EMI and PI license in Spain

EMI and PI license in Spain

To date, Spain is a country with best and most optimal conditions for doing business related to fiscal services. Jurisdiction directs all exertions to expansion of this industry. E-money and payment institution license in Spain allows you to authorize a PSP in a jurisdiction and take advantage of certain tax benefits, which will help to significantly reduce the cost of maintaining a business.

Spain offers several options for benefits: reduced corporative taxes, a more loyal taxes regimes for expatriates, taxes inducements for activities that are related to researches. General corporative rate is 25%. New organizations are taxed at 15% in first tax-period.

Primary requirements for E-money license in Spain

  1. Organization needs to create a board that will consist of a financial monitor and a general director – one of main norms for them is that they must live locally. There aren’t demands for staff living directly in jurisdiction.
  2. Payment institution in Spain must have starting capital of 125,000 euros and e-money establishments of 350,000 euros. E-money and a low-turnover establishment (small permissions) aren’t required to follow the starting capital norms.

Spain EMI licenses provide the right to create insurance accounts for clients’ assets in local banking or credit establishments that are certified in EU.

Businesses for sale in Spain

Benefits of Spain electronic money institution license

  1. A quick process for filling out forms for authorization procedure, which includes provision of EBA recommendations and company’s business plan. 
  2. Application for payment institution license in Spain is on consideration for 3 months, and for SPI – up to 20 days, subject to availability of all documentation.
  3. Main languages for interraction with regulators will be English and Spanish. Some papers may be submitted in English, but some documentation, such as the charter for the future PI/EMI in Spain and the AML, must be in Spanish.

Step by step authorization for electronic money institution license in Spain

Initially, the entrepreneur applies for small permission, and once turnover of PI is 3 mln euros monthly, an application can be made for full E-money license in Spain. While the Spain PI license is pending, the firm may continue to operate under the old permit. This allows not to interrupt business transactions and development of a commercial structure within the local niche.

Required documentation for Spain PI licenses

  1. Company personal information (office and address).
  2. Description of services enterprise provides.
  3. A commercial and advertising strategy, and confirmation enterprise possess sufficient funds to implement them.
  4. Confirmation of availability of means that satisfy starting capital.
  5. Shemes taken to protect customer funds.
  6. Corporate monitoring and calculation of potential risks.
  7. Shemes for supervision and handling of security threats.
  8. Order for registration, tracking and restriction of access to confidential payment information.
  9. Mechanisms for ensuring firm’s activities continuity.
  10. Principles that will be applied to collect performance, transaction, and fraud statistics.
  11. Spain Payment System License requires security policy describing all risks and security controls and risk measures.
  12. Processes that will be established to prevent illegal monetary means circulation or terroristic activities financing.
  13. Documentation that confirm suitability and identify signatories.
  14. Documentation that confirm suitability and identify management personnel baing in charge of providing services.
  15. Spain EMI license requires data about customer servicing mechanisms and liable persons.
  16. Professional insurance or similar guarantee.

Obtaining PI licenses in Spain is a matter best left to professionals. Contact our specialists and we will provide you with comprehensive assistance in acquiring a ready-made license in Spain, as well as offer many other businesses for sale in various jurisdictions.

How to get a PI/EMI license in Spain?

To obtain this permit, it is necessary to establish a company on the territory of jurisdiction, possess sufficient starting capital and follow the norms set by the local regulator. Our specialists are well versed in all the intricacies and nuances of local legislation, therefore, cooperation with us is the key to success for your business.

How can I get an EMI license in Spain?

Company must submit an application to regulative body, supporting it with a package of necessary documentation. Our experts are ready to offer you comprehensive professional assistance in licensing.

How much does an EMI license cost in Spain?

The cost of obtaining an activity permit is calculated based on individual aspects. We will help you not only accurately identify the necessary costs, but also optimize your costs for starting a business.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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