A Polish SPI is a government-certified financial entity authorized to conduct specific intermediation for SMEs, operating under Polish financial regulations and prudential standards. SPI license in Poland provides you with a potential to involve yourself with a vast spectrum of transaction services.
Payment services of Poland
SPI possesses the capacity to execute all duties requisite for maintaining a transaction account. Specifically, it can process money inflows and facilitate the disbursement of capital linked to remittance dispositions. Its capabilities extend to transmitting money to a designated service initiators’ ledger and carrying out various financial operations. These entities are allowed the issuance of proprietary payment tools and process remittance instructions via them.
SPI in Poland is a safeguard of client funds within its own accounts, subject to a limit of €2000 per individual client. This ceiling is calibrated based on the prevailing NBP exchange rate. Furthermore, these institutions are mandated to adhere to domestic fiscal superintendence such as Anti-Money Laundering (AML) and the principles of the Polish Financial Supervision Authority (KNF).
Prerequisites for obtaining an SPI license in Poland
Any entity, either a natural or juridical person, possesses the capacity to establish an institution. The specific individual handling this enterprise must not have any prior judicial convictions related to economic crimes.
To manage as a Poland Small Payment Institution license, a businessperson ought to get an entry in the registry of payment and e-money establishments. Oversight of this procedure falls under the purview of the KNF.
To acquire your own Poland Small Payment Institution (SPI) license ascertain the next terms are satisfied.
- Corporate Structure Needs. There are no mandatory stipulations regarding the legal structure; options include a corporation, a limited liability entity, or an independent business owner.
- Funding Threshold. Ordinarily, no minimum starting cash is stipulated, barring exceptions detailed in Polish legislation as, for example, the Commercial Companies Code.
- Scope of Operations. Permitted activities encompass sustaining clientele transaction accounts, processing outgoing fund exchanges, mediating movement of payment instruments, distributing payment instruments, payment acceptance, and offering funds transfer services. Crucially, this omits payment initiation support (PIS) as well as account data analysis services (AIS).
- Geographical Service Area. Operations are strictly confined to the area of Poland.
- Total Monthly Transaction Cap. For any given month in the preceding year, the aggregate worth of overall transactions should be kept below a boundary of €1,500,000.
- Client Asset Ceiling. The max balance permitted in any individual client’s account is set at €2,000.
- Onboarding Duration. Expect the entire sign-up procedure to span around three months.
- Management. Shareholders face no prescribed limitations. Polish entities must follow the normal courts regulation framework which includes conditions like non-existence of criminal convictions of an adverse nature. Also, it is mandatory to designate an AML Officer.
Advantages of a small payment institution license in Poland
Poland SPI License is ideally suited for smaller-scale payment procedures. These smaller entities allow new ventures to offer most payment services while adhering to lesser inspections compared to those governing NPI. For businesspeople seeking to explore the Polish fiscal system, understand the administrative landscape, and assess client demands, an SPI license provides an excellent initial framework.
The SPI market is experiencing substantial growth. By August 2022, there’s a three-fold difference between the number of recorded SPIs in equivalence with NPI.
Small Payment Institution in Poland tenders adaptability for mixed service offerings. Small Payment Institution in the Poland economical landscape possess the capability to work as hybrid entities, meaning it can deliver both services associated and non-associated with payment concurrently. This adaptability makes it suitable for businesses aiming to augment their existing service portfolio with new functionalities, such as charge handling capabilities.
Getting a small payment institution license in Poland
To get SPI license in Poland, presentation of the needed paperwork can be managed either digitally or via conventional postal/in-person channels. Your entry form may be presented online, posted to the financial authority’s official premises, or hand-delivered directly to their facility.
The submission should incorporate:
- An exhaustive enumeration of the services the business entity means to deliver.
- Personal details of the person presenting.
If you intend to employ agents, you are obliged to submit a formal declaration to the competent regulator, utilizing the standardized document made available on the KNF’s website.
Further data required:
- Visual representation demonstrating the array of payable services offered, detailing the participants and the movement of funds.
- A statement affirming the veracity of all submitted particulars and conformity with requisite legal stipulations.
- Records verifying that a deal has been finalized.
- Signature of the petitioner or an individual empowered to act on their behalf.
Organizations are obligated to retain all pertinent data related to compliance for a minimum duration of five years.
It is essential to verify that every required document is filled out accurately to facilitate an untroubled enrollment procedure.
Grounds for denial:
- The applicant is under a court order prohibiting him from engaging in this type of business.
- If the individual’s name was taken off the PSPs as a consequence of a prohibition order issued within the last three years preceding their current application.
In case the petition met every requisite standard, the supervising body will legitimize the SPI during three months of receipt of a submission.
Ready-made SPI license for sale in Poland: what do you get as an investor?
For someone seeking to invest, a company with SPI license for sale in Poland provides accurately that: an operationally ready juridical entity, fully licensed, complete with a Polish bank account and already-documented intrinsically developed structures for AML and CFT. Purchasing an SPI license in Poland for sale facilitates an accelerated launch into the EU arena, bypassing the lengthy entry processes and associated uncertainties of seeking a brand-new authorization.
What you will get with the purchase of ready-made Poland SPI license company:
- Immediate operational status. You obtain Small Payment Institution license in Poland, the one that has already passed the initial administrative scrutiny, allowing you to start operations quickly.
- Existing license and registration. The firm is already settled and holds a SPI license from the Polish KNF.
- Established internal framework. You get pre-built organizational structures and documentation, such as AML/CFT policies, saving time and cost.
- Active Polish bank account. An active bank account is included when purchasing a Poland SPI license company for sale.
- Clean legal history: A ready-made license with a clean history means the firm has no debts, court cases, or inspections.
Summary
To obtain SPI license in Poland is to do an essential step for enterprises preparing to provide overseen finservices and operate within the Polish jurisdiction. Although it should be pointed out that seeking counsel from a legal expert is recommended; this expert will provide support through the entire registration journey, a process demanding meticulous attention to particulars and strict conformity with regulatory mandates.
The experts at Eternity Law International stand ready to grant direction at every stage in an effort to get Small Payment Institution license in Poland. Our team can facilitate your understanding of all the intricacies involved in establishing registration, or alternatively, offer furtherance with the acquisition of an already authorised Polish SPI license; you can also consider buying the ready-made SPI within nations such as Estonia, Lithuania, Sweden, or Portugal.
FAQ
What is Small Payment Institution in Poland?
In Poland, an SPI constitutes a body authorized to tender payment services, distinguished by certain caps on transaction turnover and the turnover of client funds held. This structure renders it an appealing choice for emerging enterprises and commercial technology firms.
What you need to know about Small Payment Institution in Poland?
A Polish SPI can perform a variety of monetary services, but cannot begin a money transfer or allow access to account data.
Can a foreigner / non-Polish resident be a director in a small payment institution?
Yes, a foreigner or non-Polish resident can be a director in a SPI in Poland, but they ought to have a clean criminal record. Contrary to larger payment formations, there are no specific language or expertise demands for the executive committee of an SPI. Also, you might consider a sale of Small Payment Institution license in Poland.
What are the key restrictions of SPI’s in Poland?
The primary impediments for SPIs in Poland are a monthly trading limit of €1.5 million, a maximum clientele fund limit of €2,000 per account, and a restricted geographical scope that limits operations to within Poland. Surpassing the boundaries requires the company to either lower its extent of activities or reach for a NPI license.