New rules for the Polish Regulation on Payment Services go into effect in 2018. A new organization, a small payment institution, is introduced by the modification to the Polish payments industry. The legal provisions see operating a small payment institution in Poland as engaging in regulated activities. SPI in Poland is a great option for entrepreneurs who want to start commercial activity in the European Union. Our experts can help you with finding SPI for sale.
What is a SPI licensed company?
A small payment institution is a business that has been registered in the relevant registry and offers at least one of the following services:
- receiving cash deposits, taking money out of a payment account, and engaging in any other account-related actions
- execution of payments by, for example, direct debit, payment card use, or provision of credit transfer services,
- completing the aforementioned payment transactions in cash payable to the user as a result of the loan,
- creating payment methods,
- facilitating the acceptance of payment methods,
- offering a service for money transfers.
However, neither the service linked to requesting a payment transaction nor the service relating to account access are provided by such an organization. As a result, the range of services offered by a small PI and the range of services offered by a national payment institution are extremely similar. If you are interested in a spi company for sale, Eli Deal’s lawyers can help you with buying.
Limits
A businessperson is limited to operating their small payment institution exclusively on the area of the Republic of Poland. Additionally, the average monthly volume of payments processed by spi over the past 12 months may not reach € 1,500,000. Additionally included in this sum are the transactions amounts carried out by minor payment institutions via their agents
Registration
As a small pi entrepreneur, you must enter the relevant register in order to conduct business. The entries are made in response to an earlier written request that is supported by the required documentation. An entrepreneur who wants to become a small payment institution must file a request. Komisja Nadzoru Finansowego oversees the operations of minor payment institutions. It should be highlighted that the process of becoming a small payment institution and taking between three and six months is more simple than the process of becoming a national payment institution. The conversion of a small payment institution into a national payment institution is simple.
Pros of trading in Poland
- Acceptance of services aimed towards consumers in Eastern Europe.
- Low-cost, superior human resources.
- The simplicity of establishing a business account with Polish banks.
- Managers and staff can easily get a residency permit.
- Access to the Zloty, a national currency that fosters a sizable forex market.
- The increasing number of immigrants and emigrants presents business prospects for remittance organizations.
- Thus, if you are attracted to spi in Europe for sale, registration or buying enterprise in Poland is an amazing choice.
Necessary documentation to buy spi company
- Information about the firm;
- A list of the required payment services;
- Financial records;
- A three-year or longer business strategy;
- Created a three-year financial plan;
- Evidence of funding;
- A description of the internal control and system of risk management;
- The organizational chart of the business and the individual’s group;
- Identification information for the company’s managers and other relevant parties.
- Evidence that the application and the individuals are qualified to administer the payment institution in a wise and steady manner;
- Statutory Auditors’ and Audit Firms’ Identification;
- Documentation demonstrating the presence of bank guarantees or liability insurance;
- Evidence that the technical requirements for reliable customer authentication and universally accepted, secure communication protocols are being satisfied;
- Verification of the authorization fee’s payment;
- If the application intends to offer payment services through agents, a list of the applicant’s agents is required;
- If the applicant plans to offer payment services in branches, a list of its branches is required.
Our specialists will help you choose the best option among various businesses for sale. Feel free to contact us anytime.
