ConnectPay payment system (Lithuania)

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ConnectPay payment system (Lithuania)

Payment system ConnectPay is a Lithuanian financial institution that provides modern virtual banking services for online businesses. ConnectPay was authorized by the Central Bank of Lithuania in January 2018. The head office of the institution is located in Vilnius.

The payment system deals with SEPA and SWIFT payments, and also provides individual IBAN codes.

OPEN AN ACCOUNT IN CONNECTPAY

Types of accounts

Personal, corporate (all accounts are multicurrency).

 

The payment system opens accounts for reporting companies, but individually may consider opening an account for offshore companies such as Belize, BVI, Seychelles.

 

It is also possible to open an account for Hight-risk activities individually. For Hight-risk, only SEPA activities are available.

The cost of opening of the account

(payment system tariff)

 

Before opening an account, ConnectPay assigns a category to each customer, and prices vary depending on the category assigned.

 

The cost of opening an account for individuals:

- 1 category, if a resident of an EU member state - free of charge;

- 2 category, if a resident of a country outside the EU - 200 EUR;

- 3 category, if special criteria apply - 200 EUR.

 

The cost of opening an account for legal entities:

- 1 category, if the company is registered in the EEA (European Economic Area) 

 with low risk activity - 250 EUR;

- 2 category, if the company is registered in the EEA with high risk activity or the company is registered not in the EEA with low risk activity - 500 EUR;

- 3 category, if the company is not registered in the EEA, and business activity is considered risky - 750 EUR;

- 4 category is assigned in the case of ICO (cryptocurrencies), regardless of where the company is registered - 4000 EUR.

 

Before considering the application for opening an account, it is necessary to make an initial transfer, from which the fee for opening an account will be deducted directly. Size of the initial transfer:

- for 1,2,3 categories - 900 EUR;

- for 4 categories - 6000 EUR.

The remaining funds will be available in your account.

 

Urgent account opening - additional 1500 EUR.

 

Online banking services - free of charge.

Representative offices

None.

Management of the account

Using free online banking software.

Payment system tariffs

Service of accounts of legal entities:

- 1 category - 50 EUR;

- 2 category - 150 EUR;

- 3 category - 250 EUR;

- 4th category - 250 EUR.

 

The payment system provides individual IBAN for all categories - 30 EUR.

 

Account closure:

- 1 category - 250 EUR;

- 2 category - 500 EUR;

- 3 category - 750 EUR;

- 4th category - 750 EUR.

 

More details on the tariffs of the payment system can be found here.

Terms of opening the account

The procedure of opening the account consists of two stages: the preliminary stage and final stage of opening an account.

The preliminary stage includes the process of collecting and filing your documents which are required for opening an account. The terms of preliminary stage depends wholly on you.

An account is opened within 5-10 business days from the date of submission of all necessary documents to the payment system.

ConnectPay follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

Staff

Working languages: Russian, English, Lithuanian.

Documents for opening an account

Documents for the company - the originals of all statutory documents are required. If more than 3 months have passed since the date of registration of the company, Certificate of Good Standing under the apostille and Certificate of Incumbency under the apostille, not older than 3 months, are required.

For companies that have previously carried out activities, it is necessary to provide concluded agreements, invoices and transport bills. For companies that have not yet carried out activities it is necessary to provide draft of agreements, business contracts or business plans.

It is also necessary to provide a business and money flows diagram.

 

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original of identification code;

- curriculum vitae;

- original of bank reference.

 

Documents for the beneficiary:

- original of national passport;

- original of foreign passport;

- original of identification code;

- curriculum vitae;

- original of bank reference;

- documents confirming the source of income (welfare) of the beneficiary.

 

The payment system may also request documents for nominal director, shareholder and secretary (if the company uses nominal service). These documents are:

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

 

Please note that all documents must be provided in English. Translations of documents are accepted along with a certified copy of the original.

 

Depending on the country of registration and company activities, the payment system may request additional documents.

The procedure of opening an account

It is necessary to visit our office to fill in the questionnaires and to certify documents related to company and director.

According to the payment system procedure, it is first necessary to make an initial transfer, from which money will be debited for consideration of documents. After that, a video link is made with the company manager and the beneficiary owner. Further, the documents will be considered by the compliance of the payment system and, after approval, an account will be opened.

Site

connectpay.com

For further consultation concerning the terms of account opening in   ConnectPay (Lithuania) please contact our office. We will respond to any questions you may have and will help you open an Lithuanian account in payment system  Pay Connect or any other bank out of 70 foreign banks you may choose from.