Eternity Law International — News — API license in Portugal

API license in Portugal

Published:
April 15, 2024

Due to the rapid development of the financial industry as a whole, the Portuguese government has decided to provide comprehensive support to companies that intend to obtain an API/PI/PSP license within the jurisdiction. In recent years, this sector has attracted the attention of investors, especially due to the increase in demand for this type of service, greater interest in the implementation of financial technologies in Portugal, as well as their market capitalization. Those who intend to establish a company and obtain API license in Portugal to carry out financial transactions must register with the Bank of Portugal before starting their activities. Below we will look at the main features of obtaining this permission, as well as the option of API license in Portugal for sale.

Our team is high-level specialists in establishing and licensing commercial structures. We work all over the world. Our lawyers know everything about API-licenses and are ready to provide you with comprehensive advisory and practical assistance.

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Get API license in Portugal: basic regulatory and regulatory parameters

We’ll take care of everything for you so you can focus on running and managing your business efficiently. You can choose a Portugal API license company for sale, or go through the entire process of obtaining this permit yourself, accompanied by our experts. Let’s look at the main points that need to be implemented for successful licensing.

  1. Local presence and professional team. The company must have at least 2 properly qualified resident employees on staff.
  2. The firm’s capital must be transparent in its source, clear in its distribution, and sufficient to cover potential losses during the first year of operation.
  3. A detailed and clearly defined business plan, a complete program of activities and internal policies to ensure safety and efficient operation.
  4. Banking software must be secure, compatible with the local market and ready for continuous improvement. Detailed documentation must be provided.
  5. Sufficient budget to cover the costs of hiring staff, consultants, lawyers and share capital amounts.

Our company is ready to offer you the option of a ready-made Portugal API license company. In addition, we have a very attractive option of a ready-made API license in the UK with several corridors for African countries.

In Portugal there are no restrictions or border obligations on the declaration of different types of financial assets. APIs have no obligation to report payments above a certain threshold to the regulator, except for transactions that may involve a person subject to the Portuguese Anti-Money Laundering Act. In this case, the firm will be required to report suspicious transactions or activities, regardless of their amount.

Institutional APIs are required to meet a number of obligations, as listed below.

  1. Development and application of well-structured and effective policies for identifying clients.
  2. Storing documentation relating to any interaction with clients and transactions.
  3. Conducting audits and reporting suspicious transactions.
  4. Adopt and apply internal controls that address organization-specific AML/TF risks.
  5. The following applies to officially required documentation.
  6. Certified/legalized copies of passports of all participants.
  7. Apostille/legalized power of attorney for company registration from all participants.
  8. Certified/legalized compliance with the law regarding the citizenship of all participants.
  9. List of all company members.
  10. Proof of physical presence in Portugal, in particular a locally registered office premises.
  11. Confirmation of the hiring of a resident employee responsible for taking measures to combat the illicit circulation of cash flows.

In addition to documents for registration, you must provide 3 names of the organization; In Portugal, duplicate company names are prohibited; several names are required to select a possible option. It is also necessary to determine the size of the minimum initial capital. Although the law sets a limit of 1 euro.

Responsibilities under Portugal Authorised payment institution license once granted

  1. Identification of clients as required by law, with a request for at least one identification document or registration documents for firms.
  2. Taking reasonable steps to exercise control over clients and their transactions.
  3. Informing clients and potential partners about the purpose and intended nature of the business relationship.
  4. Formation of risks based on the characteristics of transactions, the origin and purpose of funds within the framework of business relationships.
  5. Collecting, storing and updating customer and transaction information.
  6. Application of certain control procedures.
  7. Submission of general reports regarding financial activities.
  8. Training and advanced training of personnel.

Option of a company with API license for sale in Portugal is a fairly optimized and effective option for quickly launching a commercial project.

How much does it cost to obtain authorised payment institution license in Portugal?

The cost of this permit depends on many third-party factors and is therefore a variable parameter. Our specialists will calculate the approximate cost for you before cooperation begins, based on your budget and commercial plan.

What does an investor get with a ready-made API license in Portugal?

The option of a sale of authorised payment institution license in Portugal is a fully formalized and established structure that can be put into operation immediately. Our lawyers are ready to help you both get an authorised payment institution license in Portugal and purchase it. We also have attractive offers on ready-made API-licenses for sale in Lithuania, Germany, France and other countries.

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