The SPI in Poland is an authorized firm obtained for businesses in order to provide fiscal services in the boundaries of their entrepreneurship. Its offerings encompass making deposits or withdrawals, sending money, conducting fund conveyance, or processing monetary transactions. However, there are some restrictions. For instance, the typical monthly amount of those transactions does not have to be more than €1,5 million/year.
This guide will make you go over the most important information regarding that topic and provide you the answers you may be interested in.
The activity of Polish SPI
An entity is able to conduct all functions which are obligatory to maintain a fiscal account: it is feasible to receive cash deposits and facilitate money withdrawals from payment solutions. Its functions make it possible to convey money to the account of a chosen provider and perform fiscal transactions.
It is important to note that such establishments are able to issue their own payment tools and perform payment orders by using them.
Poland SPI can hold money of its users on their own account (restricted to no more than €2000 for one user). This number depends on the typical exchange rate of NBP.
In addition, such establishments are obliged to abide by local fiscal rules, encompassing AML and KNF.
The offerings of SPI can only be performed on Poland territory.
By whom SPI in Poland can be registered?
An organizational unit (in case the law gives a legal capability), natural or legal persons are able to register an institution. An individual running that venture does not have to be legally condemned for an economic, monetary criminal activity or those against ministering of justice.
In order to function in the form of SPI, a businessman is obliged to get an entry in the register of payment and e-money establishments. The enrollment is supervised by the KNF, and the entry is conducted by the demand of an individual who strives to function as the small PI.
How to apply for enrollment?
To apply for the enrollment of SPI, you have the option to submit a document either online or through conventional means.
For the online route, you can use the electronic platform designed for public administration services to send your request directly to the relevant financial authority.
In case you prefer traditional methods, you can mail your application to the financial authority’s office or deliver it in person at their location.
What should be added into the request?
To register SPI, you have to submit a request using the official form on the KNF website. It must encompass:
- A detailed list of offerings businessman is about to provide;
- Personal information of an individual who makes a request.
In case businessmen plan to operate with agents, he will need to provide a formal statement to the relevant authority using the designated form accessible on the KNF website.
Another complementary details you have to provide:
- Graphic diagram that illustrates the payment services offered, encompassing entities involved and the flow of resources;
- Declaration which confirms that all details is accurate and that you satisfy legal demands;
- Proof of payment;
- Signature of an applicant or an authorized representative.
Apart from that, companies have to keep all relevant compliance documents for at least five years.
Make sure all documents are complete to ensure a smooth process of enrollment.
The workflowing of the request
The authority responsible for fiscal oversight can deny the enrollment of SPI in case application is incomplete and not rectified within the given timeframe. Additionally, registration may be refused if the details provided in the document do not align with the actual situation.
Mandatory reasons for refusal:
- If the applicant has received a legal ruling that prohibits them from conducting this type of enterprise;
- If the applicant has been removed from the register of PSPs due to a prohibition decision within three years prior to applying.
In case the appeal fulfills all the necessary criteria set out in law, the oversight authority will register SPI within three months of receiving a request.
Conclusion
Finally, enrolling as an SPI is a necessary and significant step for businessmen who are about to offer licit monetary services and function in the boundaries of Poland. Nevertheless, if you are curious about more details, it is advisable to turn to a local legal specialist who will accompany you throughout the process of enrollment, which requires careful attention to details and adherence to the official procedures outlined by the authorities.