Capital holders intending to invest funds in establishment and progress of a financial business-structure and officially approve a payment firm must complete many procedures, namely, establish a local organization, submit the relevant documentation to regulative bodies and bring their enterprise into compliance with the requirement points of the regulator. Sweden has established itself as a cost-effective space for conducting financial business-activities contributing to its continued growth in its attractiveness among entrepreneurs.
Our company helps facilitate entire licensing procedure and will take care of the most difficult aspects, in particular, documentation collection and preparation and cooperation with the regulative body. We have an extensive list of ready-made companies and licenses for sale: PSPs in Hong Kong, crypto-companies in Georgia and Estonia, gambling-licenses in Malta and Curacao, and much more.
Regulatory authorities and law framework
In Sweden, regulative and supervisory body is Finansinspektionen (FI). This Commission is in charge of supervision of all firms that operate in local financial markets. The inspectorate, in turn, submits relevant reports to the Ministry of Finance.
Providing payment services in Sweden
All firms wanting to operate in such a service industry in a given country and cooperate with this or that citizen need to obtain a PSP-license from local supervising authorities. Such a company is considered to be a firm with a turnover of more than 3 million euros per month. If your business’s turnover is smaller, you will need to apply for an verification exemption and your business-project then is called a “registered services provider”.
To issue e-money, you need to authorize a firm. Organization that issues e-money and exceeds 5 million euros or this equivalent is required to obtain EMI license. Such a firm is the issuer of e-money. If a business-structure issues e-money for a smaller amount, it may be possible to apply for an exemption from verification and be considered a “registered agent.”
Benefits of Sweden for PSP
This country presents a promising basis for work of financial enterprises. Country’s authorities strongly support investors from different jurisdictions and provide financing to startups. There are now more than 60 payment organizations operating in Sweden, and their quantity is increasing rapidly.
This jurisdiction has a very robust economy; Sweden ranks 10th in terms of ease of doing business in the world.
- Minimum tax rates: it is necessary to pay corporate tax of 20.6%; There are no domestic commissions for doing business-activities.
- Qualified professional human resources: Sweden has a well-developed educational sector, in particular, a large number of projects are being progressed and implemented to develop the potential of students and further improve their skills.
- Many benefits: you can get income tax privileges, deductions from capital income in the amount of half of the investment purchase price, etc. Sweden strongly encourages research and development efforts, and returns a percentage of employers’ monthly costs.
Primary requirement list
A licensed firm needs to necessarily meet the following regulatory criteria:
- have at least 4-5 local employees on staff: general director, MLRO-director, chief operating officer (COO);
- starting capital depends on the type of firm and ranges from 125 to 350 000 EUR. If firms have very low cash turnover, they don’t necessarily need to meet these criteria;
- business-plan and operational conditions of organization are needed to be sent to regulatory authorities in Swedish; documentation may be formed in English.
What is included in our service list
Our team offers full support for businessmen wanting to license a firm in Sweden and other jurisdictions.
- Registration and license-getting for companies anywhere in the world.
- Collecting and filling out documentation.
- Getting supplementary permissions.
- Cooperation with regulators.
- Opening an account in banks and payment systems.
- Shelf firms for sale, particularly, PSP in Latvia, Germany, France, Belgium, Portugal and other countries.
- Consulting services concerning any issues.
Our experts assist you to achieve the desired result for the full operation of your business-projection quickly and in accordance with all the rules.
How much does a PSP-license cost in Sweden?
Price of licensing a PSP-company differs on a case-by-case basis. In this case, a lot of aspects are taken into account: enterprise type and commercial category, approximate turnover, etc. Our lawyers calculate the cost for each client individually.
Our advantages
We’ve been working with licensing companies for plenty of years and possess a reliable reputation among customers. Our firm employs only experienced and qualified personnel who know how to resolve any issues with the regulators.
- Rich expertise and professional background.
- Work around the whole world.
- Thousands of satisfied customers who return to us again and again.
- Extensive range of corporate services.
- Full support and advice at every stage.
We are focused on the best results and will help you go through every step on the path to obtaining a PSP-license, taking care of all the difficulties of registration.