Czech SEMI (EMI) licenсe for fintech business

There are some peculiarities of obtaining a SEMI (EMI) licence in the Czech Republic for fintech business. This permit is required to provide payment services. To process the document you need to arrive in the country and open an account. You can learn more about the nuances of obtaining a licence at IT-OFFSHORE.

Features of registration of the licence

Obtaining a SEMI (EMI) licence for financial institutions gives the right to operate a payment system, which corresponds to the type of resolution. This document gives the opportunity to work within the European Union, as well as to cooperate with clients from other countries.

The EMI permit allows the emission of electronic means. It is possible to issue your own quasi-value. Obtaining permission gives the right to use your own currency to service payments of other institutions.

There are several advantages of working in this area in the Czech Republic. This state is independent and is a part of the EU. Clients from the Russian Federation are quite loyal, there is an opportunity to quickly open a bank account and register a company, and obtain permission to operate.

The Czech Republic has a positive reputation. A licence gives the opportunity to issue its own quasi-currency, to provide virtual wallets service in European countries.

Stages of obtaining a permit

An important step is to formalize a business plan. The development plan is an important document - it is submitted together with other papers to the National Bank of the country.

Special attention is paid to business founders from CIS countries. It is recommended to work out the business plan as much as possible, since the chance of obtaining a work permit depends on the quality of its preparation.

The business plan should show the peculiarities of the company's work over 3 years at least, it is necessary to focus on attracting clients from the Czech Republic and other EU countries. In addition, a financial plan should be provided.

To apply for a licence, you will need to provide copies of your foreign passport, proof of address, certificate of a criminal record for each founder with notarization.

In addition, you will need information about the origin of funds, and financial analysis. It is possible to get a license on average for six months. The director of the organization will need to come to the country to open an account and meet with representatives of the Czech National Security Service before applying for a licence.