Eternity Law International Payment & E-Money Institutions EMI License SEMI licenses in the Czech Republic

SEMI licenses in the Czech Republic

February 4, 2020

Use and conditions for obtaining a SEMI license in the Czech Republic

The Czech Republic positions itself as a country capable of providing a wide range of conditions for those who want to open their company in Europe. It is also popular for issuing permits for the transfer of electronic money. There are two types of permissions: EMI and SEMI licenses in the Czech Republic.

Before you begin to learn how to purchase a SEMI license, you need to understand how one differs from the other.

In EMI, you must transfer the initial capital of 350 thousand euros. Thanks to this license, an electronic money issuer can exist not only within the Czech Republic, but throughout the European Union.

A company receiving SEMI does not invest in capital, but its activities are limited to the Czech Republic.

What features does the SEMI license provide?

This Czech license is very easy to obtain, but limited in features. Companies that decide to receive it can perform the following actions:

  • receive and pay with electronic money in the Czech Republic;
  • provide payment services using electronic money;
  • assist in the production of electronic money;
  • other types of assistance prescribed in the license document.

Prerequisites for obtaining a SEMI license

Limited resolution is much easier to obtain than full resolution. There are a number of prerequisites for the design of SEMI, these include:

  • mandatory location of the office in the Czech Republic;
  • this license can be obtained by companies registered outside the Czech Republic, but on the territory of the European Union;
  • cash turnover should not exceed 3 million euros per year;
  • ensuring transaction security and the reliability of saving customer money.

These requirements significantly distinguish SEMI (Small Electronic Money Issuer) from EMI (Electronic Money Issuer).

A full license is more difficult to obtain. The company that decided to acquire it must be registered in the Czech Republic.

But there are a number of freedoms. The annual financial turnover may exceed the limit of 3 million euros, and the company may carry out its activities throughout the European Union.

Documents for obtaining a SEMI license

In order to apply for this license, you must provide the following documents:

  • a business plan that fully complies with the legislation, through which regulation and issuance of SEMI licenses in the Czech Republic takes place;
  • statutory package of documents confirming the legitimacy of the actions of the company to carry out activities related to electronic money;
  • personal documents of the management team.

Time to get a semi license

Unlike the EMI license, this license is obtained quite quickly. The whole period will be approximately 1-3 months from the moment of collecting and preparing the necessary package of documents. The term for an EMI license is much longer. It is 5-9 months.

Our company will help to deal with the necessary package of documents, terms, selection of the type of license and its receipt. Our professionals have been working in this field for several years and are well versed in all the pitfalls of the financial legislation of the Czech Republic.

Sреcialists of Eternity Law International will be happy to assist you in obtaining a SEMI license in the Czech Republic.

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