Czech payment system license

Czech Payment System License (PSP)

Choosing a favorable jurisdiction for licensing is a serious issue that businessmen often face. If you are planning to register a payment system (PS), the Czech Republic may be a suitable option for licensing.

A Chech payment system license is popular because, first of all, it is perceived as European. In other words, users trust such payment systems more and consider them more reliable and prestigious. All this opens wide opportunities for company owners to conduct international business. Moreover, a Chech payment system license allows for doing business in any part of the EU, including the possibility of attracting potential customers from all over the world.

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Company registration

It is necessary to register a company in the country where the license will be obtained, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.

Account opening

The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.

Contribution of authorized capital

The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.

Hiring required employees

The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.

Office rent

One of the mandatory requirements is office rent. We will select a budget option that meets the requirements.

Preparation of documents for applying for a license

It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.

Filing an application

It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.

Obtaining a license

The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.

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Czech Republic payment license: Advantages for a business

Choosing the Czech Republic for licensing, you can count on the following:

  • Obtaining and subsequently maintaining a financial license is relatively inexpensive when compared to some other countries, including the UK and the US.
  • The country has a predominantly inexpensive workforce.
  • The Czech Republic is characterized by friendly and clear taxation.

There are several types of payment system licenses in the Czech Republic:

  • Payment institution.
  • Payment service provider.
  • Electronic money institution.
  • The issuer of virtual finances.

What a company that has obtained a Chech payment system license can do

Depending on the license type, a company can:

  • Open and service customer accounts, taking into account the possibility of assigning IBANs.
  • Issue various financial instruments, including prepaid and debit bank cards.
  • Make wire transfers without opening an account.
  • Receive customer payments, e.g. via bank cards or SWIFT.
  • Provide Internet-acquiring services.
  • Exchange currency and so on.

The fact that the Czech Republic is not offshore deserves special attention. It means that licensed PSs may operate legally in the territory of the EU, cooperating with reliable, prestigious, and popular banks all over the world.

If you want to obtain a Chech payment system license, please contact our specialists. They will provide you with detailed legal advice, help you obtain the necessary license, and solve any issues that may arise during the cooperation.

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