Eternity Law International News SPI license in Spain

SPI license in Spain

March 6, 2024

Official license-getting for SPIs is less complicated than authorizing a fully-certified payment firm or e-money issuer. It’s because of reduced volume of needed papers, absence of normative parameters for starting capital and locally-hired workers, and rapid applications reviewing – approximately 2-4-month-period instead of a 1-year-period and a half for full-fledged organizations.

Our team gives you fully-covering assistance in launching your firm and licensing it. We know everything about SPI-licenses and might guarantee you professional consultancy. Our team possesses options for sale of small payment institution license in Spain.

Payment environment in Spain

Despite above-mentioned privileges, concept of SPIs hasn’t become widespread because of rules on certification (services may be provided in full only in state where permit is issued) and on amount of payments (not exceeding 3 mln EUR per month-period). Typically, this amount limits income. For SPI to operate efficiently, it requires engaging several workers, spending on special soft and advertising processes. Such enterprises are often used either to check marketing strategies in locally-functioning market-space, or to deal with limited number of payments with highly-set risks.

Nevertheless, SPI license in Spain for sale may be a powerful way to grow a large-volume business-structures. Key factor may be considered selection of most suitable country and design of efficient strategies.

Peculiarities of jurisdiction

Typically, when such a firm exceeds a turnover of 3 mln EUR monthly, it’s needed to submit application for fully-authorised PI/EMI-license.

Feature of ready-made Spain SPI license company is while considering application, you may continue to operate without limits on amounts. Such approach makes it possible to start running business-project related to payments within six-months-period and continue to push it further without any restrictions on amounts.

Unique with such approach is impossibility of passportization; it means restrictions in advertisements activities in other EEA-jurisdictions. Nevertheless, you may engage new customers from EEA-countries who contacted you on their own.

Plus of such approach is that your application will be reviewed by regulative authorities faster, and you won’t have to wait. If you successfully-worked with a previous permit, it’s a huge plus, which have a good effect on your future image.

We’re ready to tell you about TOP-5 jurisdictions for getting SPI-license. Our team possess a variant of Spain SPI license company for sale.

SPI-registration in Spain and documentation needed

According to data from Spanish Bank, firms being SPIs and whose monthly-used volume in last 12 months isn’t more than 3 mln EUR are exempt from standard license-getting procedure and need to submit specific application for launching.

  1. To submit such application for Spain small payment institution license, firms need to meet several criteria.
  2. It’s mandatory to set a physically-registered office-premises locally and possess active supervision in Spain.
  3. Managers of such a firm need to demonstrate impeccable image and specifically-qualified background and expertise to spread services.
  4. Introduce internally-used controlling and reporting rules to stop illegal monetary means circulation and terrorizing deals financing.
  5. Organizations mustn’t offer services in other EU-countries.
  6. You need to launch a locally-set firm and demonstrate a certificate of good conduct.

To obtain SPI license in Spain, additionally to application itself, you need to provide next-mentioned documentation :

  • operating plan including types of services offered and other related nuances;
  • business-plan with financial forecasts for first three-year-period;
  • draft agreements with participants;
  • mechanisms for controlling , processing and responding to security deals and complaints;
  • design of procedures for protecting confidential data;
  • principles and definitions for collecting fraud statistics;
  • security policies papers;
  • internally-used controlling and reporting rules to stop illegal monetary means circulation and terrorizing deals financing;
  • mechanisms to protect users’ assets;
  • rules for dealing with customers.

We may offer you option of company with SPI license for sale in Spain.

Why is it lucrative to get small payment institution license in Spain?

Over past decade, Spain became market-space with well-developed and transparent financial environment. Statistics on issuance of Spanish permits indicate its leading position in EU. Procedure of getting permits is described by favorable terms and transparent procedure.

Regulative authorities are National Bank, Securities Commission and SEPBLAC, special service carrying out supervision and control.

By setting up as payment processor, you get a widely-covering spectrum of benefits for a successful international business-activities. With this permit, your firm possesses rights to operate throughout EU, expanding your audience and making your services available almost everywhere worldwide.

Privileges of selecting Spain include low labor costs and transparent tax system.

To get SPI license in Spain: expenses

Cost of getting a permit depends on various factors. It includes formation of statutory documentation, design of business-plan, legal support and others. Nevertheless, we offer individually-developed approach to each client and are ready to discuss personalized pricing during a free consultancy.

Peculiarities of variant to obtain small payment institution license in Spain

  1. No government fees when getting a permit.
  2. Permit is provided for indefinite period.
  3. Possibility to deal with various monetary means.
  4. Possibility of certification for functioning in other EU-countries as PI/EMI.

Application rules

Applying for permit, your firm needs to meet certain criteria. It includes:

  • presence of officially-registered office-premises locally;
  • manager need to be a resident;
  • experienced management professionals with expertise in financial niche;
  • technical, personnel and organizational readiness.

For more detailed information, we recommend individual consultancy. We’ll offer you SPI-license options in Poland, Portugal, Denmark and others. Particularly, you’ll be able to be aware of SPI-license option for sale in Spain.

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