Eternity Law International — News — PSP license in Spain

PSP license in Spain

Published:
March 21, 2023

More businessmen are choosing Spain for establishing payment companies. This country has a very progressive FinTech environment. In accordance with official data, Spain is in the TOP-5 jurisdictions for issuing licenses for electronic money. It offers favorable taxation and management conditions, as well as a transparent licensing procedure with precise deadlines and compliance. Thus, a PSP license in Spain provides an opportunity to become part of a developed and prosperous market, as well as to demonstrate its reliability and commercial viability.

To obtain PSP license in Spain: regulators and normative framework

  1. Local regulative body providing opportunities to get PSP license in Spain is National Bank. In addition, the European Central Bank also monitors the banking system.
  2. Comisión Nacional del Mercado de Valores is a special authority on securities-market controlling and regulating its field and checks companies that want to enter the securities markets.
  3. SEPBLAC is an enforcement agency responsible for combating money-laundering and currency violations.

Requirements for payment service providers

In Spain, as in all European countries, there’re four categories of payment companies:

  • authorized payment companies (PI) and small payment institutions (Small PI). According to requirements for PSP license, in a small PI, the permission has limits for operations on appropriate services – 3 million euros.
  • an e-money firm (EMI) and a small e-money organization (Small EMI). Small institutions can issue monetary means and provide services within the set limits (5 and 3 million EUR respectively).

Directors or authorized persons of enterprise must be residents of jurisdiction. There aren’t requirements for employees; workers do not have to be locals. Office may also be outside the country.

Entrepreneurs may buy payment service provider license in Spain and get completely ready-for-work structure. It’s a convenient and lucrative option in terms of speediness of launching the project.

Benefits to register payment service provider in Spain

  1. A simple submission form for payment agent license in Spain. The authorization is quite easy and understandable to everyone. It consists of EU Banking Authority recommendations and Spanish normative rules in a structured format. Applications may be sent without personal presence, by mail or online.
  2. Language. Main languages are English or Spanish. While most documentation can be in English, some documents must be translated into the local language, particularly, agreements that will be concluded with clients, the charter of the future company and the AML policy. By the way, shelf Spain psp for sale is provided with all documents.  
  3. Firms have the right to create accounts for keeping clients’ funds in local banks or in any other banking facility that is registered in the EU.

How long is the application considered

Before issuing a PSP license in Spain, Spanish regulative authorities review applications for authorized PIs and EMIs three calendar months in advance. Small companies receive a response within twenty-days-period if a complete set of documents has been submitted and there is no need to provide additional information. On average, full licensing takes about six months. If entrepreneurs decide to buy PSP license in Spain, they’ll be able to function immediately. 

Tax regime

Spain offers a favorable tax system for new businesses and a wide variety of stimulus for activities related to researches and development in this industry.

Documentation

Full documents package required for authorization consists of data about the firm and managers, services provided, business-plan, various procedures and policies, insurance and other certificates proving that the organization meets all norms of regulatory authorities.Our specialists will help you to authorize a payment firm and to buy a company with PSP license in Spain quickly and at no extra cost. We know how to properly submit all documents and interact with the regulator. We also offer ready-made psp for sale and many shelf companies for sale in hundreds of jurisdictions of different categories and a wide variety of business directions.

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