Eternity Law International — News — SEMI license in Sweden

SEMI license in Sweden

Published:
February 6, 2024

Every year this jurisdiction becomes more popular, attracting many new investors from different parts of the world. An important element of the fintech sector is the SEMI license, which allows enterprises to act as financial institutions and provide online payment services and the issuance of electronic funds.

Our company has been working for many years in the field of establishing and licensing businesses around the world. We are ready to offer you such a profitable option as the sale of a small electronic money issuer license in Sweden, as well as attractive offers for SEMI licenses for sale in the UK, Denmark, Germany, Lithuania and other countries.

Requirements for a small electronic money issuer license in Sweden

Getting a SEMI license in Sweden is a strictly regulated process by the financial supervision service. To obtain a permit, a company must strictly comply with all regulatory requirements.

  1. Legal structure: it is necessary to have company status, with registration in Sweden or another EU state.
  2. Financial strength: The company must demonstrate its financial stability and ability to meet obligations, and ensure that the funds in the account meet established standards.
  3. Anti-money laundering and customer verification: This is mandatory to combat fraud and ensure security.
  4. Compliance with Regulatory Requirements: The firm is required to comply with strict regulatory requirements, including risk control, effective governance and quality control within the enterprise. This ensures that any holder of a small electronic money issuer license in Sweden adheres to high standards in their line of business.

Interested entrepreneurs also have the option of a ready-made SEMI license in Sweden for sale.

Benefits of obtaining a ready-made Sweden SEMI licensed company

  1. The option to get a SEMI license in Sweden provides access to the EU market: one of the key benefits of obtaining a SEMI license in this country is the ability to expand activities into the single market of the European Union: this maximizes the geographical area and customer base of the enterprise.
  2. Flexibility: holders of SEMI license in Sweden  have unique flexibility, being able to issue electronic money, conduct electronic payments and provide a variety of financial services. This flexibility is an attractive feature for innovative fintech companies looking to diversify their business.
  3. Competitive advantage:  the option to get a small electronic money issuer license in Sweden gives the firm a significant competitive advantage, strengthening its credibility and customer trust. This contributes to the successful establishment of partnerships and attraction of new clients.
  4. Fast Control: A SEMI license gives companies greater control over their financial transactions, minimizing dependence on external payment processors and increasing the ability to tailor services to customer requirements.

Process of obtaining a license

The procedure of the opportunity to get SEMI license in Sweden consists of several stages:

  • preparation: before submitting an application, the company should ensure that it meets the criteria and prepare the necessary documents;
  • submitting an application: this stage involves filling out an application form with the Swedish Financial Supervisory Authority, providing information about the business plan, management structure and AML/KYC policy;
  • review: the application is subject to a thorough review by the regulator to ensure it is ready to operate as a financial institution;
  • approval: Upon successful completion of the review process, the company receives a SEMI license, allowing it to begin sales and operations.

Regulator

The Financial Inspectorate (FI) in Sweden functions as the regulator of the financial sector, looking after the stability and efficiency of the financial system, as well as consumer protection. Subordinate to the Ministry of Finance, FI authorizes and controls all companies participating in the country’s financial markets.

In the context of providing payment services, FI plays an important role in the authorization process. According to the Payment Services Act, companies with a turnover in payment services exceeding 3 million euros per month must obtain authorization and are recognized as payment institutions. Those with turnover below this threshold can apply for an exemption from authorization and become “registered payment service providers”.

In relation to the issuance of electronic money, the FI also carries out authorization in accordance with the Electronic Money Law. Organizations issuing electronic money and having an average turnover of more than 5 million euros require permission to carry out operations. Such companies are recognized as issuers of electronic money. Those with turnover below this threshold can apply for an exemption from authorization and become “registered issuers.”

Both categories, payment institutions and electronic money issuers, are also subject to the Anti-Money Laundering and Anti-Terrorist Financing Act, including the requirements of the EU Anti-Money Laundering Directive aimed at preventing these crimes in the financial sector.

FI reviews applications for the option to obtain a SEMI license in Sweden within three months, subject to completeness, correct completion and payment of a fee. In general, the licensing process takes between 9 and 12 months due to detailed assessments and requests for additional information.

Our specialists will accompany you during interaction with the regulator and take on this difficult stage. We also can offer you a lucrative opportunity to get a ready-made SEMI license in Sweden for sale. We will provide you with professional assistance in obtaining a SEMI license in Estonia, Latvia, Germany and other countries.

Documents required for consideration of the application to obtain SEMI license in Sweden

  1. Information about the ownership structure, including information about owners, members of the board of directors and their deputies.
  2. Three-year financial forecast with balance sheet, income statement, calculation of capital requirements and analysis of the impact of results on initial capital.
  3. A business plan with a detailed description of operations for issuing electronic money and/or providing payment services, as well as a flowchart of administrative processes.
  4. Plan to protect client funds.
  5. An outsourcing agreement where a firm outsources activities to third parties.
  6. Plan for hiring agents and their roles.
  7. Plan for cross-border operations and organization of IT activities.
  8. Compliance with requirements and regulatory standards.
  9. Risk management and risk control.
  10. Internal audit plan.
  11. User and customer complaint procedures.
  12. Measures to prevent money laundering and terrorist financing.
  13. Procedures for reporting events of significant importance.
  14. Organization of information systems and security issues.

We provide support in the process of obtaining a license for digital banks, e-wallets and acquiring businesses with an emphasis on digital banking. Our company is also ready to provide you with a Sweden SEMI licensed company for sale and favorable offers for purchasing a ready-made SEMI license in the Czech Republic, Lithuania, Portugal, Switzerland and other jurisdictions.

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