Businesspersons pass the appropriate licensing process for launching organizations dealing with e-money. After passing this procedure, firms receive EMI license in Czech Republic – a European standard document; thanks to this, a firm may operate anywhere in the EU.
Such a firm has rights of exchanging e-funds for monetary means, offering financial services possessing options of splitting or accumulating assets without time-frame or restrictions on payment variants. Funds payments when exchanging for e-finance is an obligation of a company having permission. EMI in Czech gets rights to work with e-wallets, particularly, proffer all services connected with opening and maintaining the functionality of online wallets. Thus, EMI has rights to deal with e-funds and offer determined standard services as payment organization.
Submitting appropriate form to regulatory body for E-money and Payment Institution license in Czech, it’s obligatory to comply with all next-mentioned rules.
Usually, the process of getting Czech Republic E-Money license lasts approximately half a year. Preparative phase lasts approximately 90-120 days. Costs of obtaining a permit varies, depending on a lot of factors.
According to local laws, jurisdiction possesses rights to control operations of all businesses providing e-funds services. Executives need to know: Electronic Money Institutions (EMI) in Czech Republic permits companies to legally perform operations related to e-money within Europe. Permits are issued by national authority of jurisdiction.
Bulk of operations must be carried out in Europe, since this’s one of main conditions indicated in permission. For fulfilling of the requirement a clear commercial plan is drawn up, which the company must follow in strictness. This document needs to be scheduled for 3 years in advance and contain data about what mechanisms company will implement to attract European clients.
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