SPI license in the Czech Republic

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Shemshur Valeriia

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SPI license in the Czech Republic

  1. Advantages of the Czech license of a small payment institution
  2. Requirements for obtaining a license of a small payment institution in the Czech Republic
  3. Documents for obtaining an SPI license

The Czech Republic has become a key player in Europe for receiving small payment systems (SPIs).

The Czech National Bank (CNB) offers licenses for payment systems and electronic money, allowing companies to operate across Europe and reach a wider customer base.

Advantages of the Czech license of a small payment institution

A Small Payment Institution (SPI) license in the Czech Republic gives your company access to a range of financial services, including:

  • Account management: it is possible to open and manage electronic money/payment accounts for both legal entities and individuals. These accounts may even have an IBAN number, making international transactions easier.
  • Payment processing: the ability to make money transfers, including money transfers that do not require opening an account.
  • Accepting payments from customers in various ways, for example, by cards, bank transfers, and even SWIFT payments.
  • Provision of Internet acquiring services, which allows businesses to accept online payments.
  • Financial products: the ability to issue prepaid debit cards to their customers.
  • Currency exchange
  • In addition, a company with an SPI license can serve e-wallets and conduct mobile payments.

Requirements for obtaining a license of a small payment institution in the Czech Republic

Although some rules may differ between European countries, the Payment Services Directive sets common standards for applicants.

Here is a breakdown of the key requirements for Czech SPI licenses:

  • Transaction limits: There is an average monthly transaction limit for SPI. Exceeding this limit means moving to another license category (API) with higher capital requirements.
  • Service restrictions: SPIs cannot offer payment initiation or billing information services.
  • Management team: Directors and managers must not have criminal convictions related to finance.
  • Anti-Money Laundering (AML) Compliance: A robust anti-money laundering policy that complies with anti-money laundering, anti-terrorist financing and anti-money laundering regulations is mandatory.
  • Local presence: The company office must be registered in the Czech Republic (the country issuing the license).
  • Management experience: Applicants must demonstrate relevant skills and experience to effectively manage a business. Each director must have a financial or economic education or work experience in a related field.
  • Political independence.

Documents for obtaining an SPI license

Obtaining a Czech SPI license requires careful preparation of documents.

Here is a list of key documents:

  • Information about the company: extract from the trade register; documents describing your organizational structure, including detailed information about bank accounts, processing centers, settlement banks, and payment services.
  • The payment instruments you plan to use for money transfers
  • Management qualifications: evidence of the absence of criminal records of the directors and managers of the company; documentation demonstrating their relevant skills and knowledge to effectively manage the business.
  • Compliance: A robust Anti-Money Laundering (AML) policy that complies with anti-money laundering, anti-terrorist financing and anti-money laundering regulations.
  • Confirmation that your company’s office is registered in the Czech Republic
  • Confirmation that at least one resident of the Czech Republic is included in the management.

We are ready to advise you on any issues related to SPI in the Czech Republic. We can also help you find a ready-made company with an SPI license in the Czech Republic, if you do not want to waste time on administrative issues and collecting the necessary documentation.

You get a completely ready-to-use structure that will start generating income from the first days of operation.

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Do you have a registered business entity in Czech Republic?

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Have you decided on the list of payment services for SPI?

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3 question

Have you already tried to obtain an SPI license?

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Lawyer, specialist in corporate law practice, specializes in legal support for businesses in the EU, UAE, USA, opening bank accounts, obtaining licenses.

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