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How to obtain a license for electronic money in the Czech Republic

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Obtaining an EMI license in the Czech Republic in 2020

Benefits of obtaining a license in this jurisdiction:

  • A favorable investment climate;
  • The Czech Republic has established relations with the countries of the European Union;
  • EMI license is issued by the Czech National Bank, thereby increasing its regulatory basis;
  • The Czech license allows you to work in the EU;
  • A quick process of acquiring a license.

Obtaining a license will take 3-6 months

A cost of obtaining a license with the help of our lawyers is from € 25,900 to € 55,900

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EMI license - also called Electronic Money Institution - is a license that fully covers all types of activities of payment systems. Moreover it is called Electronic Money Institution License. This license includes the full potential of the Payment institution. Referring to the electronic money, it seems like the electronic equivalent of a cash. A remote computer storage is the place where money is keeping. EMI conducts an issuing process of money exchange from money to an electronic version of funds, thus allowing making online money transfer. In this case, electronic money is going to be stored on the user's electronic wallet and must be transferred into money at the user's request.

EMI license in the Czech Republic is issued by The Czech National Bank. Obtaining a license for electronic money in the Czech Republic can be made by a legal entity - a registered company in the Czech Republic. It is important to note that the opportunity to open a business in the Czech Republic is provided not only to local residents, but also to citizens of another state.

The requirement for a company if you want to obtain EMI license in the Czech Republic:
  • own or rent an office in the Czech Republic;
  • the share capital of the company needs to be at least 350,000 during the process of company incorporation in the Czech Republic;
  • provide a business plan as well as a financial plan for a company in the Czech Republic for three (3) years;
  • provide information about the availability of getting a sufficient amount of technical equipment, organizational personnel and the material base to ensure the correct and effective operation;
  • develop a management system for the company to comply with the laws of the Czech Republic;
  • provide for the protection of resources received from users;
  • provide the information that the beneficiary of the company does have any other risky activities;
  • provide information about the manager of the company, about his ability to conduct reasonably, unhindered and efficient company operations in the Czech Republic.

The most important among the documents that are required for obtaining EMI license in the Czech Republic is a business plan. If the founders of the company are CIS citizenship, The Czech National Bank will carefully check all information about beneficiaries and other employees in the company. Obtaining Czech Republic Electronic Money License provides an opportunity to work with the EU market, it assumes that its recipient is oriented to the client base of the European Union countries. This information should be taken into account when writing a business plan for a registered company in the Czech Republic.

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If you are going to obtain Payment Institution License in the Czech Republic, IQD Consulting is ready to provide such legal services (that are paid separately) as:

  • Company formation in the Czech Republic;
  • Preparation of documents, including the company's charter, in accordance with legislative requirements;
  • Providing professional translation services during the period of obtaining E-money license in the Czech Republic;
  • Registration and submission of all necessary applications for obtaining Payment Institution License in the Czech Republic;
  • Full representation of your interests before the Czech National Bank;
  • Providing template options for a business plan, as well as a financial plan;
  • Corrections to the business plan, as well as to the financial plan provided by the customer, in accordance with the requirements for opening an EMI license in the Czech Republic;
  • Legal support at the time of obtaining the Czech E-money license.
You can use the following IQD Consulting services for obtaining Czech Republic payment system license:
  • Development of the necessary documentation for the customers of your payment system;
  • Development of the financial plan that is necessary for obtaining a license, as well as a business plan;
  • Opening accounts in Czech acquiring banks (in the Czech Republic, almost all major banks have such a function);
  • Business Office Services in the Czech Republic (renting, opening, etc..

Services costs negotiated separately.

Price List of Legal Services (obtaining an electronic money license in the Czech Republic) - from 55 900 EUR.

Price List of Legal Services (obtaining a small EMI license in the Czech Republic) - from 25 900 EUR.
With the help of IQD Consulting company, you can register a company in the Czech Republic, obtain an EMI license in the Czech Republic and get a whole company support.

Our specialist also are ready to help if you are going to obtain a cryptocurrency license in the Czech Republic.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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