR 5 million.
How to obtain a specialised banking licence?
In order to obtain a specialised banking licence, an application must be provided both to the Bank of Lithuania and the European Central Bank. Both of the institutions do the assessment in parallel. The assessment period is up to 6 months but in some cases can be extended to 12 months. The final decision regarding the licence is taken by the European Central bank.
To find more information about the Specialised bank in Lithuania and to find more detailed information about how to obtain the specialised banking licence in Lithuania, please read this article: