Here are some frequently asked questions (FAQs) related to sole Opening of bank account

1. The name of the banks you cooperate with

We do not have specific and can cooperate with all banks on the Czech market. Particular bank choice depends on your client, more precisely for what purposes the account shall serve, what needs has your client such as API connection to third party applications etc.

2. Your fees for corporate and personal account opening and what is included in the price?

Will be answered later once we find out particular services that we shall provide. Shall we provide just bank account formation or anything else?

3. Can you assist with translation of corporate and personal documentation in Czech for further provision of these documents to the bank?

Certainly we will deliver all necessary translations. These services are invoices with no margin for us with the original invoice from translator as a supplement.

4. What is your procedure? We will provide you with certified copies of personal documentation in English + apostilled standard sets of corporate documents via email for initial pre-approval and then we post the hard copies by mail.

Yes exactly. The original copies certified by notary with apostille (if from jurisdiction where it is needed) will be further translated to Czech. Just after that the procedure in bank can begin.

For individual accounts personal identification will be needed, such as passport and then criminal records extract not older than 3 months. For corporate accounts business register extract not older than 3 months will be needed.
Further the bank will in most cases inspect what for shall the account serve. As I am not aware what are the purposes of your clients I am not able to advise you at this time.

5. Will the Power of Attorney be issued to your company officers or to a third party individual? How this POA should be certified? Can we avoid client’s personal presence to Czech Republic and signing the POA by the notary public or Apostilled? Will the bank accept certification by the notary in my country?

The PoA shall be directly on our company officers, mostly my person. No third party will be involved. POA must be certified by notary with apostille, just as the rest of documents. No need of client´s presence regarding signing the PoA. For countries that are member of Haag convention, certified translations of PoA including Apostille are sufficient

6. How long usually the procedure of account opening can take?

From the delivery of original documents from you I expect within 2 weeks including the translation.

7. Shall we sign any cooperation agreement?

There is no need to sign any agreement from our point of view. Until the relationship settles down, we would likely kindly ask for an advance payment from you or your client in order to be certain that it is a serious business.
Generally, the main issue is not bank account formation and opening it, but the future management of the bank account. In other words, who shall have the right to act on behalf (sign) and how the particular person would obtain the right from bank. This is closely related to necessity of personal attendance of your client in Czech at some time. Signature rights will be given by bank just to the particular person that must conclude set of agreements with the bank. Her personal attendance is necessary.

When opening bank account, corporate clients must prove the activities for opening bank account. Usually, it is sufficient to provide the bank with Certified Bank register extract with Apostille (further translated to Czech) or with some other license. The pre-authorization in the bank could we do for you, once we have the particular case and we are provided with the documents. Further we are able to manage all materials and arrange the meeting for personal visit of your client.

The only thing we are not able to tell you at the moment is whether all offshore jurisdictions are entitled to open bank account in Czech Republic because this depends on
- Legislation in EU
- House rules of bank (recently I had problem to open bank account for Iranian mother company)

So the process would look as following
a) We get the scan of the client’s documents per mail and instruction which bank he either wants or does not want by no means
b) We would pre-approve opening bank account in particular bank and arrange the meeting
c) Meanwhile I get the originals per post, let them translate into Czech
d) Meet your client and assist him in the bank

From Our Blog ›
European VAT framework and linkage to EU budget

Have you ever asked yourself: How did VAT arise, Could the EU countries meet the competition by different tax rates, Is the VAT reverse charge system fair to all member countries, How is your country profiting from EU VAT concept and other similar questions connected to value added tax? If you want to know the answers, read on. As everyone knows, VAT belongs to indirect taxes. Indirect because it is imposed on consumption, no matter what goods or services (with exceptions naturally) you purchas... Read more

New Blog start up

With refreshing our website we are also starting up new blog. We would like to present you usefull actual information not just for your business. At the same time we hope that this blog will prove you our high professional knowledge and expert abilities in the field of tax, accounting and company consultancy, but also in the field of macroeconomics, financial markets, etc. In case of any questions or reactins to our articles, please do not hesitate to contact us by contact form or directly by e... Read more