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#Sweden skype klarna full
In general, the full process of obtaining a license is 9-12 months long. Registered issuers and registered payment service providers must pay an annual fee of SEK 25,000.įI will make a decision within three months provided that the application is complete and the fee is paid. For payment institutions, this fee is SEK 100,000 per year. Institutions for electronic money must pay an annual supervision fee of SEK 75,000. The fee for an application for authorisation is SEK 200,000.įI also charges an annual supervision fee. A business plan and Terms & Conditions should be submitted in Swedish.Īpplicants must pay a fee in conjunction with the application. E-money and Payment Institution with low turnover don’t have to observe initial capital requirements.Īll documentation, excluding a Business plan and Terms & Conditions can be submitted in English. Minimum Initial Capital Requirements are EUR 125,000 for Payment Institution and EUR 350,000 for E-money Institutions. The company must have 4-5 local personnel covering the following positions: Chief Executive Officer (CEO), Money Laundering Reporting Officer (MLRO), Chief Operating Officer (COO). Sweden also stimulates R&D activities – the incentive works as a deduction of the monthly employer cost and directly lowers labor costs.
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A special tax relief may be granted to foreign key personnel for a limited time period whereby 25% of income is exempt from income tax. The incentive is granted in the form of a deduction from capital income equal to 50% of the acquisition cost of the investment. The country has several prestigious colleges and universities, which create a strong pool of tech talent. Sweden’s government prioritizes STEM in its education system. Stockholm is in fourth place in the Times Higher Education World University Ranking with 12 universities. More than 40% of the population has a bachelor’s degree or more. Sweden currently levies a corporate income tax of 20.6 per cent and there are no local taxes for companies.
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Sweden possesses a strong and stable economy and ranks 10th out of 190 economies for ease of doing business, according to the World Bank’s Doing Business report for 2020. Stockholm attracts the attention of international investors – according to Startup Genome, Stockholm’s total early stage funding is $1B and its ecosystem value is $46B.Īccording to European Banking Authority data to, Sweden is home to 61 Payment Institutions and 6 E-Money Institutions. Stockholm is a globally renowned startup hub with such well-known Swedish startups like Spotify, Skype, and Klarna.Īccording to Fintech 2021 Report released by, it holds the 9th place in VC funding 2021 with $2.1B and the first place in % growth in ecosystem value (2021 vs 2020) showing 177% increase. In addition, payment and e-money institutions are subject to the Anti-Money Laundering and Terrorism Financing Act (2017:630) (“AML Act”) implementing the EU Anti-Money Laundering Directive (AMLD). An entity issuing electronic money exceeding EUR 5 million on average or the equivalent is required to have authorisation to conduct operations, and the entity is considered an institution for electronic money.Īn entity issuing electronic money averaging less than EUR 5 million may apply to be exempt from the authorisation obligation and is then considered a “registered issuer”. Issuing electronic money requires authorisation in accordance with the Electronic Money Act (2011:755). A company that will have a turnover for payment services exceeding EUR 3 million per month must apply for authorisation and is considered by law to be a payment institution.Ī company with a turnover lower than this threshold may apply to be exempt from the authorisation obligation and is called a ‘registered payment service provider’. According to the Payment Services Act (2010:751), it is possible to apply for authorisation or exemption from the authorisation obligation. Providing payment services requires authorisation from FI. Finansinspektionen is accountable to the Ministry of Finance. Their role is to promote stability and efficiency in the financial system as well as to ensure an effective consumer protectionįinansinspektionen (FI) authorises, supervises and monitors all companies operating in Swedish financial markets. The Finansinspektionen is Sweden’s financial supervisory authority.