Eternity Law International — News — API license in Spain

API license in Spain

Published:
April 16, 2024

API-organizations in this jurisdiction are classified as firms that have been granted official-approbation by Spanish Banking facility to provide and carry out one or more services covered by Decree-Law 19/2018 on payment-related services and other financial elements. Below we will look at key peculiarities of getting this kind of permit, as well as the reasons why you should choose the option of API license in Spain for sale.

Our company is an expert in niche of establishing and officially-licensing commercial structures. We work all over the world. Our lawyers know everything about API-licenses and are ready to provide you with comprehensive professional practical and advisory assistance, fully accompanying you at every stage.

Get API license in Spain: a full list of services within the scope of this permit

API-services include the following.

  1. Depositing funds and all manipulations mandatory to manage accounts.
  2. Withdrawing cash and all manipulations mandatory to manage accounts.
  3. Making payments through transfers, direct debits, or payment transactions using a card or similar device (debit payments).
  4. Implementing payments when assets are covered by credit-line, through transfers, direct debits and payments using a card or similar device (credit payments).
  5. Payment tools issuance or acquisition of transactions.
  6. Sending monetary means.
  7. Initiation of payments.
  8. Providing necessary data regarding accounts.

Each organization can choose which services it wants to offer, as long as they are clearly defined in its business-plan. Option of Spain API license company for sale makes it real to quickly and efficiently launch an organization that has the official right to work in the above-mentioned field.

Procedure to obtain API license in Spain: essential regulatory parameters and documents

Organizations wishing to spread above services in Spain by setting up such organizations must request permission. Before starting the procedure, it is necessary to precisely define business-model that will be implemented and analyze the commercial regime applicable to firms, since there’re generally-functioning institutions and companies with a small volume of business-transactions. Similarly, there are differentiated procedures for organizations that provide only accounts data-providing services.

Low-volume business organizations wishing to spread services not including general account data providing can use a simplified registration procedure, which requires that the average total volume of transactions completed by the organization in the previous 12 months does not exceed 3,000,000 euros per month; Moreover, they cannot work with foreign clients.

After verification by the Bank of Spain, all organizations intending to operate as APIs must register with the Special Register of Payment Organizations. Enterprises must meet the following regulatory parameters.

  1. Have a registered office, an effective internal management body, and a full, detailed list of services they intend to spread.
  2. Managers of such establishments needed to  be of good standing and possess relevant knowledge and experience.
  3. Establish inner controlling and reporting procedures and bodies to prevent illicit cash flows and financing of terroristic activities.
  4. Create an organization in Spain registered in the Commercial Register.

Our company is ready to fully assist you in getting this kind of permit, and we also have a ready-made Spain API license company. In addition, our company offers to purchase a ready-made API-license in the UK with corridors for African countries.

Processing applications for Spain authorised payment institution license

National Banking facility, considering a report from the Executive Service of the Commission for the Prevention of Illegal Monetary Means Circulation Offenses, will have to authorize the creation of a payment facility.

  1. Application need to be send to Spanish Bank in person, by mail or via an electronic register, along with the remaining required forms and documentation.
  2. The authorization request, as well as the processing of the corresponding authorization procedure, does not charge any fees or require any deposit.
  3. The maximum duration of the authorization procedure is 3 months, counting from receipt date, if it is filled out correctly, and from the moment the necessary documentation is completed. After this period, the request will be finally reviewed, approved or rejected.

To avoid waiting and going through all the difficult stages, you can resort to variant of a company with API license for sale in Spain. If you decide to get authorised payment institution license in Spain by yourself, you should bear in mind next-mentioned normative parametres.

  1. Structural: such institutions need to possess well-established managing and accounting arrangements, and inner controlling mechanisms, to ensure good governance.
  2. Fitness: Managers, directors and significant share-holders must be selected based on criteria such as commercial and professionally-approved integrity and viability.
  3. Capital: in case institutions spread all above-mentioned services and in applicable laws, its capital must not be less than 125,000 euros.
  4. Registration: After receiving permission and after registering the company, before starting their activities, payment organizations must register with the Special Register of Payment Establishments.

We are ready to grant you option of sale of authorised payment institution license in Spain. In addition, our team has excellent offers of API-licenses in Lithuania, Germany, Denmark and other countries.

How much is it to obtain authorised payment institution license in Spain?

The cost of such a permit varies in each individual case, as it depends on many third-party factors. Our managers will calculate the approximate cost for you before starting cooperation with maximum optimization of your budget.

What does an investor get with a ready-made API license for sale in Spain?

This is a completely ready-to-use solution, the purchase of which makes it real to quickly launch a business-project and start making a profit from the first months of operation. Our lawyers will provide you with comprehensive advisory and practical assistance throughout the entire procedure.

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