EMI license in Czech Republic

December 6, 2022
night prague

Overview of EMI license in Czech Republic

In the field of financial technologies, EMI license in Czech Republic is an efficient instrument, opening up new potential for your business’s growth and development. Under the financial law, any entity issuing e-money is mandated to become authorized to act on a legally approved basis. Holders of a license are allowed to conduct offline/online payments, set up sub-accounts, open digital wallets, offer IBANs, and deliver currencies to foreign citizens. The license permits for provision of the above-mentioned offers in the EEA without a need to acquire an extra permission in another EEA state.

Key considerations about the EMI license

  • The Central Bank of the state sets lenient regulations for the company during the first year of its operation.
  • The state regulatory authority is the National Bank – a central monetary authority in the state. Its policies and approaches are based on the 2009-110 EC Directive, which is the foundation of legal acts for issuing e-money.
  • The package of papers for becoming authorized will be processed by the Central Bank within 3 months from the first day of provision, after which the choice to grant an authorization will be made. The regulative body may ask for extra papers or interviews to clarify certain things regarding the company.
  • The country obtained a SEPA membership which unites 34 states. Due to a single account in this structure, the state is eligible to be a payer and recipient of money within SEPA-supported states.

Main pros of an EMI license

  • Compared to various fin. authorizations, a license features a fast and simple set of actions for its acquiring.
  • Clients can obtain a personal IBAN and take advantage of SWIFT transfers;
  • Distant setting up of accounts for both natural and legal persons;
  • Company with a Czech Republic e-money institution license can offer Visa or MC cards;
  • EMI can transfer payments with international banking structures in multiple currencies;
  • Allowed offers for cash deposit or withdrawal and all operations needed for payment account operation;
  • Relatively low taxes that rank 6th in the international ranking of Tax competitiveness;
  • The license doesn`t expire;
  • Right to passportize the license to other EU states;
  • No strict obligations in the first year of the company operation.

What do you need to become licensed

  • The min. capital of the EMIs must be at min. EUR 350,000;
  • Evidence of the source of finance must be disclosed;
  • A local office must be arranged;
  • An account in a local bank must be set up;
  • An AML officer must be appointed to ensure company commitment in front of AML law;
  • Flawless repute of the company’s owners, executives and beneficiaries must be guaranteed;
  • Directors must possess an appropriate education and experience;
  • At min. one individual must be among the shareowners, being a local resident is not mandatory. The core obligation is the age of legal majority and excellent reputation.

If you decided to acquire an e-money institution license in Czech Republic, you will enjoy many pros of this EU permit. Due to this, you will obtain the opportunity to scale your company internationally without any difficulties. If you are willing to acquire a license, we offer everything you need to obtain it.

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