About Us
FAQ
Global Law Experts Logo
Global Law Experts Logo

Find a Global Law Expert

Specialism
Country
Practice Area

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

APPLYING SMALL-SCALE ELECTRONIC MONEY ISSUER LICENSE IN CZECH REPUBLIC, SEMI LICENSE IN CZECH REPUBLIC, REQUIREMENTS

posted 5 years ago

The Czech Republic is characterized as a
jurisdiction that opens up wide opportunities for those who want to create and
run a payment business throughout Europe. The Czech Republic is also attractive
for those, who are willing to obtain an Electronic Money Issuer License. Before
considering the mechanism for obtaining a small-scale electronic money issuer
license in Czech Republic, let’s first explain the differences between the EMI
license and SEMI license.

To obtain an EMI license in Czech Republic, it is
necessary to contribute a share capital of 350,000 euros. At the same time,
electronic money issuer can work not only in the Czech Republic, but also
throughout the European Union. The recipient of the Czech SEMI license does not
have to contribute share capital, but it can work exclusively in the Czech
Republic.

OPPORTUNITIES
FOR SMALL-SCALE ELECTRONIC MONEY ISSUER AFTER OBTAINING SEMI LICENSE IN CZECH REPUBLIC

Czech SEMI license is easy to obtain, but it provides
fewer features than the EMI (Electronic Money Issuer) license. Financial
companies that decide to receive small electronic money issuer license in Czech
Republic can carry out:

• electronic money issuing with SEMI license in Czech
Republic;

• providing of payment services in Czech Republic
related to electronic money with Czech SEMI license;

• providing of support services related to electronic
money issuing with SEMI license in Czech Republic;

• providing of non-electronic payment services
specified in the license.

SEMI
LICENSE REQUIREMENTS IN CZECH REPUBLIC

Obtaining a SEMI license in Czech Republic is much
easier than obtaining a full EMI license. The requirements for obtaining a SEMI
license in Czech Republic include an office in the Czech Republic, while in
order to obtain an EMI license, a company must be only registered in the Czech
Republic. SEMI license in Czech Republic can receive small-scale electronic
money issuer, registered outside the Czech Republic, but within the European
Union.

Also, there is another requirement for obtaining a
SEMI license in Czech Republic. The annual turnover of small electronic money
issuer should not exceed 3 million euros per year in order to be able to use
SEMI license in Czech Republic. Otherwise, electronic money issuer will have to
get an EMI license in the Czech Republic.

In addition, a small electronic money issuer for
obtaining a SEMI license in Czech Republic must ensure the security of
transactions and the safety of its clients’ funds.

WHAT
DOCUMENTS DO I NEED TO APPLY FOR A SEMI LICENSE IN CZECH REPUBLIC?

To apply for a SEMI license in Czech Republic, a
small-scale electronic money issuer license must provide: a business plan that
complies with the requirements of the legislation governing the receipt of a
small-scale electronic money issuer license in Czech Republic; statutory
documents of the company, showing its essence and legitimacy for the
implementation of activities related to electronic money; personal documents of
managers.

TERMS
FOR OBTAINING SEMI LICENSE IN CZECH REPUBLIC

Unlike the EMI license, small-scale electronic money
issuer receive SEMI license faster. Obtaining a SEMI license in Czech Republic
will take about one to three months after the preparation of all the necessary
documents to apply for a Czech SEMI license. While obtaining an EMI license in
Czech Republic takes from 5 to 9 months.

A team of SBSB professionals will help you to figure
out all the requirements for obtaining a small-scale electronic money issuer
license in Czech Republic, prepare all the necessary documents for obtaining
the Czech SEMI license, carry out all the necessary legal procedures for
obtaining and properly applying the SEMI license in Czech Republic. For over
five years we have been advising our clients in the areas of corporate law,
international tax planning, finance, international licensing and comprehensive
business support in more than 40 countries.

We will be happy to help you.

 

Author

Find the right Legal Expert for your business

The premier guide to leading legal professionals throughout the world

Specialism
Country
Practice Area
0
LAWYERS RECOGNIZED
0 m+
EVALUATIONS OF LAWYERS BY THEIR PEERS
0
PRACTICE AREAS
0
COUNTRIES AROUND THE WORLD

Join

0
who are already getting the benefits

Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox.

Naturally you can unsubscribe at any time.

Newsletter Sign Up

About Us

Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.

Contact Us

Stay Informed

Join Mailing List

GLE