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Obtaining a financial license in the Czech Republic

The work of a financial institution in Europe provides for compliance with the requirements established in the European Union, as well as obtaining a permit from the Czech National Bank.

Obtaining a financial license in the Czech Republic is carried out once, at the very beginning of work, since the permit itself is issued on an unlimited basis. An entrepreneur who has received such a license immediately after registration will be able to perform all operations specified in the list of permitted activities.

Employees of the E-COMMERCE BROKER Company will help prepare documentation for applying for a license to the National Bank of the Czech Republic and explain the nuances of conducting financial activities in the country.

Requirements for a licensed business

Before contacting the National Bank of the Czech Republic, an entrepreneur should check the compliance with the requirements put forward, and first of all, to the authorized capital as a guarantee to cover any risks. The minimum allowable capital amount is calculated using a special formula and does not have a single value.

The initial share capital is understood as the paid-in capital after deducting the repurchased shares, including forward contracts and options thereon. The share capital includes reserve funds and retained earnings less accumulated losses.

The availability of the required amount as the authorized capital is the key to successful licensing. Employees of "E-COMMERCE BROKER" will help to correctly calculate the amount of capital for a new organization that has not yet accumulated sufficient accounts to determine the minimum allowable amount.

For a start-up business, the amount of the authorized capital is calculated as a tenth of the overhead costs for the reporting period. Since there is no fixed value for capital, you need to be prepared for possible adjustments in accordance with the requirements of the Czech National Bank.

Additional business requirements for obtaining a financial license in the Czech National Bank include:

  1. Accounting and risk management.
  2. Transformation of the management system so that the license covers all areas of activity.
  3. Anti-money laundering and terrorist financing measures should be included in the governance system.
  4. Availability of an up-to-date, currently adjusted business strategy.

Documentation for issuing a license

With license application a rather long list of documents is submitted to the National Bank:

  • general information about the company;
  • a document confirming the registration of the enterprise (certificate);
  • confirmation of the origin of the first capital and financial assets;
  • certificate of payment of the authorized capital (from the bank);
  • financial reports (if any);
  • business plan;
  • information on the management of the company in relation to the protection of transactions;
  • explanations about the individual payment service;
  • information about hired employees;
  • a description of the technical execution of certain actions;
  • parameters of the accounting system, financial reporting, control system.

In addition, a questionnaire No. 2, a certificate of qualification degree, a document confirming the professional suitability of the manager and other forms at the request of the Czech National Bank are being prepared about managers.

Features of financial licensing in the Czech Republic

Procedure issuance of a license in the Czech Republic difficult enough. When preparing documents, you need to be well versed in the legal nuances of the Czech Republic and know the standards for preparing documents.

Employees of "E-COMMERCE BROKER" will help to collect the necessary documentation in a short time and explain the nuances of interaction with the Czech regulatory body.

In addition to individual advice, E-COMMERCE BROKER specialists will help prepare a business plan for the company, draw up an AML policy, describe the structure of the organization, collect all the necessary certificates in strict accordance with the requirements of the Czech regulator for obtaining a financial license.

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