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The general requirements for opening an account in the Czech Republic for individuals are as follows:
- A valid passport or another identity document.
- A valid residence permit in the Czech Republic (for foreigners).
- Initial deposit into the account (usually ranging from 100 to 1000 CZK).
- A contact postal address in the Czech Republic.
- Company articles of association or other founding document.
- Extract from the commercial register.
- Certificate of the company’s registration address.
- Certificate of the director’s residence registration.
For registering an account for business activities, additional documents are needed:
However, these are not all the rules for opening an account for any activity. Certain types of businesses may face more complex requirements from banks.
Specifically, some banks may demand entrepreneurs and companies to provide documents confirming the legality and profitability of the business. There might also be minimum requirements for turnover or the company’s capital.
- Financial services.
- Marketing services.
- Dealing with cryptocurrencies.
- International export.
- Activities in high-risk sectors or involving large amounts of cash.
- Those prohibited by Czech laws.
Types of activities that could face difficulty or impossibility in opening an account in the Czech Republic include:
Non-residents from countries that are members of the European Union have simpler conditions for opening an account in Czech banks compared to non-residents from other countries. For instance, EU residents don’t need to provide a document confirming residence in the Czech Republic.
To successfully open an account for any business activity in the Czech Republic:
- Prepare all necessary documents in advance.
- Choose a bank that offers services meeting your needs.
- Be prepared to answer the bank representative’s questions about your business.
