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.
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.