Open a Bank Account for Business in the Czech Republic
Our team specializes in providing comprehensive services to help you open a business bank account in the Czech Republic. We offer complete turnkey solutions, ensuring that our clients have all the resources necessary for successful business operations.
Our services include selecting the bank or payment service provider that best suits your needs, as well as preparing all required documentation to open and manage your company bank account. Our experts guarantee professional support at every stage of your business activities.
With our partnerships with leading banks and payment service providers, we ensure a swift and efficient process to open a corporate bank account in the Czech Republic, adhering to the highest standards of security and reliability. We aim to establish long-term and productive partnership relationships with each client, providing solutions that not only meet current needs but are also tailored to future business requirements. Whether you need a bank account for business in the Czech Republic or any other specific banking solutions, we are here to help.
Corporate Bank Account
Opening a business bank account is one of the initial and most crucial steps in establishing any business. This process can be complex due to various requirements and barriers set by financial institutions. Strict regulatory norms, increased risks of fraud, and the necessity to adhere to compliance policies make the task of opening a bank account for business in the Czech Republic more challenging. Banks pay significant attention to the verification of the business and its legitimacy to meet anti-money laundering legislation and other regulatory requirements.
As a result, opening a corporate bank account in the Czech Republic can become a lengthy process filled with obstacles and uncertainties. The complexity of opening a company bank account depends on factors such as the jurisdiction of the company, the specific characteristics of the organization, and its beneficial owners. Our team specializes in navigating these complexities, conducting a thorough analysis of your company, exploring account opening possibilities, and developing a tailored action plan to streamline the process.
Additionally, for businesses in the cryptocurrency sector, we provide expert assistance to open a bank account for crypto business in the Czech Republic, ensuring compliance with local regulations and facilitating secure transactions.
Benefits of Opening a Business Bank Account with AMS Europe
Expert Consulting
AMS Europe provides qualified consultations on selecting the optimal bank or payment service provider for your business.
Flexibility and Personalized Approach
AMS Europe offers solutions tailored to the specific needs of your business, regardless of its size and industry.
Efficient Account Opening Process
We accelerate the account opening process through established connections with banks and payment service providers.
Comprehensive Solutions
Beyond assisting with account opening, we offer a wide range of additional services for comprehensive support of your business.
High Level of Security and Reliability
AMS Europe works only with verified banks and payment service providers, ensuring the security of your funds and data.
International Support
We specialize in facilitating the opening of business accounts for European companies.
Product Plan
Standard
-
Analyzing client needs and selecting a financial institution or payment service provider that meets the client's requirements.
-
Providing consultation regarding the terms, rates, and fees.
-
Gathering, organizing, and verifying all necessary documents, filling out KYC forms and other related forms.
-
Submitting an application to open bank account for company or registering in a payment service provider on behalf of the client.
-
Managing all communications throughout the entire account opening process.
-
Monitoring the status of the application and promptly responding to any emerging questions.
Our Additional Services
-
Company incorporation in the Czech Republic and registration of company branches and crypto companies
-
Winding up the limited liability company, voluntary associations, cooperatives
-
Accounting services
-
AML services
-
Consulting services
-
Audits
-
Tax consulting and tax planning
-
Legal addresses and physical offices for companies
-
Drafting and negotiating of articles of incorporation, shareholders' agreements, commercial contracts, employment contracts
-
Registration of statutory changes
-
Assistance with business licence applications
Types of Companies We Work With
At AMS Europe, we provide assistance in opening business accounts for a diverse range of industries and business types. The key sectors we serve include:
-
Startups and small businesses
-
Medium and large enterprises
-
E-commerce
-
Technology firms
-
Manufacturing
-
Real estate
-
Non-profit organizations
-
Cryptocurrency and blockchain
-
Forex
-
Gambling
Our extensive experience allows us to serve a variety of business sectors, ensuring precision and compliance with all requirements for each of our clients.
How to Choose the Right Bank for Your Business Account in the Czech Republic
To make an informed decision, it's essential to thoroughly research the banking market and gather detailed information about the banks you are considering:
-
Does the bank work with non-residents, both companies and individuals?
-
In what currencies does the bank conduct transactions? This is particularly important for businesses dealing with international payments.
-
What types of clients does the bank serve? Consider factors such as the company's field of activity, types and directions of payments, and the identity and status of beneficiaries.
-
The bank's financial stability and reputation.
-
Conditions for opening and maintaining an account (requirements for a minimum balance, necessary documents, etc.).
-
Customer service conditions, such as the level of commissions and rates for banking services.
-
Speed and efficiency of transaction processing, including options like EUR SEPA, EUR SEPA INSTANT, GBP Faster payments, etc.
Documents Required to Open a Czech Business Bank Account
The list of documents required to open a business bank account in the Czech Republic can vary depending on the bank, the company’s jurisdiction, the nature of the business, and the specifics of the legal entities, board of directors, and founders. Some banks may also require a minimum deposit. To ensure you meet all the requirements, we provide detailed information after an initial assessment of your portfolio, as document needs can differ in specific cases.
The basic set of required documents includes:
-
International passport of the company's directors
-
International passport of the beneficiaries (founders of the legal entity)
-
Translated corporate founding documents (apostilled if necessary)
-
Translated extract from the trade register or tax registry (with an apostille, if required by the norms of the relevant international treaty).
Additionally, it is necessary to complete the bank's KYC form. The bank may also request supplementary documents, such as contracts with partners, office or warehouse lease agreements, employment contracts, and other relevant documents. To avoid delays in opening a business bank account, it is crucial to gather a complete set of documents before undergoing the KYC process.
For those looking to open a company bank account in the Czech Republic, it's essential to be aware that some clients have experienced delays of up to six months when attempting to open an account independently. Common causes of delays include submitting an incomplete set of documents, providing documents that were not translated or apostilled, or choosing banks that did not offer the required services. If you are interested in a bank account for crypto business in the Czech Republic, ensure that you also check for specific documentation and requirements related to cryptocurrency transactions.
Potential Issues a Company May Face When Trying to Open a Bank Account for Company in the Czech Republic
Opening a business bank account in the Czech Republic can present several challenges, especially for companies navigating the complexities of the local banking system. Here are some potential issues you may encounter:
-
Physical Presence: Banks prefer to work with companies that maintain a substantial presence in the country, including offices, employees, assets, and local tax contributions.
-
Business Transparency: Financial institutions require clear disclosure of capital origins, cash flow movements, and beneficiary identities. Ensuring transparency helps in validating that all financial transactions are legitimate, sources of funds are legal, and the company’s owners and controllers do not pose a high risk.
-
Dealing with Offshore and Shell Companies: Banks are cautious not only about companies registered in offshore zones but also about so-called shell companies that do not engage in any real economic activity.
-
Risk of Startups for Banks: Opening a start-up business account for a new company without a proven track record of success and reliable counterparties can be problematic. Such companies are often viewed by banks as high-risk, similar to cryptocurrencies, gambling businesses, and unlicensed forex operations.
-
International Business Activities of the Company: Legal entities engaged solely in international business activities outside the Czech Republic, or even outside the EU, may face difficulties justifying the need for a business bank account in the Czech Republic.
-
Foreign Influence in the Company: A bank may refuse to open a business account if the founders or beneficiaries of the company are not citizens of the country or do not have permanent or temporary residency status.
-
Sanction Lists: A bank may refuse to open a corporate account if any of the beneficiaries, counterparties, or founders are under sanctions or are citizens of a sanctioned country.
-
High-Risk Business: High-risk businesses are associated with a higher likelihood of financial, regulatory, and operational problems. These companies often face difficulties when interacting with financial institutions due to high levels of fraud, stringent regulatory requirements, market instability, and reputational risks.
Our company’s lawyers will help you assess the likelihood of opening a corporate account, minimize risks, and save time.
The process of opening business bank account in traditional banks in Czech Republic can be complex and costly due to strict customer requirements, high levels of regulation, and intricate verification procedures. However, a simpler and more convenient option exists - international payment service providers. Accounts with these providers offer fast, convenient, and secure non-cash payments globally. These accounts can be registered from any location worldwide, providing greater flexibility and ease of access.
A payment service provider represents a technological internet platform for financial transactions, allowing users to transfer funds. Using such systems, companies can accept payments from clients around the world, receiving unique credentials similar to those provided by banks.
These systems often rely on advanced technologies, such as blockchain and other innovative payment solutions, ensuring a high degree of security and reliability. Their operation is based on the use of cryptography, which guarantees maximum protection and confidentiality of all transactions. Payment service providers operate in real-time, offering instant access to funds in the account and making international transactions exceptionally convenient.
The user interfaces of these services are intuitively understandable and are functionally comparable to internet banking, ensuring ease of use and operational efficiency. For businesses needing to operate in multiple currencies, a multi-currency business account provides the versatility and control required to manage international transactions effectively.
Who Are Payment Service Providers Suitable For
-
Small and Medium Businesses:
-
Companies that make international payments and want to reduce banking commission costs.
-
Businesses operating in e-commerce and accepting payments from customers worldwide.
-
-
Freelancers and Remote Workers:
-
Professionals working with overseas clients and receiving payments from different countries.
-
Freelancers who frequently change their place of residence and need flexibility in managing their finances.
-
-
Startups and Innovative Companies:
-
Enterprises looking to optimize financial operations and using new technologies such as blockchain.
-
Companies that wish to integrate their financial processes with digital platforms for simplified fund management.
-
-
Individuals:
-
People who frequently make international transfers and want to avoid high banking fees.
-
Users who want instant access to their funds and the ability to make real-time payments.
-
-
Non-Profit Organizations and Charitable Funds:
-
Organizations that receive donations from different countries and need a convenient system for managing these funds.
-
Funds that often work with international partners and donors and want to simplify the process of receiving and sending money.
-
-
IT Companies and Service Providers:
-
Companies providing digital services and software that need to quickly and securely conduct financial transactions.
-
Providers working with clients from various countries and wanting to offer convenient and fast payment methods.
-
-
Businesses for Which Opening a Bank Account is Difficult or Nearly Impossible:
-
Companies engaged in high-risk activities that find it challenging to meet the strict requirements of banks.
-
Businesses in the fields of cryptocurrencies, blockchain technologies, or financial technologies that often face rejections when opening bank accounts.
-
Opening an account with a payment service provider allows for quickly starting operations in a new country while the process of setting up a traditional bank account is underway. This solution not only speeds up the business launch but also serves as an additional channel for risk diversification, ensuring flexibility and security in financial operations.
Bank Account vs. Payment Service Provider. Which Should You Choose?
When starting or expanding your business in the Czech Republic, one of the key decisions you'll face is whether to open a business bank account in the Czech Republic or work with a payment service provider. The choice largely depends on the type of business you operate, its scale, and your operational needs. Here, we’ll outline the advantages of each to help you make the right decision for your company.
Advantages of a Bank Account:
-
Reliability and Stability: Corporate bank accounts in the Czech Republic are offered by reputable banking institutions, ensuring a high level of security for your business funds.
-
Funds Guarantee: All company bank accounts in the Czech Republic are insured by government agencies up to a certain amount, ensuring your funds are protected under the EU financial market guarantee system.
-
Wide Range of Financial Services: Banks provide not only storage of funds but also loans, investment products, advisory services, and much more.
-
International Recognition: A bank account for business in the Czech Republic is recognized worldwide, simplifying international trade, investment, and payment processes.
-
Possibility of Physical Meeting with a Bank Representative
Advantages of a Payment Service Provider:
-
Flexibility and Speed of Transactions: Payment service providers offer faster, more flexible transaction processing, especially beneficial for online businesses and those dealing with frequent cross-border transactions.
-
Lower Fees: Many payment service providers offer lower transaction fees compared to traditional banks.
-
Ease of Opening an Account: This is particularly relevant for start-up entrepreneurs and small businesses, as payment service providers often require less documentation.
-
More Lenient Infrastructure Requirements: Unlike traditional banks, payment service providers do not require a physical office or staff in the Czech Republic, making them ideal for virtual or remote-based companies.
-
Opening Accounts for Offshore Companies: Many payment service providers specialize in serving offshore companies and crypto businesses in the Czech Republic, offering tax advantages and greater confidentiality.
-
Real-time Transparency: Payment providers offer real-time transaction tracking, allowing you to easily monitor all financial operations through advanced digital platforms.
-
Security: Payment service providers actively use advanced encryption and data protection technologies, including cryptography and blockchain technologies. Transactions are encrypted and authenticated, ensuring their reliability and protection against fraud.
-
Accessibility for All: Payment service providers are generally accessible to entrepreneurs from all over the world, without restricting them by geography or citizenship.
-
Multi-currency Support: Payment service providers allow maintaining multi-currency business account simplifying international operations and helping to avoid conversion losses.
-
Integration with Business Solutions: Many payment service provider provide APIs and other tools for integration, allowing entrepreneurs to embed payment functions directly into their products and services.
Opening a Business Bank Account for High-Risk Industries in the Czech Republic
In the world of finance, certain industries are classified as "high-risk" due to factors such as increased susceptibility to fraud, high chargeback rates, and strict regulatory oversight. Businesses in these sectors often face difficulties opening a business bank account in the Czech Republic, as traditional banks may hesitate to work with them. Despite their high profitability and rapid capital turnover, companies in high-risk industries must navigate significant fluctuations caused by external economic changes, political decisions, and legislative updates.
Examples of High-Risk Industries:
-
Gambling and Betting: Subject to high regulatory requirements and legal restrictions across multiple jurisdictions.
-
Forex (foreign exchange trading): Characterized by high volatility and complex regulations.
-
Cryptocurrencies: Known for their sharp price fluctuations and regulatory uncertainty.
-
Adult Entertainment: Faces significant regulatory and reputational risks.
-
Pharmaceuticals and Nutraceuticals: Prone to high chargeback rates and strict regulations.
-
Tobacco Industry and Alcohol Sales: Confront advertising restrictions, high taxes, and international sanctions.
Each bank and payment service provider determines its own list of high-risk businesses, so the aforementioned list is not exhaustive and may vary. Depending on risk assessment, organizations in these categories may face difficulties in opening business accounts or accessing financial services.
Opening a company bank account in the Czech Republic can be challenging for high-risk businesses. In these situations, specialized payment service providers that focus on high-risk clients present an attractive alternative. They offer services tailored to the specific needs of these companies, providing more flexible and suitable solutions for account opening and management.
Advantages of Specialized Payment Service Providers for High-Risk Businesses include:
-
Risk Management Flexibility: These providers utilize advanced tools for managing risks, enabling them to work effectively with high-risk sectors and minimize potential financial losses.
-
Simplified Registration Procedures: Unlike traditional banks that require extensive documentation and prolonged verification, specialized payment service providers often offer a simpler and quicker account opening process.
-
Specialized Support: Provide access to experts who understand the intricacies of high-risk industries and can provide relevant advice and support.
-
Global Reach: Many of these providers operate internationally, allowing businesses to easily conduct cross-border transactions and collaborate with clients and partners worldwide.
-
Adaptive Financial Products: They often offer products specifically designed for high-risk industries, including high-risk merchant accounts and specialized credit products.
Opening a Bank Account for Crypto Business in the Czech Republic
In the current economy, cryptocurrencies are experiencing substantial growth and attracting significant global attention. For companies operating in this sector, opening an account is a critical aspect influenced by numerous factors. The ability to open a bank account for crypto business in the Czech Republic is influenced by various regulatory factors, both at the national and international levels.
Banks often refuse to open accounts for crypto companies due to concerns over the transparency of financial operations, potential non-compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, and the perceived risk of fraudulent activities. These factors create a high barrier for crypto companies trying to access traditional banking services.
AML/CFT Requirements
For successful opening and maintaining of a crypto business account, a crypto company must strictly adhere to AML and CFT policies. This includes regular customer checks, monitoring suspicious transactions, and ensuring transparency of all financial operations.
Our company specializes in providing a wide range of services for crypto businesses, including the registration of crypto companies, obtaining the necessary licenses, and opening business bank accounts in the Czech Republic. We also offer accounting and AML services to ensure your business remains compliant with local and international regulations.