Eternity Law International — News — PI license in the Czech Republic

PI license in the Czech Republic

Published:
October 1, 2022

An authorized payment institution (API) in the Czech Republic is the perfect solution for pan-European and trans-border payment processing. It facilitates processing payments and money transfers of private individuals, companies, and internet merchants. To ensure the proper operation of such institutions and the protection of customer funds, the EU PSD entered force in 2007 and sets the legal basis for the EU single market for transactions.

Regulation of API in the Czech Republic

The role of the financial regulator is mandated to the Bank of Czechia which by default combines the functions of a central monetary authority. The politics of the regulator are business-friendly: business-oriented regulatory mechanisms, reduced costs for licensing, and lower maintenance costs are what make the jurisdiction a preferred place for businesspeople operating in the monetary sphere from across the globe.

Services provided by the PI

  • Placing cash on a payment account;
  • Cash withdrawing from a payment account;
  • Completion of different types of payments;
  • Completion of payments where the funds are covered by a line of credit;
  • Fund transferring;
  • Initiating a payment order at the requests of the client and providing information on an account.

Main terms for PI license

  • The amount of initial capital is subject to the type of services provided. The recommended sum an API has to hold is 125,000 euros.
  • Organizational structure: mainly LLC.
  • Timeframes for acquiring the license: from 3 to 6 months since the company’s formation.
  • If there the owner of an AP intends to run the company’s activities with other countries, the API in the Czech Republic may extend its authorizations to SEPA states under the EU Passportization regime.

Documents for acquiring the PI license

To apply for a PI license, there should be provided the below-mentioned documents:

  • Statutory papers;
  • Documents confirming the legality of business operations;
  • Proof of money (for initial capital) and personal details about shareholders;
  • Financial statements for the last 3 years;
  • Proof of corporate managers and other administrators’ fit for their positions (education and knowledge);
  • Detailed plan of business activities:
  • Corporate development strategy;
  • Policies and procedures regulating the operations of a company and relationship with clients;
  • Staff list for all staff employees and outsourcing;
  • Evaluation of the company’s capitalization (calculation method A, B, C);
  • Overview of software used in operation and intended activities;
  • Financial analysis grounded on the analysis of intended activities.

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