Swedish companies that provide financial services have to obtain a financial license in Sweden. The authorization is required before the company starts its activities, and it involves a careful analysis by the authorities.
The steps for opening a company in Sweden include applying for different types of licenses or authorizations, depending on the industry in which the company activates. Multiple permits may also be necessary.
If you want to open a company in Sweden and have to apply for a financial license, our team can help you. Read below to learn more about the authorization process and the requirements that apply to financial companies.
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What companies need to obtain a financial license?
The Financial Supervisory Authority (FI) authorizes companies that offer financial services. The Finansinspektionen is the government agency responsible for financial regulation in the country.
In order to obtain a financial license in Sweden, the company’s application is evaluated according to the FI’s regulations. The list below includes common examples of financial activities that are subject to licensing in Sweden:
- issuing electronic money;
- payment services;
- operating current and deposit accounts;
- consumer lending;
- insurance;
- trading in securities;
- offering investment advice;
- engaging in activities related to cryptocurrency.
Most Swedish companies that offer financial solutions will be authorized by the FI, meaning that they are require to obtain afinancial license in Sweden. However, there are cases in which the legal entity only needs to be registered with the FI. In this case, it will only be partially under the supervision of the regulatory agency. For example, a deposit company only has to register its business with the FI.
Investors who want to set up a company in Sweden and are unsure if they need authorization from the FI or if they only have to register with the authority can reach out to our team for clarification.
What are the authorization steps?
The Financial Supervisory Authority carefully assesses each application. Companies that want to obtain a financial license in Sweden will generally follow the steps below:
- Prepare the mandatory documents: these include the business plan, information about the company’s capital, founders and corporate management, and others;
- Submit the application to the FI: after the documents are sent, they are assigned a reference number;
- Pay the application fee: information about the due fee is provided once the application receives its registration number;
- Wait for the decision: the assessment process can involve more than one authorized person from the FI. In some cases, the authorities may request additional information.
In most cases, all the required documents are submitted electronically. The applicant is notified if the regulatory agency requires certain paper copies of the documents.
The usual processing time for a financial license in Sweden is approximately three months if the documents are properly submitted.
Fees applicable to financial companies in Sweden
Some examples of fees charged by the Financial Supervisory Authority include the following:
- SEK 378,000 (about EUR 32,825) for the application fee (one-time payment) for authorization as a payment service provider;
- SEK 100,000 (approx. EUR 8,683) per year for payment institutions;
- SEK 25,000 (about EUR 2,170) per year for legal entities exempted from the authorization obligation.
The fees are payable only after the applicant receives the letter that confirms the processing of the application.
Please keep in mind that these fees can be subject to change. We recommend contacting our team, which can help you set up a company in Sweden, to find out more about the requirements when you open a financial company.
Our team can also assist you with other matters, such as those related to payroll in Sweden.
Contact us if you have any questions about how to obtain a financial license in Sweden.