Eternity Law International — News — SPI license in Sweden

SPI license in Sweden

Published:
March 12, 2024

Financial activities in Sweden require mandatory licensing. One of the two types of licenses intended for organizations with a monthly turnover of up to 3 million euros is the SPI. This business license is issued by the Finansinspektionen in Sweden.

Our team offers highly qualified professional assistance in establishing and licensing companies around the world. We provide comprehensive advisory and practical support in getting SPI-licenses. We also have the option of SPI license in Sweden for sale.

To get SPI license in Sweden: advantages and jurisdictional features

Licensing with the issuance of such a permit is carried out in different countries, but the Swedish SPI has its advantages:

  • an SPI license from this country is recognized in all European countries;
  • the possibility of including cryptocurrency transactions in activities;
  • prompt issuance of a work permit within three months from the date of application;
  • no restrictions on the type of financial activity;
  • Sweden is one of the world’s largest centers for foreign exchange transactions.

How to obtain SPI license in Sweden?

The key point is to complete the application correctly, which helps reduce the time to obtain a license and achieve a positive result. Foreign companies wishing to get SPI license in Sweden often seek help from local lawyers who offer full support of the process. Interested entrepreneurs can also resort to the option of Sweden SPI license company for sale.

Normative points for applicants for Sweden small payment institution license

A company wishing to get a small payment institution license in Sweden must comply with the requirements of the country’s current anti-terrorism legislation. There are also a number of criteria required by the Finansinspektionen to be met.

  1. The firm’s monthly turnover must be less than 3 million euros, otherwise an API license will be required.
  2. The head office of a financial institution must be located in the country, but one office is not enough – at least one more representative office is required.
  3. Top management cannot consist entirely of foreign citizens; it must include residents of Sweden.
  4. The founders, beneficiaries and board members of a financial institution must have an impeccable reputation, free from scandals and offenses, especially in the financial sector.
  5. Priority in licensing is given to structures registered as LLC or Partnership.
  6. The education and qualifications of entrepreneurs receiving a license must be beyond doubt by the regulatory authority.

We are ready to offer you the option of a ready-made Sweden SPI license company and full support when concluding a transaction. Our experts will tell you about the TOP 5 best jurisdictions for obtaining an SPI license.

To submit an application to the regulatory authority, the following set of documentation is required:

  • statement of intent to obtain an SPI license;
  • description of the institution’s activities;
  • personal profiles of the founders;
  • copies of agreements between the founders;
  • confirmation of each founder’s contribution to the authorized capital;
  • Declaration of Conformity.

Requirements for applicants to get SPI-license may vary by country. In accordance with the pan-European Payment Services Directive, uniform rules and requirements apply to participants in this market.

  1. Limitation of the average monthly volume of payment transactions. Exceeding this number excludes the company from the SPI category and it must become an API, which implies different capital requirements.
  2. Exclusion of services for initiating payments or providing account information.
  3. Managers or persons running the business must have an impeccable reputation, with no convictions for financial crimes such as money laundering or terrorist financing.
  4. Compliance with Anti-Money Laundering, Anti-Terrorist Financing and Transfer of Funds Regulations (AML Policy).
  5. Registration of an office in the country that issued the license.
  6. Directors must have an economic or financial education and the qualifications necessary to effectively manage the business.
  7. Top management should include not only foreign citizens, but also residents of the jurisdiction where the license was issued.
  8. The applicant’s political activities should not interfere with the regulator’s monitoring of the business.

It is also necessary to prepare an extensive package of additional documents to obtain a small payment institution license in Sweden. This set includes extracts from the company register, organizational structures with bank accounts, processing centers, settlement banks, etc. In addition, the applicant must indicate which payment instruments he plans to use for money transfers.

Opportunities for company with SPI license for sale in Sweden

Getting SPI-license provides the opportunity to provide the following services:

  • acceptance and storage of cash on a payment account, as well as all related operations;
  • cash withdrawal from personal account and other account management operations;
  • carrying out various financial transactions, including transfers of funds to user payment accounts or other payment systems.
  • conducting transactions using payment cards or similar devices;
  • payment using a credit line for users of payment services;
  • execution of credit transfers, including standing orders;
  • issuing payment instruments or acquiring payment transactions.

In addition, your company will be able to service e-wallets and make mobile payments.

To work with other countries, partnership agreements with companies can be concluded. It is also important to consider the restrictions on average monthly turnover. We are ready to offer you comprehensive professional support along this path, as well as the option of sale of a small payment institution license in Sweden.

Why you should trust our professionals to obtain an SPI license in Sweden

  1. Our team consists of the best experts in the field of fintech, banking, payments, e-commerce and other related fields.
  2. We provide a wide range of services, which makes it much easier to achieve leading positions in the financial sector.
  3. We take an individual approach to each client and focus on specific results.
  4. Our experts will significantly speed up all processes associated with obtaining an SPI license by collecting the necessary documentation package and preparing it to increase the chances of regulatory approval.
  5. Ready-made SPI licenses in the UK, France, Portugal, Germany and other countries.

We offer competitive prices in the market and build long-term, trusting relationships with our clients, achieving successful results in the most difficult scenarios. Our lawyers constantly improve their skills and have up-to-date information on all the requests of our clients.

We are not limited to package services only and are ready to help in solving any individual tasks, such as organizing transfers, translations, registration of legal entities, analysis of the banking system and much more.

We are ready to offer you a very profitable option for a ready-made SPI license in Sweden for sale. Our initial consultation is absolutely free and is available by phone or online. With our help, any problem will be solved as soon as possible and with the best result.

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