Top 5 Best Jurisdictions for SPI license

When planning their trade, corporate co-founders actively look for places where they can open a legal entity and it’s easy to get a license to start your own payment business. To do this, they actively study the laws of the countries study their economic performance, and the requirements of local regulators.

If co-founders decided to try to implement their business in the field of finance, in almost all countrysides they will need a permit from the local-regulator in almost all countries. The easiest way for novice businessmen`s to get permission for such conditioning is to apply for a small payment license or SPI. This format of license is offered in many countries. Let’s take a closer look at the top 5 best jurisdictions for SPI licenses on the European continent.

Which countryside is it most profitable to acquire an SPI license

First and foremost, an SPI license is needed for corporations that want to manage payment-systems. This authorization allows legal entities to process payment data information, store it and redirect it. This document allows for the payment-services by a legal entity for their clients.

It is easier to get it than other appointments because the requirements for applicants are slightly lower. This is because applicants for this license process small volumes of transactions. Among the services provided are:

• e-wallets;
• transfers to payment-cards;
• mobile payments.

If the co-founders plan to work on larger volumes of transactions, they will need to obtain more complex licenses. But in Europe, many companies work quite successfully with this type of permit. Below are the countries providing the most favorable conditions for obtaining such a permit.

Ireland

For companies wishing to work in the financial`s segments, it is a great choice to obtain SPI licenses in Ireland. Without this document, it is impossible to start working on the local market. To obtain it, the local regulator must confirm that the company meets the following conditions:

• its annual turnover not exceeding 3 million euros;
• the company is officially-registered with the lawful status of a partnership or LLC;
• the main-office is located on Irish territory;
• comprehensive information about the co-founders of the corporation and the management`s is provided (including details of earlier movements, the background of the chiefs, and their sources of income);
• furnishing a three-year business-plan for the development of the legal entity;
• provision of documents confirming the absence of a criminal record of the managers and the presence of a positive reputation.

After acquiring the package of docs the Irish controller is obliged to review it and within 3-6 months to inform about the decision regarding the confirmation or refusal to issue a license.

Czech Republic

Enrollment SPI license in Czech Republic is one of the cheapest in Europe. That is why many investors want to open a company here. To acquire it, one has to apply for the Czech`s CB. In addition to the app`s, the co-founders must provide:

• data on the registration of the legal entity;
• docs confirming the sources of fund`s forming the share-capital;
• a business-plan with a system for the development of the legal entity for the next few years;
• the prescribed procedures for the conservancy of client data and info about the transactions carried out;
• info about the employees, their skills, and background.

Holders of such a license will be able to conduct various financial`s transactions with both cards and electronic currencies. In this country, the SPI license offers the most options and is equally-legitimate in other EU member states.

Poland

The obtaining`s process of the SPI license in Poland is handled by the local FCA. A company wishing to obtain such a license should be officially registered and have an active account in any banking-institution in the country. In a month, the total volume of transactions must not exceed one and a half million euros. Also, the company must have a local office and an accounting company that handles their account.

The immediate application can be considered for 3-6 months. At the same time, the regulator can both accept it and send it back for revision or refuse to issue a permit at all.

UK

The SPI license in the UK is very similar to the Irish procedure. Applicant`s for this license must not carry out more than 3 million euros of transactions in a month. Directorate, management`s, and co-founders of the legal-entity are required to document that they have not been involved in illegal transactions and have a positive reputation. An important amendment is the presence of a British citizen among the members of the Directorate.

It is obligatory to have a functioning legal entity with the form of ownership partnership or LLC and rented or owned by the corporate office space. The document is issued within six months after the analysis of the application for approval.

Lithuania

The Lithuanian government has slightly more prerequisites for those wishing to acquire an SPI license in Lithuania. This permit does not allow clients to furnish custody usefulness and issue e-money. But it is possible to provide other financial services to the clients. To obtain this permit, one must submit to the local regulator:

• an app for permission;
• information about the registered legal-entity and its founders and managers;
• payment slip confirming the payment of authorized-capital of 20 thousand euros or more to an active bank account;
• a document confirming the presence of an office in the country;
• the written strategy of development of the corporation for several years;
• a doc controlling the approach to be followed in case of suspicious dealings.

Docs are prepared in 4-6 months. But the Lithuanian regulator carefully checks each app`s, so it may be critical to make improvements to the app or furnish additional docs.

Who can help you with your permission

Each of these countries has different legal prerequisites. Therefore, it is critical to independently analyze the possibilities furnished by each state before applying for registration`s of a legal-entity.

These processes can be accelerated via cooperation with our company. We will take care of all the preliminary approaches, help you to gather the necessary documents, and arrange them in such a way that you have the best chance of getting the license-application accepted on the first try. We are a team of experienced lawyers who have completed more than one perfect package of documents in their careers and can help clients.