E-Money License in Czech Republic
The prospect of a global transition from cash to electronic opens wide opportunities for electronic payment providers or those who are planning to create own payment system.
Obtaining the appropriate license in the Czech Republic will allow:
- conduct business on the territory of the European Union;
- use the advantages of a loyal tax policy;
- open an account in a stable Czech bank (all banks are members of SEPA and SWIFT);
- have free access to leading European banks and providers of payment systems.
The SEMI (Small electronic money issuer) license is issued for the following activities:
- acceptance / sending of funds of individuals and legal entities by means of a bank card or transfer;
- full complex of processing services;
- electronic transfers on behalf of third parties;
- issue of debit cards Visa / MasterCard with the possibility of transfer and subsequent withdrawal of funds;
- opening of client accounts, including merchant accounts;
- conversion of electronic funds into Bitcoin or other crypto-currencies.
Our service package includes the following:
- Company registration in Czech Republic
- Preparation and submission of a full package of documents
- Assistance in preparation of the Business Plan
- AML preparation in compliance with all necessary requirements
- Payment of required fees and government fees
- Translation of all documentation into Czech language (including personal documents)
- Consulting services for tax optimization in the Czech Republic.
Stages of obtaining a license:
- Preparation of a package of documents for the company's opening
- Company registration in Czech Republic (director and self-employed person are nominated)
- Preparation and submission of application for a license to the Czech National Bank
- Obtaining a license
- Opening a bank account
- In the case of remote registration of a company, it is necessary to come to Prague to sign powers of attorney, documents for the company, to open a bank account.
The cost includes the following:
- Payment of government fee;
- Payment of fee in Сzech National Bank;
- Government licensing fee;
- Current payments required for company registration and obtaining a license
The sum includes:
- Remote company registration
- Issuance of power of attorney for opening a bank account
- Appointment of the director of the company
- Issuance of power of attorney for application for a license
- Formation of a package of documents for obtaining a license
- Business plan and AML
- Payment of registered office (1 year)
- Services of documents translation into Czech
- Opening a bank account in a stable bank in the Czech Republic.
Business plan must be drawn up for the first year of the license validity, taking into account the average monthly limitation of the release of electronic money within € 5 million.
Timeframes for obtaining a license:
The timeframe of SEMI license in the Czech Republic is about 3.5 - 4 months, including the company registration period - 2-3 weeks.
For the registration of a SEMI license, there is no requirement for the presence of local personnel.
As a part of the company there should be a director, accountant, a person in charge with the qualifications appropriate to the license received (electronic money or financial services).
A local office is not required to obtain a partial license.
Registered Capital Requirements
With a minimum authorized capital of 1 CZK, the recommended authorized capital for obtaining a license is € 8,000 (25,000 CZK). The amount is not blocked on the account and can be used for the company's needs.
The following documents are required to obtain a license:
- Application for entering the company in the Register of SEMI licenses
- Certified extract from the Register of Companies
- Certificate of good status (certificate of integrity) for an applicant-foreign citizen
- Completed questionnaires
- Business plan with real forecasts and full financial reporting
- Description of software modules for conducting payment transactions
- Measures to ensure the security of client funds.