Eternity Law International — News — AEMI license in Czech Republic

AEMI license in Czech Republic

Published:
April 14, 2023

The e-commerce sector is gaining momentum around the world and the European market is no exception. For successful work in this region, you can obtain an AEMI permission in the Republic. The holder of such a charter can freely carry out his actions throughout the countries from EU.

Advantages of the country

A permit to work as an e-money issuer grants access to the monetary sector of the economic system. The advantage of the country is that the top management does not have special demands for living in the state.

A non-resident can also manage a firm. At the same time, the policy of the government as a whole is quite loyal towards foreign investors, the administrations meet the needs of novice entrepreneurs during the procedure for acquiring a license (they provide free consultations and a preliminary assessment of papers).

Income tax and government license fees, as well as annual license fees for fintech companies, are among the lowest in the region. In addition, the capital of the country does not collect municipal tax from new fintech enterprises.

According to the current legislation, a party with the status of a digital currency issuer can:

  • Place funds on actual accounts;
  • Supply services for the withdrawal of funds;
  • Make remittance transmissions and transfer funds between accounts;
  • Make debit and credit transfers;
  • Issue payment instruments and supply acquiring.

All transactions are carried out electronically using telecommunications equipment (computers).

Demands for AEMI license in Czech Republic

Therein are special conditions for AEMI permit in Czech Republic:

The procedure for acquiring a permit for e-money is carried out in accordance with the rules of the Republic, taking into account the demands of the PSD2 Directive. Thus, the permit is issued only to legal entities enrollment as commercial enterprises that have a physical office or representative office in the country. The minimum fund of issuers of electronic funds to obtain a full permit is EUR 350,000. Other demands include:

  • Provision of a package of legal entity documents (foundation agreement and charter, registration certificate, etc.) and a detailed plan for at least 3 years;
  • Confirmation of the competence of the directorate — the management must have proven work experience in the field of digital valutas;
  • Taking security measures to protect clients’ valutas and personal information — including under GDPR rules, if data of EU residents is used;
  • Prepare a description of the policy and instructions on the prevention of washing of criminal proceeds (to comply with anti-money washing legislation);
  • Provide a description of the technical means that ensure the operation of the system, etc.

Favors that AEMI could provide

  • Open and maintain e-money accounts / payment accounts of their clients – legal entities and individuals (including that with the assignment of IBAN);
  • Supply a regulatory framework for a single remittance market;
  • Issue financial instruments, including prepaid and debit bank cards;
  • Make money transfers without opening an account (remittance);
  • Accept payments in favor of your customers in various ways, including payments from bank cards, transfers, SWIFT payments.
  • Provide internet acquiring favors;
  • Currency exchange;
  • Remittance initiation services;

EMI is issued by the state bank of the Czech Republic, and only to business-companies enrolled on the area of the country.

Personnel demands:

Local personnel are not necessary to register an Authorised e-money license in Czech Republic.

The firm should have a manager, an accountant, a responsible person with qualifications corresponding to the obtained permit.

Office requirements:

A local office does not have requirements, so you could get AEMI license in Czech Republic.

Papers that should be presented

  • Statutory and enrollment papers for a company.
  • Detailed business plan.
  • Sales plan for 3-5 years ahead.
  • Investment plan.
  • Audit plan.
  • Marketing plan.
  • Description of the development strategy of firm.
  • Documents confirming the origin of capitals contributed as authorized capital.
  • Documents confirming info about the founders of the firm.
  • Documents confirming the professional qualifications of directors.
  • Company monetary statements for the last 36 months.

Step-by-step instruction to achieve AEMI in Czech Republic for sale

  1. Package of papers preparation.
  2. Creation of a legal entity, enrollment of an address and opening of an office.
  3. Completion of preliminary forms, including organizational framework, commercial and monetary plan for 3 years, IT security control.
  4. Opening a bank account, obtaining a VAT number, an agreement with an accounting and auditing firm.
  5. Submission of an application, announcement of the decision by the Bank of Republic.

Also, you can take consultation in our firm to consult all about the AEMI permission in Czech Republic for sale.

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