Spain has for many years been an interesting place to set up a business in any field. In particular, it occupies a leading role in the provision of financial services. Because of this, all investors who want to work in this area are flocking to the country. Of particular interest is having a lot of experience with PSP payments. Such a process makes them apply to state authorities for registration and obtaining a PSP license in Spain.
The process of obtaining such a document is not the easiest, but investors are interested in the immediate operation of the business. This is the reason why they are willing to wait for all the bureaucratic procedures to be completed. For those who do not want to wait long, there is the option of turning to large consulting firms. Given their specialization in submitting documentation to obtain a PSP license in Spain, the process should go much easier.
Basic requirements for companies that want to buy psp license in Spain
As in many countries, in Spain, are applied to each company’s requirements for payment service providers. In the case of obtaining this format of authorization, companies must:
- Have their board, which will not only have a general manager, but also a financial monitoring specialist. This person should be responsible for the policy of combating illegal transactions and assess all the risks of upcoming transactions in the company, which wants to get PSP license in Spain. Both candidates for these positions must be Spanish residents. As for the rest of the employees, their number is not limited, as well as the nationality of the other hired workers;
- The minimum cash fund of the company may vary depending on the planned functionality of the company. If the company will work only with payment documents, it is 125 thousand euros, and if it also wants to obtain EMI license in Spain, the amount increases to 350 thousand euros. For those who will work with low turnover, there is an opportunity to reduce the initial amount of share capital;
- The presence of open secure accounts in any Spanish bank or credit institution that has registration in the EU countries.
By complying with such requirements, companies can operate in Spain as psp with the receipt of minimal tax payments. Therefore, it is important for companies to be prepared from the outset for the conditions for obtaining such licenses and our experts are ready to assist them in dealing with such issues.
The process for getting a license
Companies seeking to obtain a payment service provider license in Spain must go through certain steps to register their company. Only after that will they be able to apply for the license they need. This process is carried out as follows:
- The company applies for free authorization of payment systems (this is a great advantage in Spain because unlike other countries they do not charge additional fees for this authorization);
- to submit a completed form with all the necessary data (it does not look complicated and can be submitted through the electronic registers of the National Bank of Spain, through the mail, or by personal consultation with specialists);
- to wait for the deadline for the review of applications (in general, these procedures are carried out within 3 months, if the company is a small turnover, it can be completed in 20 days. In some cases it may take up to one year to obtain the license);
- Meet the requirements to register a payment service provider in Spain (It is recommended that you initially apply for a license with a small turnover, and after achieving certain indicators obtain more complex licenses. It is extremely advantageous for the company because, in the process of obtaining complex licenses, it can continue to work at a minimum turnover and earn money).
Companies that wish to obtain a not offshore PSP license in Spain to work, must keep documentation in English or Spanish. The capacity of regulatory authorities for such companies is not only the Bank of Spain but also the Securities Market Commission and the Commission for the Prevention of Violations of Financial Transactions. It is extremely undesirable to violate the decisions of such bodies.
Necessary documentation
For a company’s application to be quickly approved, it must also meet all the requirements for a PSP license. In particular, this applies to the issue of general documentation. Among the documents submitted with the application must be:
- Details of the immediate company, indicating the location of the office and the address of registration in Spain;
- details about the company’s field of activity
- documentation about the plans of the firm with confirmation of the necessary resources for work (business plans, development plans. marketing, etc.);
- details about the organizational structure;
- proof of finances for the minimum operation of the company;
- plans for the protection of potential clients’ funds;
- information on the management, internal control, and accounting methods;
- documentation of plans concerning the prevention of machinations;
- documentation with mechanisms describing the processes for ensuring operational continuity;
- information on standards of service for potential clients;
- information concerning liability insurance.
After receiving these documents, the regulatory authorities will analyze your application to provide you ready-made psp for sale. If all documents are in order, you will be able to work. More often than not, companies will return the package of documents for revision and the application process is delayed. To avoid such moments, contact our specialists.
Where to find a company that can help with these questions
Some representatives of companies think that the process of obtaining permits is too difficult and that it is easier to buy a company with a PSP license in Spain. However, this is not the case.
Of course, it is difficult to deal with the collection of all documentation on your own. But if we entrust the matter to professionals, then this issue will be resolved much faster. You can contact our company and we are happy to help you in this matter. For many years we have been helping our clients to obtain payment agent license in Spain. That is why our specialists will gather the correct documents on the first attempt and you will be able to start your work much sooner than any other company. You can make an appointment for a consultation on our website. During the communication, our managers will inform you at once about the cost of the work and the terms of the application.
