Small scale Electronic Money Institution - SEMI licenses in the Czech Republic

SMALL SCALE ELECTRONIC MONEY INSTITUTIONS (SEMI)

Registration and obtaining a Small scale Electronic Money Institution - SEMI licenses in the Czech Republic

SMALL SCALE ELECTRONIC MONEY INSTITUTION (SEMI)

The European license the Small-scale electronic money institution or the Small-scale electronic money issuers' licence is one of the best solutions for companies that are planning to run an international full-service payment service.

Those companies that, on the one hand, want to provide a full service for the provision of payment services, electronic wallets (eWallet), issue electronic money, issue payment cards, etc., but on the other hand do not yet have the financial ability to obtain a full license "Electronic Money Institution”, can start with registering a license in the Czech Republic “Small-scale electronic money institution”.

The license “Small-scale electronic money institution” obtained in the Czech Republic is a European license and gives the right to work with clients from all over the world. And your employees can be where you decide.

We provide a complete service for registering a Small-scale electronic money institution license in the Czech Republic.

Below are answers to the main questions on registration and licensing process of “Small-scale electronic money institution” in the Czech Republic.

This is the 1st item
This is the 2nd item

FAQ

“Small-scale electronic money institution” – what is it?
What services can be provided by small-scale electronic money issuers?
What are the special conditions for obtaining a license of the Small-scale electronic money institution in the Czech Republic?
What documents must be provided by the founders?
List of services that are included in the package of our services for small-scale electronic money issuer registration.
Payment Procedure
Price and terms of obtaining a license.
Our contacts

Questions? Contact us

FREQUENTLY ASKED QUESTIONS

“Small-scale electronic money institution” – what is it?

Questions? Contact us

A company registered as a Small-Scale Electronic Money Institution is entitled to provide a full range of services, as well as the Electronic Money Institution (EMI), which is the most complete license of all types of payment system licenses, but with the limitations specified above. The Small-scale electronic money issuers license has 3 main limitations:

The issuer has the right to issue electronic money, provided that the average amount of electronic money issued by it in circulation over the past 6 months does not exceed the amount corresponding to 5,000,000 euros.
The Issuer has the right to provide other payment services not related to electronic money. But the maximum average monthly volume of these payment services should not exceed 3,000,000 euros for the last 12 months. Those. must not exceed 36 million euros for 12 months.
Can provide services only in the Czech Republic. However, this does not prohibit customers from all over the world. And company employees can work remotely.

Questions? Contact us

What services can be provided by small-scale electronic money issuer?

Questions? Contact us

Small-scale electronic money issuers can provide a full range of services, like the Electronic Money Institution (EMI), namely:

issue electronic money
provide payment services related to electronic money,
provide payment services that are not related to electronic money,
carry out activities related to the activities mentioned in the previous three paragraphs, including the provision of loans,
manage the payment system.

In other words, you can say that by registering a Small-Scale Electronic Money Institution you will in fact become a mini-bank, but without the right to provide bank lending services and with restrictions on the volume of services rendered.

Questions? Contact us

What are the special conditions for obtaining a license of the Small-scale electronic money institution in the Czech Republic?

Questions? Contact us

The business plan provided by the customer is an integral part of the set of documents that are submitted to the Czech National Bank (CNB). By and large, the success or non-success of licensing application depends on the business plan.
The CNB focuses with particular attention on firms whose founders and directors are persons from CIS countries. And in this case, the degree of elaboration of the business plan becomes even more significant.
It is necessary to take into account that the license of a Small-scale electronic money issuers implies the conduct of activities in the Czech Republic. Therefore, the business plan should mainly be focused on attracting customers from the Czech Republic. Of course it does not limit in attracting customers from other countries.
For our part, to facilitate the preparation of a business plan by our clients, we have prepared business plan and financial plan templates, which we transfer to clients after signing an agreement with us. Also, after the transfer of the business plan and financial plan to us, we will make a thorough analysis and give specific recommendations for finalizing the plans based on our experience with the CNB on this issue.
We offer our services in creating a business plan and a financial plan, but this service is not part of this price offer and is negotiated separately.
The cost of translating a business plan and a financial plan into Czech is not included in the cost of our services and is paid separately, since at this stage we do not know the volume of these documents.

Questions? Contact us

What documents must be provided by the founders?

Questions? Contact us

Passport.
Address Verification. For example, a utility bill. - Requires a certified translation.
Certified copy of birth certificate.
Extract from the penalty registrar from the country of citizenship.
Police Clearance from the Czech Republic - we do.
Proof of the origin of the funds to be contributed as a share capital. It may just be an income certificate.

Questions? Contact us

List of services that are included in the package of our services for small-scale electronic money issuer registration.

Questions? Contact us

company registration,
preparation of statutory documents and regulations in accordance with Czech legislation and bank requirements,
full support of the translator in the process of licensing,
full legal service during the process of licensing,
filling all documents and applications for licensing application,
representation of the company on the basis of a power of attorney in the Czech National Bank (all communication in the process of licensing),
providing templates for preparing a business plan and financial plan,
adjustment of the business plan and financial plan provided by the customer.

The list of services for registration of the payment system does NOT include the following:

- Development of documentation for customers of the payment system.

- Development of a business plan and development of a financial plan.

- Opening accounts in the acquiring banks of the system with which the system will work.

- Opening an office.

We provide these services, but we stipulate their volume and price separately.

Questions? Contact us

Payment procedure for our services

Questions? Contact us

Payment of our services for registration of a Small-scale electronic money issuer (SEMI) is made in 3 stages (1/3 + 1/3 + 1/3):

1/3 is paid as a prepayment. From practice, we know that the only thing the CNB can find fault with is the business plan, since the law does not specify the requirements for it. Therefore, at the first stage, we are very scrupulous about the preparation of a business plan. Also at this stage we register a company and prepare all documents for submission to the Czech National Bank.
1/3 is paid after all the documents are ready and before submitting them to the CNB. At this stage, the dense work with the CNB on licensing application begins.
1/3 after obtaining license.

Questions? Contact us