Opening a bank account in the Czech Republic

The desire to open a bank account abroad arises from domestic entrepreneurs for several reasons. Opening a bank account in the Czech Republic can be justified by the following factors:

• The desire to go international with minimal capital and time, bypassing the bureaucratic obstacles that exist in domestic legislation.
• Get access to an expanded list of financial services that banks in our country do not provide (or their quality level is inferior to foreign counterparts).
• The desire to provide capital or deposits as much as possible protection from all sorts of risks (loss of the cost of capital when converting to another currency, depreciation during currency fluctuations, protection from default, protection from third party offenses – criminals, or various organizations).
• Search for the most profitable offer on interest rates on deposits that are not offered in domestic banks, etc.

Today, the most popular destinations for domestic entrepreneurs and individuals in opening bank accounts are offshore zones and EU countries. The option of opening an account in a European bank brings to the owner of capital not less advantages in comparison with an account in offshore banks, without causing any problems with the law in the country of permanent residence.

Banks of the Czech Republic today provide clients (both from the local population and non-residents) with a full range of financial services necessary for effective business and payments of all types. Opening a bank account in the Czech Republic is a profitable contribution to the further development of business and capital security.

The advantages of registering a bank account in the Czech Republic

• Availability of financial institutions with different banking policies. There are banks operating in the Czech Republic in order to register accounts in which the client is not obliged to provide a description of his activities, or letters of recommendation from financial institutions in his country of residence, whose services he used previously, etc. due to the diversity of banking policy, a non-resident has the opportunity to choose the institution most suitable for his needs.
• Russian speaking staff. The presence of staff fluent in Russian greatly facilitates the negotiation process (but this is not characteristic of all banks).
• Timing of account registration. In most cases, this operation takes about 7-14 days.
• Quality of service. For this indicator, banks in the Czech Republic comply with international standards. Customer requests are processed promptly.
• Providing clients with a full package of financial services. By registering an account with local financial institutions, a non-resident gets the opportunity to perform any necessary financial transactions. Thanks to the Czech Republic’s membership in the European Union, a client with an account in a local bank has the ability to carry out financial operations throughout the EU without overpayments for commissions, bureaucratic delays and other similar procedures.
• Protection of confidential information. The banking sector of the Czech Republic is represented by institutions that provide confidential information about the client, the state of his accounts with the maximum degree of secrecy. Thanks to this, access to information by third parties and foreign agencies without judicial decisions is closed.
• Simplified registration of bank accounts. A large number of Czech banks do not require reference letters from potential clients from banks, business partners, credit history and other information of this kind. To open an account is enough to provide a small package of certain papers.

List of papers required by Czech banks for registering accounts

When opening an account for a non-resident, representatives of financial institutions of the Czech Republic require the applicant to submit the following documents:

• Passport to verify identity. For this purpose, you can use a passport, birth certificate, driver’s license, etc.
• Proof of domicile address. A certificate of payment for utility services issued in the name of the applicant (beneficiary) will do.

Since Czech banks do not provide remote account registration services, a client must personally visit a branch of a selected financial institution to undergo this procedure. It is also important to remember that banks accept documents and statements drawn up exclusively in Czech, so that the client may require translation services.

Lawyers of our company will provide clients with full support, provide translation services, prepare the necessary documents and take on the negotiation process with representatives of the bank. For more advice, contact us at the contacts listed on the site.