Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SSF authorisation, including banking and payment rails.
Get a payment license in El Salvador.
The Ley para Facilitar la Inclusión Financiera of 2015 created the Sociedad Proveedora de Dinero Electrónico: a sociedad anónima de capital fijo authorised by the Superintendencia del Sistema Financiero, with the central bank's consent to operate a mobile payment system. Capital has been USD 200,000 since the reform of 31 October 2019, not the USD 500,000 still copied from the original text. Every dollar of electronic money issued is backed by a non-remunerated deposit of the same amount at the Banco Central de Reserva. Two providers hold the authorisation, and a separate register for digital-asset providers has reached ninety-five.
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El Salvador in brief
A dollarised e-money licence, backed at the central bank, on USD 200,000.
The regime is a 2015 statute, the Ley para Facilitar la Inclusión Financiera, Decreto Legislativo N° 72 of 13 August 2015. Article 2 makes the licensee a sociedad anónima de capital fijo whose purpose is limited to providing electronic money, though it may also administer or operate mobile payment systems, clearing and settling between providers, with the authorisation of the Banco Central de Reserva. The Superintendencia del Sistema Financiero authorises and supervises, and adjusts the minimum capital every two years for consumer-price-index variation. That capital figure is the one most often quoted wrongly. The original article asked for USD 500,000 fully subscribed and paid in cash and deposited at the central bank; Decreto Legislativo N° 464 of 31 October 2019, published in the Diario Oficial of 20 November 2019, replaced it with USD 200,000, of which 60% is subscribed and paid in cash at incorporation and the remaining 40% completed within three years of operating. Anything still printing half a million is quoting the superseded text.
Article 10 is the unusual one. The electronic money a provider intends to issue must be backed by a non-remunerated deposit at the Banco Central de Reserva equal to one hundred per cent of it, constituted in advance, answerable only for payment obligations to the holders of the instruments, and unattachable for the provider's other debts. Not a commercial-bank account, not a trust: money at the central bank, which the bank may allow to fall as the obligations fall. Article 5, as reformed in 2019, caps a single transaction at one monthly minimum wage of the commerce and services sector and the accumulated monthly balance at five, with salary, pension and remittance deposits below that ceiling exempt from the per-transaction cap. Two providers sit on the register. Beside them runs a separate regime for digital assets: the Comisión Nacional de Activos Digitales keeps a register that had reached 95 providers by August 2026, with no minimum capital and up to twenty business days to decide. Instant payments run on Transfer365, operated by the central bank. Tax is IVA at 13% and, on the finance ministry's own published copy of the income-tax law, 25% on the taxable income of legal persons. We run the file from Madeira, in Spanish.
The Ley para Facilitar la Inclusión Financiera of 2015 creates the Sociedad Proveedora de Dinero Electrónico: a sociedad anónima de capital fijo authorised by the Superintendencia del Sistema Financiero, with central-bank consent to run a mobile payment system. Capital is USD 200,000 since D.L. 464 of 2019, not the USD 500,000 still quoted.
Article 10 backs every dollar issued with a non-remunerated deposit of the same amount at the Banco Central de Reserva. Article 5 caps a transaction at one minimum wage and the monthly balance at five. Two providers; 95 digital-asset providers next door. Transfer365. We run it from Madeira.
The routes
The e-money provider, or the digital-asset register.
Two separate regimes with two separate authorities: the SPDE authorisation for electronic money in dollars, and registration with the digital-asset commission for token and crypto services. We fix the route first, then build once.
The e-money provider authorisation, or registration with the digital-asset commission.
01 - E-MONEY PROVIDER
Sociedad Proveedora de Dinero Electrónico
A sociedad anónima de capital fijo whose purpose is limited to providing electronic money, authorised by the Superintendencia del Sistema Financiero. Operating or administering a mobile payment system needs the separate consent of the Banco Central de Reserva under Article 2.
A sociedad anónima de capital fijo whose purpose is limited to providing electronic money, authorised by the Superintendencia del Sistema Financiero. Operating or administering a mobile payment system needs the separate consent of the Banco Central de Reserva under Article 2.
- ✓Sociedad anónima de capital fijo, purpose limited to e-money (Article 2)
- ✓Capital USD 200,000 since D.L. 464 of 31 October 2019
- ✓60% paid in cash at incorporation, 40% within three years
- ✓Capital adjusted by the Superintendencia every two years for CPI variation
- ✓100% non-remunerated backing deposit at the central bank (Article 10)
- ✓Banks and cooperative banks may issue e-money under Article 20 on the same caps
02 - DIGITAL ASSET PROVIDER
PSAD - no capitalProveedor de Servicios de Activos Digitales
The Ley de Emisión de Activos Digitales of 2023 lets a provider offer digital-asset services only once registered with the Comisión Nacional de Activos Digitales. Article 20 sets no minimum capital and gives the commission up to twenty business days to resolve.
PSAD registration with CNAD: no minimum capital, up to twenty business days to decide, a five-day cure period; 95 providers registered by August 2026.
- ✓Registration required before any service is offered (Article 18)
- ✓No minimum capital (Article 20)
- ✓Up to 20 business days to decide, with a five-day cure period
- ✓Requirements cover service capacity, structure, cybersecurity and customer service
- ✓95 providers registered from PSAD-0001 to PSAD-0095 by August 2026
- ✓Rulebook includes stablecoin offering rules and a PSAD AML guide
Costs and timelines are confirmed for your case before any work begins. The central bank's technical norms for e-money providers are not served from a retrievable page, so the procedural detail and any state fees are confirmed with the regulator before filing and itemised in your quote.
Why El Salvador
Dollars end to end, backing at the central bank, and two names on the register.
El Salvador uses the US dollar, keeps e-money backing at its own central bank rather than in a commercial account, and supervises two providers. Its digital-asset regime runs alongside on a twenty-day clock.
✓
USD 200,000, not USD 500,000
Decreto Legislativo N° 464 of 31 October 2019 cut the figure to USD 200,000, with 60% paid in cash at incorporation and 40% within three years of operating.Not the superseded USD 500,000.
✓
Backing held at the central bank
Article 10 requires a non-remunerated deposit at the Banco Central de Reserva equal to 100% of the e-money issued, unattachable for the provider's other obligations.A 100% non-remunerated deposit.
✓
A dollar economy
Capital, the Article 10 deposit, wallet balances and settlement are all in the same currency, so there is no conversion layer between the licence and the product.No conversion layer to model.
✓
Two providers on the register
The Superintendencia lists two Sociedades Proveedoras de Dinero Electrónico. The supervisor reads each file itself.A short register.
✓
Remittances outside the transaction cap
Article 5 exempts deposits of salary, pensions and remittances below five minimum wages from the per-transaction ceiling, which is what a corridor product needs.Outside the per-transaction cap.
✓
A digital-asset register next door
The Comisión Nacional de Activos Digitales had registered 95 providers by August 2026, on no capital and a twenty-business-day decision.Ninety-five providers, twenty days.
How it compares
How El Salvador differs from the larger Latin American regimes.
El Salvador asks for the smallest capital figure of the group and the strictest place to keep the backing. The honest comparison is below.
El Salvador vs other jurisdictions
| Feature |  El Salvador | Other jurisdictions |
|---|---|---|
| Capital | USD 200,000 since 2019 | ≈ MXN 4.33M in Mexico · S/ 2.89M in Peru |
| Backing | 100% deposit at the central bank | Trusts and commercial-bank accounts |
| Currency | US dollar | Peso, sol, real |
| Wallet cap | 1 minimum wage per transaction · 5 accumulated | No cap in Uruguay or Argentina |
Capital
El SalvadorUSD 200,000 since 2019
Other jurisdictions≈ MXN 4.33M in Mexico · S/ 2.89M in Peru
Backing
El Salvador100% deposit at the central bank
Other jurisdictionsTrusts and commercial-bank accounts
Currency
El SalvadorUS dollar
Other jurisdictionsPeso, sol, real
Wallet cap
El Salvador1 minimum wage per transaction · 5 accumulated
Other jurisdictionsNo cap in Uruguay or Argentina
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| El Salvador | SPDE (SSF · BCR) | 25% · IVA 13% | USD 200,000 · 100% at the central bank |
 Mexico | IFPE (CNBV) | 30% + PTU 10% | 500k / 700k UDIs · segregation |
 Colombia | SEDPE (SFC) | 35% | COP 5,846M indexed · Fogafín |
 Peru | EEDE (SBS) | 29.5% | S/ 2.89M · 100% in trust |
El SalvadorLicense typeSPDE (SSF · BCR)
Taxation25% · IVA 13%
RequirementsUSD 200,000 · 100% at the central bank
MexicoLicense typeIFPE (CNBV)
Taxation30% + PTU 10%
Requirements500k / 700k UDIs · segregation
ColombiaLicense typeSEDPE (SFC)
Taxation35%
RequirementsCOP 5,846M indexed · Fogafín
PeruLicense typeEEDE (SBS)
Taxation29.5%
RequirementsS/ 2.89M · 100% in trust
Before you apply
Requirements for the SSF authorisation.Requirements for the authorisation.
The statute sets the company form, the capital, the backing and the product caps. The technical norms behind the procedure sit with the central bank. The checklist below is what a passing file contains.
01
A sociedad anónima de capital fijo whose purpose is limited to providing electronic money (Article 2).
02
Minimum share capital of USD 200,000 under Decreto Legislativo N° 464 of 2019, with 60% subscribed and paid in cash at incorporation and the remaining 40% completed within three years of operating.
03
Room in the plan for the biennial adjustment of that capital, which the Superintendencia sets every two years by reference to consumer-price-index variation.
04
The separate authorisation of the Banco Central de Reserva where the company will also administer or operate a mobile payment system, clearing and settling between providers.
05
The Article 10 backing: a non-remunerated deposit at the central bank equal to 100% of the electronic money to be issued, constituted in advance and answerable only for obligations to instrument holders.
06
Directors, executive directors and managers clear of the disqualifications in Articles 3 and 4, with capacity matched to the nature of the operations.
07
Shareholders, managers, directors and executive directors filing their information within thirty days of subscribing shares and taking office.
08
A product designed inside Article 5: one monthly minimum wage of the commerce and services sector per transaction, five accumulated as the monthly balance, with salary, pension and remittance deposits exempt from the per-transaction cap.
09
A tariff schedule and any amendment to it filed with the Superintendencia within fifteen business days of approval by the governing body, plus the information-protection duties of Article 9.
10
A procedure for unclaimed balances, which pass to the Dirección General de Tesorería within the first three months after the relevant period, with the Superintendencia notified within three business days.
01
Sociedad anónima de capital fijo (Article 2).
02
Capital USD 200,000; 60% at incorporation.
03
Remaining 40% within three years.
04
Biennial CPI adjustment by the SSF.
05
Central-bank consent for a payment system.
06
100% backing deposit at the BCR (Article 10).
07
Directors clear of Articles 3 and 4.
08
Information filed within thirty days.
09
Product inside the Article 5 caps.
10
Tariff schedule filed in fifteen business days.
Reflects the Ley para Facilitar la Inclusión Financiera (D.L. N° 72 of 2015) as reformed by D.L. N° 592 (2017) and D.L. N° 464 (2019), and the Ley de Emisión de Activos Digitales (D.L. N° 643 of 2023), as of 2026. The central bank's technical norms for e-money providers were not retrievable from an official page; the procedure and any fees are confirmed with the regulator before filing.D.L. N° 72 (2015) as reformed by D.L. N° 592 (2017) and D.L. N° 464 (2019); LEADA D.L. N° 643 (2023).
How it works
From first call to the SSF register.
01
Route and product
E-money provider, digital-asset registration or both; the wallet design against the Article 5 caps; the route and budget fixed in writing.SPDE, PSAD or both.
02
Company and capital
Sociedad anónima de capital fijo incorporated with the limited purpose, USD 200,000 of capital with 60% paid in cash and the three-year schedule for the rest.USD 200,000, 60% in cash.
03
The application file
Shareholder, director and management information, fit-and-proper evidence, tariff schedule and the central bank's consent where a payment system is operated.Officers, tariffs, BCR consent.
04
SSF review
Question rounds answered. The statute prints no decision period for the authorisation, so plan on six to nine months from first call.No printed clock; 6-9 months.
05
Backing and launch
The Article 10 deposit constituted at the central bank at 100% of the money to be issued, Transfer365 connectivity arranged, first instruments issued.Deposit at the BCR, then issue.
Quick facts
RegulatorSuperintendencia del Sistema Financiero
LawD.L. N° 72 (2015) · D.L. N° 464 (2019)
CompanySociedad anónima de capital fijo
CapitalUSD 200,000 · 60% / 40%
Backing100% at the Banco Central de Reserva
Wallet cap1 minimum wage · 5 accumulated
Timeline6-9 months realistic
Corporate tax25% · IVA 13%
The statute prints no decision period for the e-money authorisation, and the central bank's technical norms are not published on a page we could retrieve. We confirm the procedure and any fees with the regulator in writing before you commit to a timetable.
Your El Salvador desk
Run from our Americas desk.
Prifinance - Americas desk
Madeira · coordinating Salvadoran mandates in Spanish
Rua da Alegria 31, 1F, Madeira
01
Salvadoran company formation
A sociedad anónima de capital fijo with the purpose clause Article 2 requires and USD 200,000 of capital structured 60% at incorporation and 40% over three years.Capital fijo; purpose clause; 60/40 capital.
02
The SSF file
Shareholder, director and management information, fit-and-proper evidence against Articles 3 and 4, the tariff schedule and the product design against the Article 5 caps.Fit and proper, tariffs, Article 5 design.
03
The Article 10 deposit
The non-remunerated backing deposit at the Banco Central de Reserva arranged and constituted before issuance, and the central bank's consent obtained where a mobile payment system is operated.Backing constituted before issuance.
04
Digital assets, where needed
Registration with the Comisión Nacional de Activos Digitales on the twenty-business-day clock, run in parallel with the e-money file when the model needs both.CNAD registration where needed.
We also have offices in
Tallinn
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Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
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Korányi Sándor u. 4
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Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in El Salvador.
IVA at 13% and income tax at 25% on the finance ministry's own copy of the law. Two figures that circulate widely could not be confirmed on official pages, and we say so rather than repeat them.
IVA 13%
Article 54 of the VAT law: thirteen per cent on the taxable base. The rate has one value and no reduced band.Article 54; one rate.
Income tax 25%
Article 41 of the income-tax law as published by the finance ministry: legal persons, domiciled or not, apply 25% to taxable income.Article 41 on the official copy.
The 30% bracket, unconfirmed
A 30% rate above USD 150,000 of income is widely quoted. The ministry's own published copy of Article 41 carries no threshold and no second bracket, and we could not retrieve a more current official consolidation. We confirm your position in writing before filing.Not confirmed officially.
Dividend withholding, unconfirmed
A 5% withholding on dividends is often cited. Articles 67 and 68 of the income-tax law are marked derogated and the tax code that now carries the rule was not retrievable from an official host, so we verify it for your structure.Rate not confirmed officially.
Dollarisation
The country uses the US dollar, so capital, the Article 10 deposit, balances and distributions are all in one currency and there is no exchange-rate line in the model.No exchange-rate line.
Payroll
Income tax withholding and social-security contributions on San Salvador salaries. The operating budget prices them in with the compliance hires.Withholding + contributions.
Tax summary
Corporate income tax25% on the official copy of Article 41
VAT (IVA)13%
30% bracket above USD 150,000Not confirmed on official pages
Dividend withholdingNot confirmed on official pages
CurrencyUS dollar
PayrollWithholding + contributions
*Figures as of 2026 per the Ministerio de Hacienda. Where a rate could not be read on an official page we say so and confirm it per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Salvadoran sociedad anónima de capital fijo, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, authorised provider.
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The Salvadoran payment licence, answered.
What licence does an e-money business need in El Salvador?+
Authorisation as a Sociedad Proveedora de Dinero Electrónico by the Superintendencia del Sistema Financiero under the Ley para Facilitar la Inclusión Financiera. If the company will also administer or operate a mobile payment system, clearing and settling between providers, Article 2 adds the consent of the Banco Central de Reserva.
How much capital is required?+
USD 200,000. Decreto Legislativo N° 464 of 31 October 2019 replaced the original USD 500,000 with that figure: 60% subscribed and paid in cash at incorporation and the remaining 40% completed within three years of operating. The Superintendencia adjusts the amount every two years for consumer-price-index variation.
Why do some sources still say USD 500,000?+
Because the copy of the law published in 2015 is still the one most often circulated, and it carries the unreformed Article 2. The reform sits in a separate decree of 2019, published in the Diario Oficial of 20 November 2019. The current figure is USD 200,000.
Where is the e-money backing held?+
At the central bank. Article 10 requires a non-remunerated deposit at the Banco Central de Reserva equal to 100% of the electronic money to be issued, constituted in advance, answerable only for payment obligations to instrument holders and unattachable for the provider's other debts.
Are there limits on wallet balances?+
Yes. Article 5 caps a single transaction at one monthly minimum wage of the commerce and services sector and the accumulated monthly balance at five. Deposits of salary, pensions and remittances below five minimum wages are exempt from the per-transaction cap.
How long does the Superintendencia take?+
The statute prints no decision period for the authorisation. The technical norms the central bank was required to issue within 180 days of the law entering into force are not served from a retrievable page, so the detailed procedure and any fees are confirmed with the regulator before filing. Plan on six to nine months end to end.
Can a bank issue e-money instead?+
Yes. Article 20 lets banks, cooperative banks and savings and credit companies provide electronic money and simplified deposit accounts, on the same balance and transaction caps. That is the lighter route for a group that already holds a banking licence.
What is the digital-asset register?+
A separate regime. Under the Ley de Emisión de Activos Digitales of 2023, providers may offer digital-asset services only once registered with the Comisión Nacional de Activos Digitales. Article 20 sets no minimum capital and gives the commission up to twenty business days to resolve, with five business days to cure an incomplete file. Ninety-five providers were registered by August 2026.
How are payment companies taxed?+
IVA at 13% under Article 54, and income tax at 25% on the finance ministry's own published copy of Article 41. The 30% bracket above USD 150,000 and the 5% dividend withholding that circulate widely could not be confirmed on the ministry's pages, so we verify both for your structure before filing.
Why El Salvador rather than Mexico or Colombia?+
El Salvador asks for the smallest capital figure of the three, settles everything in dollars and puts the backing at its own central bank. Mexico has 130 million people and a deeper fintech market on 500,000 or 700,000 UDIs of capital. Colombia protects deposits through Fogafín and supervises a larger banking system. Groups running dollar remittance corridors into Central America start here.
Which licence?+
SPDE authorisation from the SSF.
Capital?+
USD 200,000 since D.L. 464 of 2019.
Why USD 500,000 elsewhere?+
That is the superseded 2015 text.
Backing?+
100% non-remunerated deposit at the BCR.
Wallet limits?+
One minimum wage per transaction, five held.
How long?+
No printed period; 6-9 months realistic.
Bank route?+
Article 20, same caps.
Digital assets?+
CNAD register; twenty business days.
Taxes?+
IVA 13%; income tax 25% on the official copy.
vs Mexico / Colombia?+
Smallest capital; dollars throughout.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Superintendencia del Sistema Financiero or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.