Eternity Law International — Payment & E-Money Institutions — EMI License — For sale EMI LICENSE IN CZECH REPUBLIC

For sale EMI LICENSE IN CZECH REPUBLIC

Published:
October 6, 2020

There are two types of licenses for electronic money institutions in the Czech Republic: EMI – electronic money institution, and SEMI – small electronic money issuer.

Specialists of Eternity Law International have extensive experience preparing the necessary documents and complete knowledge for the correct paperwork for obtaining EMI and SEMI licenses in the Czech Republic. Besides, we have good relations with the Czech National Bank, the institution granting licenses, and supervising EMIs in the Czech Republic.

Below you can find necessary information about EMI and SEMI licenses, processing times, fees, and charges.

SEMI – Small electronic money issuer

Small electronic money issuer license: processing time – approximately 1-2 months.

OUR RATES: OBTAINING A LICENSE ON A TURNKEY BASIS – 30,000 EUR, INCLUDING ALL DOMESTIC PAYMENTS AND FEES TO THE NATIONAL BANK OF CZECH REPUBLIC.

The service covers the full package of services, including:

  • Preparing a business plan;
  • Financial calculations for the license;
  • Reconciliation of documents with the National Bank of the Czech Republic;
  • Preparing internal documentation;
  • Integration of AML and KYC procedures for obtaining a license.

THE FOLLOWING DOCUMENTS MUST BE SUBMITTED TO THE NATIONAL BANK OF THE CZECH REPUBLIC TO OBTAIN A SEMI LICENSE (ALL DOCUMENTS, EXCEPT FOR INTEGRITY CERTIFICATES, WILL BE PREPARED BY OUR SPECIALISTS BASED ON THE INFORMATION OBTAINED FROM YOU)

  • Application for new company registration in the SEMI register;
  • Business license (extract from the commercial register);
  • Integrity certificate issued by a foreign government for each senior officer;
  • Questionnaire on the assessment of each senior SEMI officer.
  • Business plan (a valid and realistic business plan for the period of the first 12 months of SEMI operations, including complete financial statements, along with detailed business plan comments, taking into account the average monthly limit of issued electronic money: EUR 5,000,000);
  • Description of the individual payment service providing method;
  • The chosen client’s fund protection method.

EMI – ELECTRONIC MONEY INSTITUTION

Electronic money institution (EMI) license: registration period – about six months.

Our rates: the cost of obtaining a license ranges from EUR 65,000 to EUR 90,000 plus VAT. The duty to the Czech National Bank is approximately EUR 2,000.

The cost of our services depends on the number of required services – EUR 90,000 rate covers the full package of services, including:

  • Preparing a business plan;
  • Financial calculations for the license;
  • Reconciliation of documents with the National Bank of the Czech Republic;
  • Preparing internal documentation;
  • Integration of AML and KYC procedures for obtaining a license.

THE FOLLOWING DOCUMENTS MUST BE SUBMITTED TO THE NATIONAL BANK OF THE CZECH REPUBLIC TO OBTAIN EMI LICENSE (ALL DOCUMENTS, EXCEPT FOR INTEGRITY CERTIFICATES, WILL BE PREPARED BY OUR SPECIALISTS BASED ON THE INFORMATION OBTAINED FROM YOU)

  • Application for the introduction of EMI activity;
  • Business license (extract from the commercial register);
  • Documents on the source of the initial capital and any other financial resources for the amount of the paid authorized capital;
  • Financial reports;
  • Integrity certificate issued by a foreign government for each senior officer;
  • Questionnaire on the assessment of each senior EMI officer, details of the professional experience, and education of each senior authorized person who actually manages the activities related to the issue of electronic money and the provision of payment services.
  • Business plan (a valid and realistic business plan for the first three years of EMI’s operations, including complete financial statements, along with detailed comments);
  • Description of the management system (organizational structure, principles of risk management system for obligations related to countering AML);
  • The chosen method of client’s fund protection;
  • Description of methods for issuing electronic money and carrying out individual payment transactions;
  • Description of the personnel structure, organizational and technical measures for individual needs, including the estimated number of employees in the relevant structural units, the description of the information system, accounting and financial reporting systems, and also, in case the applicant intends to use agents, the description of their activities and control;
  • Description of the subjects, scope, and methods of additional activities implementation;
  • The proposed approach to be applied to EMI when calculating capital adequacy, including the rationale for the proposed method, data on calculating capital adequacy, and calculations of capital adequacy according to all EMI structuring approaches;
  • The amount of initial capital must be at least EUR 350,000;
  • Detailed information on legal entities holding EMI shares (10 or more percent of shares or voting rights) or legal entities closely related to EMI (legal entities with 20% of share capital or mutual voting rights, as well as persons managing or managed by the same senior person).

SPECIALISTS OF ETERNITY LAW INTERNATIONAL WILL PROVIDE YOU WITH QUALIFIED CONSULTATION ON OBTAINING A LICENSE IN A SUITABLE JURISDICTION.

If you have any questions or need some advice on obtaining a license in the Czech Republic or any other jurisdiction you are interested in, call us on the phone numbers listed on the website, or fill out the form at the bottom of this page.

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