Financial license in Spain

Obtaining a financial licence in Spain COREDO

Over the last decade, Spain has become a country with a sophisticated and clearly structured financial system as well as transparent legislation. The statistics on the issuance of Spanish financial licences demonstrates this. During the last few years, Spain has surpassed the British regulator FCA as well as the regulators in Lithuania and Ireland in terms of granting licences to fintech companies. The favourable conditions and the transparent procedure for obtaining licences – simple as that.

The bodies that regulate the financial sector in Spain are the Central National Bank and Securities Market Commission – CNMV (Comision Nacional del Mercado de Valores) as well as SEPBLAC (the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences). SEPBLAC is a special executive service of the Central Bank of Spain, which has supervisory and controlling functions.

ADVANTAGES OF OBTAINING A LICENCE IN SPAIN

Registering a payment system in Spain provides many opportunities for conducting a successful international business. This licence entitles a company to do business throughout the European Union, making its services available almost all over the world.

The advantages of Spain are the relatively low cost of labour and transparent tax system.

COST OF OBTAINING A LICENCE IN SPAIN

The price for the service of obtaining a payment licence in Spain depends on several factors. The basic package includes, for example, the preparation of statutory documents, business plan drafting, legal support, etc. However, an individual approach to each client also implies a personalized price offer based on a set of services. We would be happy to negotiate a price during a free consultation.

FEATURES OF OBTAINING A LICENCE IN SPAIN

No state fee for obtaining a licence.
Payment system licence in Spain is issued for an indefinite period.
Possibility to use both fiat and electronic money.
Possibility to carry out a passport procedure in other EU countries – payment institution, e-money institution, etc.

REQUIREMENTS WHEN APPLYING FOR A LICENCE

When applying for this type of licence, a company has to comply with a number of requirements. The standard list of requirements is as follows.

Registered physical office in Spain.
Director has to be a resident of Spain.
Competent persons in the management of the company are to have management and financial market experience.
Technical, human and organisational prerequisites.

We would be happy to arrange a personal consultation to overview the entire list of requirements.