Eternity Law International — News — API license in Sweden

API license in Sweden

Published:
April 16, 2024

Our professionally-qualified team grants a fully-covering spectrum of services for getting an API-license or e-money permit in Sweden. Our firm guides you through entire licensing, ensuring preparation of mandatory documents, filling out forms and assistance in communicating with regulators. Below we’ll look at peculiarities of API-establishment and operation in Sweden, and privileges, and benefits of such option as API license in Sweden for sale.

We grant help in developing a business-plan and providing HR-services, and ensure forming of legal, financially-related and IT-documents. We know everything about API-licenses in this market-space: our team interacts with regulative authority Finansinspektionen (FI) at all phases.

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Obtain API license in Sweden: regulative framework and general characteristics

Finansinspektionen (FI) is Sweden’s financial sector monitoring body supervising and authorizing all organizations functioning on local markets. FI reports to National Ministry and is concerned with steadiness and effectiveness of financially-related mechanisms and consumers safeguards.

FI-approval is needed to spread payment services. Under Act 2010:751, firms can apply for approval or get exemption from compulsory licensing. Organizations with turnover 3+ mln EUR per monthly-period need to get authorised payment institution license in Sweden and are set as payment facilities. Organizations with lower turnover-amount might apply for exemption and will be referred to as “registered PSPs”.

Why is it worth getting an authorised payment institution license in Sweden?

  1. Low tax-rates. Sweden nowadays sets a corporate tax-rate of 20.6%, with no local taxes for firms.
  2. Technological education and highly-qualified personnel. 40+% of population has a bachelor’s or higher degree.. Swedish governmental apparatus prioritizes STEM-programs (science, technology, engineering and mathematics). It possesses prestigious technological colleges and universities training qualified experts.
  3. Privileges. Benefits are provided in the form of deduction from capital income up to 50% of investments. Sweden encourages research and development; it helps firms reduce labor costs.

Option of Sweden API license company for sale will be excellent variant for quickly and efficiently starting business-activities. We possess lucrative offer for sale of API license in the UK with several corridors for African countries.

How to get API-license: basic regulative rules 

  1. Personnel: organizations need to hire 4-5 local employees, incl. CEO, MLRO and COO.
  2. Starting capital: minimum starting capital norms are 125 thousand EUR for payment-services establishments and 350 thousand EUR for e-money-issuing firms. Organizations with low-receiving turnover are exempt from this norm.
  3. Language: documents, except the business-plan and regulations, can be formed in English. Business-plan and protection mechanisms need to be in Swedish.
  4. Fees: firms need to pay fees along with their applications. Such fees are SEK 200 thousand. Annual controlling fees are 75 thousand for e-money firms and 100 thousand for payment-services establishments. Officially-registered issuing firms and providers are needed to cover annual fees of 25 thousand.
  5. Processing: FI’s decision is usually made in 3-month-period if applications are fully and correctly completed and fees are paid. Getting a permit takes 9-12-month period, as regulator evaluates applications and requests supplementary data.

Documentation needed for Sweden authorised payment institution license are as next-mentioned.

  1. Formation of ownership structure, incl. data about company’s owners, directors’ board and their deputies.
  2. Financial predictions for next 3 years, containing balance sheets, income statements, implementation of capital norms and dara on their relationship to initial capital.
  3. A business-plan including description of operations for issuing e-money and/or providing services, and current administrative schemes in this area.
  4. A clients’ funds protection plan outlining how organization intends to ensure security of assets intended for transactions and e-money 
  5. Outsourcing: if organization plans to transfer functions related to services provided and/or issuance of e-money to third parties.
  6. Agent Recruitment and Management Plan describing process of recruiting and using agents to provide services or distribute and redeem e-money.
  7. Cross-border plans describing company’s intentions to issue e-money or provide services outside locally and a plan for organizing IT-activities in this area.
  8. Compliance with normative parameters and regulations, incl. compliance plan for regulations applicable to e-money issuance and services.
  9. Risks managing and controlling schemes describing methods for identifying, measuring, regulating and monitoring risks associated with company’s activities.
  10. An inner audit plan describing company’s audit procedures.
  11. Complaint procedures describing how complaints from users of services and transactions are handled.
  12. Measures to prevent illegal monetary means circulation, describing how process is carried out within framework of transactions.
  13. Procedures for reporting events of significant importance to Finansinspektionen, including their inclusion in the business-plan.
  14. Information systems and security issues describing organization of company’s IT-operations, incl. protection of confidential data and prevention of unauthorized access.

We’re ready to help you get this kind of permit and offer option of ready-made Sweden API license company.

Our team is a professional organization specializing in helping entrepreneurs get licenses for such services in Sweden and other market-spaces. Our team of experts provides comprehensive advice and support at all stages of licensing . We offer assistance in preparing all documents, filling out forms, and ensure effective interaction with regulative authorities. We possess lucrative offers for sale of ready-made APIs in Lithuania, Czech, Latvia and other countries.

How much does it cost to get API license in Sweden?

Cost of getting this kind of permit is variable parameter and based on many third-party nuances. By deciding to resort to company with API license for sale in Sweden, you may save your money by getting a completely ready-made structure. Our experts calculate approximate price for you before starting cooperation.

What do entrepreneurs get with option of sale of authorised payment institution license in Sweden?

It’s completely ready-to-use structure having appropriate permits and structural elements. We guide you through purchasing. Our goal is to make process of getting a permit as simple and efficient as possible for our clients, ensuring they meet mandatory normative parameters of Swedish and international legislations.

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