12.01.2023 Universepay

4 advantages of obtaining EMI/PI license in Spain

The fintech industry is developing rapidly, and more and more businesses keep appearing. When it comes to licensing issues, choosing the country where to obtain the necessary license can be quite difficult, as many countries provide the possibility to obtain EMI or PI licenses. Due to this we decided to highlight 4 advantages of obtaining EMI/PI license in Spain.

What is the difference between EMI and PI licenses?
EMI (Electronic Money Institution) and PI (Payment institution) licenses are almost the same. However, they still have some practical differences. One of the main distinguished features of an EMI license is that compared to a PI license, it allows to issue electronic money and to store clients’ funds for the unlimited period of time. Of course, there are many services that a business can provide with EMI or PI licenses. In case, when a business wants to act not only as a payment institution but also to provide services connected with electronic money, a company should obtain an EMI license.

Why Spain is a good location for obtaining EMI/PI license?

Loyal regulator and favorable conditions for obtaining license
One of the 4 advantages of obtaining EMI/PI license is that Spain has one of the most favorable regulators in the European Union (Bank of Spain is responsible for authorizing the creation of these types of institutions) and provides favorable conditions for obtaining license. For example, Spain has easier regulations to obtain a license. To give an instance, there is also less paper work required; but you need to take into account that all documents should be translated to Spanish. That’s why Universepay is here to help you not only with obtaining a license but also with all milestones such as translation, address registration and more.

Tax regime and benefits from the EU
The next on the list of 4 advantages of obtaining EMI/PI license in Spain is a favorable tax regime to the new companies entering the market. Moreover, Spain has a low entry barrier and supports companies’ development. In addition to this, as soon as the business gets a license issued in the EU, it can start receiving benefits straight away. A business will get its personal EU SWIFT account and IBAN, and after this, can start receiving payments from any international account in SWIFT system. Both EMI and PI licenses allow to open correspondent accounts around the world.

Experienced country in the fintech industry
Spain is considered one of the best countries for the fintech businesses. To throw in some numbers, the fintech industry in Spain generates more than 12,000 direct jobs almost each year. What’s more interesting, during the past years Spain, has become one of the leading countries that provides financial services. In addition, many innovative start-ups are based and operate from Spain. That’s why we have included this point to our list of the 4 advantages of obtaining EMI/PI license in Spain.

Free of charge authorization and simple submission form
Last but not least on our list of 4 advantages of obtaining EMI/PI license in Spain is that unlike many other countries there are no authorization fees for EMI and PI licenses. Spain is simply cost-effective solution. Universepay can help with all the forms and applications, which makes it hassle free to obtain licenses and we know all how – to, and all tricks to get maximum benefits for our clients.

In conclusion, obtaining EMI or PI licenses in Spain can be a favorable activity due to many benefits the country provides as mentioned above – favorable conditions, appealing tax regime, additional benefits such as Spain is also a member of the EU, which allows businesses with licenses issued there to receive additional benefits.
If you are interested in an EMI or a PI license, Universepay is ready to assist you with this and provide the best solution. Our company has solid experience with licensing and will lead you through the whole process. Just fill in the application form below and our professionals will contact you immediately.