Banking License in the Czech Republic

The Czech Republic is a country with a well-established banking system. It has developed legislation for financial organizations, and the government is open to foreign investors. As a result, there is a high level of interest in registering banks in the country. However, obtaining a banking license in the Czech Republic can be challenging due to the specifics of local legislation. It is essential to be aware of all the intricacies and nuances; otherwise, there is a risk of facing a refusal. Lawtter Solutions assists clients with obtaining a banking license in the Czech Republic on favorable terms.

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Advantages

Advantages of Bank Registration in the Czech Republic

More than 20 banks are registered and operate in the Czech Republic. This country offers several advantages for those willing to run a financial organization here.

These advantages make the Czech Republic one of the most attractive jurisdictions for banks wishing to operate in the EU.

The Czech Republic is an EU country

so you can work on territories of the entire Eurozone without additional bureaucratic procedures.

The Czech Republic's legal framework is well-thought-out

and its banking system is one of the most developed in Europe.

It is possible to open a company with different forms of ownership

For example, an LLC or JSC can own a bank in the Czech Republic.

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Requirements

Requirements for Opening a Bank in the Czech Republic

The Czech Republic’s financial regulator, the National Bank, is responsible for issuing banking licenses. It establishes requirements for statutory capital, a form of ownership, qualifications, etc. Let’s consider the main requirements for Czech banks.

Form of Ownership of the Company

Banks in the Czech Republic can choose one of two organizational and legal forms:

LLC – shareholders are responsible for obligations within the authorized capital. They are not liable for personal assets and property.
JSC – banks can attract external financing through the issue of shares without restrictions.

The optimal form of ownership depends on the bank’s goals and its business plan.

Business Plan

Financial organizations must provide a detailed business plan. It should reflect all the main aspects of work – structure, activity program, list of services, expected period of return to profit, sources of financing, etc.

Authorized Capital

The authorized capital in the Czech Republic must be paid in advance to a special account. The minimum amount is 500,000,000 CZK, which is equivalent to 18,700,000 EUR. However, the financial regulator may require an increase in the amount depending on the degree of risk of the bank’s activity.

Experience and Qualifications

The National Bank of the Czech Republic does not impose residency requirements for shareholders and directors. However, they must provide documents confirming their qualifications and experience in banking.

Documents

Documents for Receiving a License

The procedure of licensing in the Czech Republic requires a package of documents. You must provide data about the company, shareholders, and top managers. Let’s consider the package in more detail:

Registration documents of a legal entity.
A document confirming the uniqueness of the bank’s name.
Personal data of all directors and shareholders.
CVs of shareholders and top managers.
Certificate of no criminal record of each shareholder and director.
Tax declaration (if the shareholder is an individual).
Audited reporting (if the shareholder is a legal entity).
Business plan.

In the Czech Republic, the term for obtaining a license is up to 8 months. During this time, the National Bank checks the data. The regulator may also require additional documents.

Obtaining a License on Favorable Terms With Lawtter Solutions

Lawtter Solutions is here to assist you in obtaining a banking license in the Czech Republic. Our specialists will provide consultations, explaining the steps required to secure the license, the necessary documents, the demands that must be met, and the associated costs. We offer a turnkey service that minimizes time and financial expenditure for our clients.