Czech Republic corporate banking options
In Czech Republic, our Clients will be required to open a corporate bank account and deposit the initial share capital. Only after this step has been completed, Healy Consultants PLC will legally register our Clients’ company. For detailed information, please refer to the points below.
Czech Republic banking sector
- The Czech Republic banking sector is made up of several local commercial and saving banks; larger regional and international banks. Please refer to the Central Bank website, which directs you to a complete list of banks operating in the Czech Republic;
- The Czech banking scene is dominated by foreign banks, which hold approximately 85% of all banking assets in the country. Some of the more internationally recognized foreign banks include Citi bank, HSBC and Deutsche Bank;
- Healy Consultants PLC’s banking team will assist our Clients setup their corporate bank accounts with one of the major international banks, which offer quality customer service and internet banking services. Alternatively, our Clients may choose a local Czech bank like Ceska Sporitelna and Komerční banka;
- After bank account opening, our Clients may choose to avail one or more of the multiple corporate and personal banking products like debit and credit cards; trade and credit finance; wealth management services etc. Generally, banking products in Czech Republic are of a good standard.
Healy Consultants PLC’s services
- In Czech Republic, our Clients are required to a capital account initially. For this purpose, our Clients will provide the following document: i) passport copies and proofs of addresses of proposed directors and shareholders ii) a detailed business plan iii) details of proposed bank account signatories iv) signed board resolution v) ownership structure and vi) signed FATCA and CRS forms;
- Once the capital account is opened, our Clients will deposit the initial share capital and provide Healy Consultants PLC a certificate of deposit. After the company setup process is complete, Healy Consultants PLC will request the bank to convert the capital account into a permanent corporate bank account. Our fee for opening 1 corporate bank account is US$3,950;
- In Czech Republic, our Clients may open multi-currency denominated bank accounts, which accept all major foreign currencies like US$ and Euro. Therefore, Healy Consultants PLC recommends Clients to open 2 bank accounts – one denominated in USD/Euro and the other one in Czech Koruna;
- Our banking team will also negotiate with the Czech bank officers to prevent our Clients from to travelling to the bank branch for an account opening interview. However, there is still a 20% probability the bank officer may request to speak with the Client either in person, or through skype/phone;
- Once the bank’s Legal and Compliance Department has approved the corporate bank account opening application, the account numbers will be emailed directly and independently to our Client.
Foreign Exchange Controls
- Czech Republic imposes no foreign exchange controls; the exchange rate is decided in the forex markets. As a result, our Clients will be able to freely convert Koruna into foreign currencies like US$ and Euro;
- Since there are no forex controls, our Clients may freely to transfer their profits out of the country, in the form of currency of their choice. However, in some situations, it is important to provide transaction details to the Central Bank;
- Companies are allowed to open foreign currency bank accounts and make payments with those bank accounts after showing proof of balance.