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Obtain Czech Republic Electronic Money License

Czech Republic Electronic Money License

Electronic Money Institution (EMI) is a legal entity which can issue and distribute electronic money and provide payment services.
Electronic Money Institution (EMI) is a legal entity which can issue and distribute electronic money and provide payment services.
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Licensing Services

Timeframe: approximately 3-6 months

Initial capital: EUR 125,000.00

To be able to issue electronic money and provide services associated with it, a legal entity must obtain an Electronic Money License. An authorized EMI exchanges virtual electronic money (issued by EMI) for the funds of customers in form of cash.

For the purpose of obtaining Electronic Money license, a company is obliged to have a bank account for capital deposit and operational needs in Czech National Bank.

CNB acts as a supervisor of payment institutions and electronic money institutions, deciding on registration and license applications’ admissibility.

Benefits

  • Convenient access to European market
  • Opportunity to employ personnel from outside Czech Republic (the number of foreign employees should not exceed number of local (Czech) employees)
  • Opportunity to outsource services  locally and internationally (with FMS approval)
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Facts & Info for Czech Republic Electronic Money License

Notable features
Procedure
Documents Required

General information

Company structure

  • Minimum 1 shareholder (individual or legal entity)
  • Minimum 2 Executive directors

Taxation

  • Corporate income tax of Czech Republic – 19%*

*Czech resident companies are required to pay corporate income tax on income derived from outside (non-Czech) sources.

Accounting requirements

  • The registered EMI shall disclose in particular the following information on its financial situation:
  1. - A quarterly balance sheet
  2. - A quarterly profit and loss account
  3. - Information on the amount of capital and the capital requirement to cover risks

Registered office - Required (local presence required)

Company Name

  • Must indicate a legal form
  • Names that are misleading or deceptive are prohibited
  • Offensive names are prohibited

In order to obtain a license, the following steps will be carried out:

  • Name reservation
  • Incorporation of the company
  • Application to Czech National Bank
  • License application

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

Due Diligence on all directors/shareholders (holding 10% of shares and more):

  • Notarized copy of valid passport
  • Notarized copy of proof of address (ex. utility bill of each Director)
  • Certified Bank reference (of each Director)
  • Legal reference (of each Director and Shareholder)
  • CV (of each Director and Shareholder)
  • Notarized Criminal Records (of each Director and Shareholder)

Additional Due diligence procedures may be prescribed by the FMS:

  • Original documents that proof of source of capital
  • Shareholder – physical person – tax declarations
  • Corporate entity – audited financial statements for 3-5 years
  • Anti-Money laundering Policy
  • Business Plan

In case If a corporate entity is used as a Shareholder:

  • Passport of an Authorized Person of the legal entity (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Utility Bill as proof of residency of an Authorized Person for the body Corporate (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Latest CV detailing Educational background and Working Experiences of an Authorized Person for the body Corporate
  • M&A to include the clause on the establishment of the Czech Republic Company or allowing to do so
  • Two Reference letters for the Authorized Person that are to be issued by a Professional such as a Lawyer, Accountants, Company Secretary or Bank of an Authorized Person for the body Corporate
  • Registries of Company listing down the names of Director, Shareholder, Auditor, Company Secretary (to be certified true copy by the Company Secretary)
  • Certificate of Incorporation (to be certified true copy by the Company Secretary)
  • Certificate of Registered Address of the Company (to be certified true copy by the Company Secretary)
  • Resolution by the Company to appoint the Authorized Person to act on behalf of the Company (to be certified true copy by the Company Secretary)
  • Resolution of the Company to invest in the Czech Republic Company (to be certified true copy by the Company Secretary)
  • Group corporate shareholding structure including the applicant
  • Certified true copy of certificate of license granted by relevant authority(s) in its home country - (if applicable)
  • Certified true copy of board resolution or minutes of general meeting which approved the setting up of the applicant
  • Copies of three years audited financial statements/annual report