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.
Why is it advantageous to get E-money institution license in Czech Republic?
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.
- Operations description with real calculations for min 3 quarters.
- Official establishment as an enterprise.
- Starting capital is 350, 000 EUR.
- Possessing enough resources to start commercials.
- A clear supervising mechanism meeting all norms and laws of jurisdiction.
- Availability of a qualified head with huge expertise in this sphere.
- Possibility to protect finances obtained from any operations.
- No stability threat from other businesses under applicant’s ownership.
- No criminal record and bank guarantee.
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.
Legislative basis for Electronic Money Institutions in Czech
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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