Licenses are granted by the Financial and Capital Markets Commission (“FCMC”) under the provisions of the Financial Instruments Market (the Law).
Below please find features of the particular license categories in more details:
Feature/Category | TYPE A- Latvia Investment Firm License covers one or more of the following services: • Reception and transmission of orders in relation to one or more financial instruments • Execution of orders on behalf of clients • Portfolio management | TYPE B- Latvia Investment Firm License covers one or more of the following services: •Reception and transmission of orders in relation to one or more financial instruments • Execution of orders on behalf of clients | TYPE C- Latvia Investment Firm License covers one or more of the following services: •Reception and transmission of orders in relation to one or more financial instruments • Execution of orders on behalf of clients | Tied Agent- Latvia Investment Firm License |
Type of company required to be eligible | Ltd company | Ltd company | Ltd company | Physical person or Legal Person |
Corporate taxation | 20% | 20% | 20% | * |
Minimum paid-up statutory capital | 730,000 EUR | 125,000 EUR | 50,000 EUR | Not required |
Main requirements | Physical office, qualified personnel, Compliance Officer/AML Officer, Internal and External Audit, Accounting, Risk Management | Physical office, qualified personnel, Compliance Officer/AML Officer, Internal and External Audit, Accounting, Risk Management | Physical office, qualified personnel, Compliance Officer/AML Officer, Internal and External Audit, Accounting, Risk Management | The Tied Agent should be approved by a Latvia Investment Firm or from an EEA State |
Timeframe | A completed application is normally decided upon FCMC approval within 3-4 months from the date of the final filing | A completed application is normally decided upon FCMC approval within 3-4 months from the date of the final filing | A completed application is normally decided upon FCMC approval within 3-4 months from the date of the final filing | A completed application is normally decided upon FCMC approval within 1-2 months from the date of the final filing |
Government fees | * | * | * | * |
GFSC GLOBAL can offer as well the following services in relation to the licence application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
"*" indicates required fields