Small Payment Institution (sPI)

Requirements
for small Payment Institution (sPI)
in the Czech Republic:

  • Authorized capital: not required by Law on Payment systems
  • Application form for license submission to the Czech National Bank
  • Legal form: both individual entrepreneur or legal entity, which has its legal and administrative office in the Czech Republic 
  • The license presupposes regionality, which is the implementation of activities in the Czech Republic, and the residence/location in the Czech Republic of the key employees. 
  • Turnover limitations: sPI is authorized to provide payment services only if the monthly average of the amounts of payment transactions carried out by it in the Czech Republic, including payment transactions carried out through its authorized representatives, over the last 12 months does not exceed the amount corresponding to EUR 3,000,000. 
  • Business plan with market analysis and very detailed description of intended business
  • Confirmation that the company has an account opened under a special regime for holding client funds (safeguarding account) or memorandum signed by any bank in the EU.
  • Information about the applicant’s organizational structure.
  • Internal regulations on risk – management and compliance in the organisation
  • Information on the collection of statistical data in the area of security and operational risks
  • Description of measures to ensure continuity of business activities
  • Information for assessing the trustworthiness of the applicant and key persons, including the beneficial owners
  • Internal AML regulations and AML risk assessment 
  • Documents on the amount of initial capital and evidence proving the origin of the applicant’s financial resources
  • Other requirements set according to the type of application. 

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