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.

Table of contents

You could be interested

Open a bank account in Estonia

Estonia is one of the most stable countries in the European Union. For the last years the government here introduced some changes into the financial sector regulation. Among them, we should name an electronic system of interaction with the authority. Also, Estonia is situated near developed European countries and can become a launching pad for...

Interpol & International Criminal Defense Attorney in Spain

If you are trapped into grave transnational criminal charges, you will often find yourself caught in a web of sophisticated legislative bases and procedures. Furthermore, for those residing or facing charges in Spain. At the same time studying the intricacies of the multinational legislative base becomes even more tough, particular when Interpol is involved. It...

Supporting the Regulatory Process for Acquiring a Small Payment Institution License in Poland

The financial arena stands as an ever-evolving, complex battleground, replete with both avenues for prosperity and formidable obstacles for those daring to venture into the realm of financial services. In the intricate mosaic of European financial markets, Poland emerges as an alluring beacon of opportunity for those intent on establishing their presence in this dynamic...

Interpol & International Criminal Defense Attorney in Sweden

We are all living in today’s interconnected globalised community, regarding this,  judicial solutions are progressively crossing national boundaries. It remains to be seen if it’s due to worldwide agreements, multinational inquiries into illicit activity, or global security entities collaborations like Interpol. Likewise, alleged offenders often find themselves navigating complex legal terrains beyond their own countries....

Ready-made company in Hong Kong

Shelf-firm is an organization that was registered for further sale. The procedure of purchasing a ready-made company is quite easy, usually you just need to do the ownership change and prepare relevant documents for this. Shelf-firms are registered already with a company name, but it can be changed after sale.Our company assists clients to change...

UAE Free Zone or Mainland License? Choosing the Right Path for Your Business in 2025

In 2025 the UAE is to retain its top position amongst the best countries where an entrepreneur can expand business with tax benefits and easy business environment. The question that comes to one’s mind before beginning a venture is whether to register in the Free Zone or the Mainland. Both have their own merits and...

Related posts

White-Collar Crime Defense Spain

For the last time, so-called white-collar crime probes have become a very common thing. Spain can’t be an exception here. However, sometimes executives and their companies become the object of scrutiny because of a partner’s unintentional mistake, a wrong business decision, or misunderstandings on the part of watchdogs. If such an error takes place, it...

International Jurisdiction Cases Spain

A wave of international jurisdiction cases in Spain is pushing the limits of where foreign plaintiffs and international businesses can fight when ensnared in complicated legal battles. With a growing number of multinational conflicts landing in Spanish courts, lawyers say understanding how to leverage jurisdictional advantages has come to the top of the agenda. “Some clients think...

Protection of Victims' Rights Spain

Throughout the criminal justice system, crime victims are very much forgotten; just as important as punishment of offenders is the acknowledgment and security of victims. It has become a cornerstone of criminal justice reform in Spain the protection of victims rights spain. The current lawful status in Spain guarantees the dignity, safety, and participation of...

Shareholder & Partnership Disputes in Spain

Let’s be honest: Running a firm with partners doesn’t always go smoothly. Sometimes it works like a well-oiled machine, and other times? Well, it can become a battlefield of egos, money, and misunderstanding. But should you find yourself in the midst of shareholder disputes Spain, don’t despair. You’re not the first, and you certainly won’t...

Mergers & Acquisitions (M&A) in Spain

M&A activity in Spain is still happening – just not the way it used to. Specialists of our law firms say buyers are pulling back, boards are digging deeper into the fine print, and sellers are adjusting expectations in real time. That’s forcing deals to evolve or, in some cases, pause entirely. How M&A Deals...

Business Formation & Corporate Governance in Spain

Given the well-functioning commercial sector in the Europe, this place has attracted a large number of people who have an interest in running up there commercial projects. We can’t emphasize enough the need to understand the basics of establishing and running a firm– and in a jurisdiction such as Spain, that’s pretty intimidating, if you...
Fill the blank: