Financial license in the Czech Republic

Over the past decade, the Czech Republic has evolved into a country with a well-developed and sophisticated financial system as well as transparent legislation. The financial regulation in the Czech Republic, which is standardized according to the EU requirements, enables to conduct reliable businesses that clients are willing to trust. One of the standards is to obtain the financial licence that allows an institution to provide services to its clients.

The main supervisory authority responsible for regulating financial and banking services is the Czech National Bank (CNB).

ADVANTAGES OF OBTAINING A LICENCE IN THE CZECH REPUBLIC

Registering a payment system in the Czech Republic provides many opportunities for conducting a successful international business. This licence entitles a company to do business throughout the European Union, making its services available almost all over the world.

The Czech Republic has the advantage of relatively low labour costs, transparency of the tax system and proximity to the CIS countries, both mentally and geographically.

COST OF OBTAINING A LICENCE IN THE CZECH REPUBLIC

The price for the service of obtaining a payment licence in the Czech Republic depends on several factors. The basic package includes, for example, the preparation of statutory documents, business plan drafting, legal support, etc. However, an individual approach to each client also implies a personalized price offer based on a set of services. We would be happy to negotiate a price during a free consultation.

FEATURES OF OBTAINING A LICENCE IN THE CZECH REPUBLIC

Payment system licence in the Czech Republic is issued by the Czech National Bank (CNB).
Payment system licence in the Czech Republic is issued for an indefinite period.
No annual fee for licence renewal.
Possibility to handle both fiat and electronic money.
Possibility to carry out a passport procedure in other EU countries – payment institution, e-money institution, etc.

REQUIREMENTS WHEN APPLYING FOR A LICENCE

When applying for this type of licence, a company has to comply with a number of requirements. The standard list of requirements is as follows.

Registered physical office in the Czech Republic.
Paid-up share capital.
Competent persons in the management of the company are to have the experience in management and in the financial market.
Technical, human and organisational prerequisites.

We would be happy to arrange a personal consultation to overview the entire list of requirements.

DOCUMENTS AND INFORMATION NECESSARY FOR OBTAINING A LICENCE IN THE CZECH REPUBLIC

Business plan including a financial plan for 1 year (small payment institute and small electronic money institute) and for 3 years (payment institute and electronic money institute).
Documents on the persons included in the company structure,
Software description.
Developed internal procedures – AML/Compliance, etc.

We would be happy to arrange a personal consultation to overview the entire list of documents and information.