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Czech Republic E-Wallet License

Starting Offshore > Czech Republic E-Wallet License

Brief Overview:

Czech Republic is located in Central Europe. It is famously known for its native beers, ornate castles. The home to the grand 9th Prague Castle, Prague, is the capital of Czech Republic. The currency used in Czech is the Czech koruna. The official language spoken is Czech. Czech has a population of approximately 10.6 million with a total GDP of 368.7 billion USD. It has a low unemployment rate of 3.5%.

The issuer of electronic money in Czech Republic possesses the right to issue electronic money, on condition that the e-money in circulation exceeds not more than five million euros.  Payment Services are categorised under the restrictions valid for a PSP (Payment Service Providers) unlike the issuance of electronic money. Apparently, the average payment services that have been provided by the PSPs in Czech Republic does not go beyond three million euros.

There is a difference between use of payment services and electronic money. The difference is that the electronic money account for the issuer customer is in the issuer payment systems. The client uses it to do a couple of activities.

  • Accumulation of various small payments
  • Storing money for some time unlimitedly.
  • Implement e-money and changing it to tangible money to the banks
  • Convert electronic money in various currencies
  • Dividing large payments

A PSP license would be provided to a company or person on an average of around three months. There are at least 1 to 2 months of preparing different documents. The regulator responds in one month of receiving every document. The National Bank of Czech Republic is responsible for the provision of licenses.

Application Process:

Documents required in order to obtain a PSP license.

  • Business plan covering 3 -5 years
  • Passport copy (notarized)
  • Curriculum Vitae and copies of academic qualifications if applicable.
  • 2 name suggestion for the name of the company
  • Notarized Power of Attorney with apostille (if remote incorporation)
  • Criminal record of the directors, police clearance certificate or Certificate of good conduct with an apostille in English or with an accompanying translation.

Advantages :

    • The qualified applicants are able to benefit from a liberal banking and liberal electronic money processing regulations. The Republic laws accepts international customers.
    • Customers also enjoy convenience in banking as all the banks in Czech Republic are SWIFT/BIC and SEPA members thus reduced restrictions compared to a number of European countries.
    • Accessibility to the major banks of Europe would be at your disposal, including payment providers and credit card entities.
    • Czech Republic provides two types of licenses. They are the Small license (SPSP) and the full license (PSP). They have a paid up capital of 125,000 euros and a sum of 69,000 euros for a setup fee, which includes a 21% VAT.
    • There is no maximum number of customers to be accepted by the small license
    • There is a low cost of running businesses and a friendly regulatory regime in Czech Republic.
    • The license can as well be issued by the National Bank and not only by the Ministry of Commerce or Industry.
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