The fintech industry is developing rapidly and is coming up with new solutions to simplify people’s lives. When it comes to electronic money business there are many rules to follow. EMI license is a necessary license if you are planning to start working with electronic money. There is a possibility to obtain this license in many countries all around the world. While choosing the jurisdiction, both advantages and disadvantages should be taken into account. In this blog you can find information about obtaining an EMI license in Spain, how your business can benefit from this and why a Spanish license has more advantages than a British one.
One of the most active fintech ecosystems in Europe
During the past years Spain, has become one of the leading countries that provide financial services. What’s more, many innovative start-ups are based and operate in Spain.
Experienced country in the fintech industry
Spain has a solid experienced with payment service providers (PSP) authorization. It means that obtaining an EMI license in Spain can allow you to get a lower business cost, no-fee authorization and reduced taxes. As a result, your business will have more profit and more possibilities for expansion. This should be considered as a big advantage of an EMI license in Spain compared to an EMI in the UK.
Spain is very loyal and has a favorable tax regime to new companies entering the market. Spain not only allows easy entry into their market, but also supports companies’ development.
Free of charge authorization and simple application form
Authorization and registration of electronic money payment system is free of charge in Spain. What’s more, all information regarding European Banking Authority guidelines and requirements is included in the application form and makes it simple to fill out.
Receiving benefits from the EU
As soon as a business gets a license that is issued in the EU, it can benefit from this 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. Moreover, you can open correspondent accounts around the world.
Obtaining an EMI license in Spain, doesn’t mean that you should be a resident of this country and live there the whole time. Nowadays fintech industries have possibilities to provide almost all services online. For example, opening an account can be held remotely, there is no need to be present. And this is also one of the advantages of an EMI license in Spain compared to an EMI license in the UK.
There are some benefits that you can get from obtaining an EMI license in Spain. A business can start accepting payments in many different currencies, and in addition to this, Master Card, VISA, JSB, AMEX, UPI can be issued and linked to the customer’s account.
The United Kingdom is also one of the best when it comes to providing financial services. First of all, a major number of financial start-ups have UK issued licenses and head offices in London. And the number is increasing. Secondly, experienced regulators, affordable tax rates and one of the most widely spoken languages make UK one of the leading countries for obtaining an EMI license.
In conclusion, obtaining an EMI license is a procedure that should be done if you want to do business with electronic money. Each country has its own benefits and drawbacks, that should be considered while deciding where to obtain an EMI license. Both Spain and the United Kingdom have vast experience in issuing EMI licenses. Taking Spain, for example, can be seen as one of the most experienced countries in the fintech industry in the EU. What’s more, if a license is registered in the EU, a business can get some benefits that only the European Union provides, such as lower taxes and more possibilities for development. And this is one of the main advantages of an EMI license in Spain compared to an EMI license in the UK. Looking at the United Kingdom, it is important to highlight that this is also one of the best countries for obtaining an EMI license. However, Brexit caused some changes for E-money institutions authorized in the UK.
Do you require an EMI license in Spain or other countries? UniversePay is ready to assist you with this. Our company has solid experience with licensing issues and will lead you through the whole process. No presence at the office is required, everything can be done remotely, from anywhere in the world. Visit our website or email our professionals by email for more information.