acquisition

advantages

A simple form of filing

requirements

Legal entity is registered in Spain

Statutory documentation

time limits

The registrar considers the application within three months. If no decision is made for the period, the petition is considered rejected. If the Spanish payment license is obtained, the company is obliged to transfer information about itself to the commercial register and the special register of the National Bank before starting to operate

The application can be submitted through the Electronic Register of the Bank of Spain, locally or by mail.

Application response time

For PI and EMI — 3 months, and for small institutions — 20 days. On average, the process of obtaining a license takes 6 months.

Companies that want to operate as payment systems in Spain are required to provide a description of the technical tools for protecting funds and customer data, as well as information about:

The registered capital of the company is not less than 350 thousand euros

Organisation and financial structure

Directorates — provide a list of executives, information confirming experience, professional integrity (in accordance with EU requirements — at least three people, presence of a resident director is mandatory)

Shareholders

Management and control policies, measures to prevent money laundering

Small PI license has limits for the average monthly number of transactions for payment services — € 3 million.

Small EMI license in Spain has average monthly limits on the issuance of electronic money for 5 million euros and the number of transactions for payment services — 3 million euros.

advantages

Low operating costs

requirements

Founders

A company must have a board of directors with a minimum of 3 members and a CEO.

time limits

Formally, the term for issuing a license for EMI and PI is 3 months, for Small EMI and PI — 2 months. In case documents are submitted not fully or are submitted with deficiencies, the period is extended by another 3 months for EMI and PI, 2 months for Small EMI and 5−6 months for Small PI.

Convenient banking environment for opening an account and keeping client funds in the Bank of Lithuania for SEPA IBAN numbers

An enabling environment for startups, advice and assistance from official organizations

Personnel management structure

Founders must go through the investor verification procedure in the CCSSO — this is a separate procedure from licensing.

Other key personnel

When applying for a license, a company must provide information on key employees: anti-money laundering and information security officers. It is also necessary to prove that the persons concerned have the necessary qualifications and experience.

Initial capital requirements

For EMI - 350 000 euros

The Bank of Lithuania may require additional funds, the amount depends on the calculations of the business plan.

Small EMIs do not qualify for minimum initial capital requirements.

For PI:

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At least 20 000 euros if the payment institution intends to provide only money transfer services only

At least 50 000 euros if the payment institution intends to provide only payment initiation services

At least 125,000 euros if the payment institution intends to provide all other services

Small PIs do not qualify for minimum initial capital requirements.

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advantages

The experience and stability of the regulator

requirements

The head office must be located in the UK

On the day of obtaining a license, the company must have an IT system ready to work

time limits

The FCA decides on the application within:

Rules and processes framed over years in the industry

English is the main language of communication and documentation

2 UK resident directors

The company management must be permanently located in the UK office

The initial capital — at least 350 000 euros

3 months from the date of the full application receipt

12 months in case of incomplete application

Almost half of all licenses are issued in the UK