COREDO > Licensing > Financial Licences in the EU > SPI Licence in Slovakia

SPI Licence in Slovakia

What an SPI Licence in Slovakia Is

An SPI licence in Slovakia is the registration of a small payment institution with the National Bank of Slovakia. With it, your company lawfully accepts and processes client payments in a eurozone country: it opens payment accounts, executes transfers, issues cards and connects acquiring.

COREDO has been operating since 2016 and supports financial licensing across the European Union. We review your business model, incorporate the Slovak company, prepare the complete application package and handle the correspondence with the regulator until it issues its decision.

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Cost of the service
from EUR 25,250

Regulatory Framework: NBS, PSD2 and the Slovak Payment Services Act

The regulator for the project is the National Bank of Slovakia, Národná banka Slovenska (NBS). It receives the application, assesses the company and its managers, issues the registration decision and supervises the company afterwards.

The European basis of the regime is PSD2, Directive (EU) 2015/2366. It allows EU member states to register payment service providers with a limited turnover under simplified rules and sets the ceiling for that limit at EUR 3,000,000 per month.

The national act is Act No. 492/2009 Z. z. on Payment Services (Zákon o platobných službách). In its wording an SPI is a limited-scope payment service provider, and the procedure ends with an NBS registration decision. The market knows this status as an SPI licence, and we use the two terms interchangeably.

Licence Details: What an SPI in Slovakia Permits

A single registration can cover several categories of payment services at once, and we match the scope to your product.

Payment accounts and cash

Cash deposits to a client’s payment account
Cash withdrawals from a payment account

Transfers and payments

Execution of payment transactions, including credit transfers
Payments by card and other payment instruments
Money remittance

Cards and payment acceptance

Issuance of payment instruments, including cards
Acquiring of payment transactions

Limit of the regime

the average monthly volume of payment transactions over the preceding 12 months, including transactions through agents, does not exceed EUR 3,000,000. The registration is valid in Slovakia and does not include payment initiation or account information services.

Requirements for Obtaining an SPI in Slovakia

NBS looks at the applicant as a whole — the company, its capital, its people and its internal processes.

A Slovak Company with a Supervisory Board

The applicant is a Slovak commercial company with share capital and a supervisory board, and the preferred form is a joint-stock company (a.s.): its governance structure fits the NBS requirements most readily.

Share Capital

For most payment services the capital is at least EUR 62,500, and where the company provides money remittance only, EUR 10,000 is sufficient. The capital is contributed in cash and paid up in full. This is a statutory requirement for the company itself: the funds stay on its balance sheet and are not part of COREDO’s fees.

Managers and Shareholders

NBS assesses the professional competence and good repute of the board members, the holders of procuration, the head of internal control and the AML officer. Professional competence under the Act means a second-cycle university degree and three years of managerial experience in the financial market. The persons who manage the company must have no conviction for money laundering, terrorist financing or other economic crime. The regulator also assesses the suitability and reliability of major shareholders.

Presence in Slovakia

The registered office and the head office of the company are in Slovakia, and the company provides at least one payment service here.

AML/CFT and Internal Control

An SPI is an obliged entity under the Slovak AML Act, so the company needs a written AML/CFT programme, client identification and verification, and a procedure for reporting unusual transactions to the financial intelligence unit.

Safeguarding of Client Funds

Users’ funds are kept separate from the funds of other persons; the alternative is an insurance policy or a comparable guarantee from an insurer or a bank outside the company’s group.

Technical and Organisational Readiness

Before registration the company demonstrates to NBS its technical, organisational and personnel readiness, as well as a working management and internal control system.

Cost of COREDO Services

The project cost is made up of four stages, each with its own price; the ranges reflect our estimate of the workload.

Service	Cost
Onboarding and initial assessment	EUR 1,950 – EUR 3,250 + VAT (estimate)
Incorporation of the Slovak company (where required)	EUR 2,500 + VAT
Preparation of the NBS application package	EUR 15,600 – EUR 23,400 + VAT (estimate)
Submission and communication with NBS	EUR 5,200 – EUR 10,400 + VAT (estimate)
SPI licence in Slovakia: the whole project	EUR 25,250 – EUR 39,550 + VAT

We quote the cost individually. It rises with the complexity of the business model and the number of payment services, with a multi-layered ownership structure or owners from outside the EEA, and with the extent of outsourcing and of the redrafting your materials need.

The package price includes:

Analysis of the business model and legal qualification of your payment services
Confirmation that the SPI regime suits the project, and an assessment of regulatory risks
A preliminary document list for your team
Incorporation of the Slovak company: incorporation documents, registered office, trade authorisations, Commercial Register filing
Business plan and financial projections for 3 years
Governance and organisational structure documentation
Internal rules and policies: risk management, internal control, accounting
AML/CFT framework
Descriptions of IT, security, outsourcing, incident management and business continuity
Safeguarding model and documentation
Descriptions of payment flows and the operational model
Draft customer terms and conditions
Collection and review of KYC and fit and proper documents of shareholders and management
Coordination of translations and certifications
Submission of the application, correspondence with NBS, replies to queries and additional submissions until the regulator’s decision

Outside the package are the tasks you handle yourselves or with specialist contractors:

Directors, local employees, compliance and AML officers
Implementation of IT systems and development of payment software
Opening of bank, safeguarding and settlement accounts
Membership of card schemes, SWIFT and SEPA
Tax advisory, accounting and audit
Office lease and employment services
Legal opinions in other jurisdictions

Accounts are opened by the bank following its own customer due diligence, and the company joins payment schemes under their separate requirements.

Additional Services

Service	Cost
Post-registration support: entry of the permitted activities in the Commercial Register, review of the first operational steps, calendar of reporting to NBS	charged separately
Additional hours: a change of business model after work has started, a large volume of additional documents requested by NBS, legal analysis beyond the agreed scope	agreed separately

Payment Terms

NBS fees are not included in COREDO’s fees: you pay them directly to the regulator, on top of our price. Their amount depends on the actions NBS carries out during the procedure. The application fee is payable no later than five working days after the application is filed.

The court fee for entering the company in the Commercial Register and the notary’s services at incorporation are also paid separately. You pay the share capital into your own company’s account.

The payment schedule is set out in the service agreement, and all COREDO prices on this page are stated exclusive of VAT.

Comparison with Other Licence Types in Slovakia

An SPI is a simplified entry to the Slovak payments market, with lower capital and a defined procedure. Next to it stands the full payment institution (PI) licence, to which a company moves as it grows.

Parameter	SPI: most services	SPI: money remittance only	Payment institution (PI)
Minimum capital	EUR 62,500	EUR 10,000	EUR 125,000; EUR 20,000 for money remittance only
Turnover limit	EUR 3,000,000 per month	EUR 3,000,000 per month	not applicable
Basis for operating	NBS registration decision	NBS registration decision	NBS licence
Operating in other EEA countries	Slovakia only	Slovakia only	passporting under PSD2

Choose an SPI if you are launching a payment product on the Slovak market and plan a turnover of up to EUR 3,000,000 per month. For more on the payment institution licence in the EU, see Payment Licence (PSP).

List of Documents for Obtaining an SPI

Documents from the Client

Identity documents, residential addresses and criminal record certificates (or their equivalent) of directors, managers and key function holders

CVs with proof of education and professional experience

Incorporation documents and an ownership structure chart for corporate shareholders

Documents on the shareholders’ source of funds and origin of capital

Description of the business model, target markets, customer groups and payment flow

Expected transaction volumes and pricing model

Technical description of the platform and the safeguarding model

Information for the AML risk assessment and draft customer documents, where they already exist

Any other information required for the NBS application

Formal Requirements

Foreign documents may need an apostille or legalisation and a translation into Slovak by a sworn translator — this depends on the issuing country and on NBS requirements.

Procedure for Obtaining an SPI in Slovakia

Onboarding and Initial Assessment

We analyse your business model and determine which payment services your product falls under, and you receive confirmation that the SPI regime suits the project, a map of regulatory risks and a preliminary document list. Cost of the stage: EUR 1,950 – EUR 3,250 + VAT (estimate).

01

Company Incorporation (about 1 month)

If you do not yet have a Slovak company, we incorporate it through local partners — notaries, attorneys and registered office providers. The timing depends on the readiness of the documents and the speed of their processing. Cost of the stage: EUR 2,500 + VAT.

02

Preparation of the NBS Application Package

This is the core of the work, and COREDO handles it in full: we write all the regulatory documents included in the package and review the documents of shareholders and managers. From your team we need the input information and approval of the finished texts. Cost of the stage: EUR 15,600 – EUR 23,400 + VAT (estimate).

03

Submission and Communication with NBS (NBS decision — 3 months)

COREDO supports the submission of the application and handles the correspondence with the regulator throughout the review period: we prepare the replies to NBS queries and coordinate additional submissions right up to the decision. NBS decides on registration no later than three months after a complete application is filed. Cost of the stage: EUR 5,200 – EUR 10,400 + VAT (estimate).

04

Post-Registration Support

After the NBS decision we help you enter the permitted activities in the Commercial Register, review the company’s first operational steps and draw up a calendar of regulatory reporting to NBS. This stage is charged separately.

05

Indicative project timeline: 6–9 months from the start of the project. The estimate assumes a project with a clearly described business model, suitable managers, timely delivery of documents and no material objections from NBS.

Advantages of Obtaining an SPI in Slovakia

An EU and eurozone jurisdiction.

Slovakia is a member of the European Union and the eurozone with a stable legal and regulatory environment. From day one the company operates in euros and under the supervision of the country’s central bank.

Half the capital of a payment institution.

EUR 62,500 is sufficient for most payment services and EUR 10,000 for money remittance, so your free funds go into developing the product and winning clients.

The highest turnover limit under PSD2.

A Slovak SPI operates with a turnover of up to EUR 3,000,000 per month — the ceiling the Directive allows for the simplified regime.

A ready foundation for growth.

The policies, processes and track record under NBS supervision built for the SPI form the basis for a full payment institution licence.

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Our Experts

Gregory has led COREDO’s compliance practice since December 2020. His focus is AML, compliance and KYC.

Pavel Kos

Head of Legal. Has been with COREDO since June 2017 and has headed the legal team since July 2020. Possesses extensive experience in supporting financial licensing projects in the Czech Republic and other EU jurisdictions.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Gregory Lutsenko

Head of Compliance

Frequently Asked Questions

Can an SPI be obtained for a company in the form of an s.r.o.?

Yes, a limited liability company is suitable if a proper supervisory structure is set up in it. This option requires an individual assessment, and we carry it out at the first stage. If you already have a company, we will review its articles and governing bodies and tell you what to change before submission.

How does NBS calculate the turnover limit if the company has not yet operated?

Where there is no data for 12 months, the calculation is based on the volumes in the business plan submitted to NBS. After launch, the company reports to NBS every month the total amount of payment transactions for the previous month.

What should we do when turnover approaches EUR 3,000,000 per month?

The Act gives 30 days to apply for a full payment institution licence from the moment the conditions of the SPI regime are no longer met.

Which changes after registration need to be agreed with NBS?

The appointment of board members, a holder of procuration, the head of internal control and the AML officer requires the prior consent of NBS. Consent is also needed to acquire a qualifying holding — from 10% of the capital or voting rights — and when it rises to 20%, 30% or 50%. The company notifies the regulator in writing and without delay of any change in the information on which the registration is based.

Is an SPI suitable for companies with shareholders from outside the EEA?

Yes, shareholders may be located outside the EEA, and for them we collect an extended set: incorporation documents along the entire ownership chain and evidence of the source of funds and origin of capital.

How recent do the certificates and extracts for the application have to be?

The official register extract and the confirmations of good repute of the proposed persons are accepted if no older than three months. We schedule the collection so that every document is still valid on the day of submission.

How does a Slovak SPI differ from a Polish one?

The main difference is scale: in Slovakia the turnover limit is EUR 3,000,000 per month, in Poland EUR 1,500,000. A Slovak company operates in euros and under the supervision of the central bank of a eurozone country. If you are choosing between the two jurisdictions, we will compare them against your model; the terms for Poland are on the page SPI Licence in Poland.

Contact Us

Tell us which payment services you are planning and what stage your project is at. We will assess your model, confirm that an SPI in Slovakia suits it, and give you the cost and timeline.

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