Open a bank account in the Czech Republic

Do you need to open a foreign bank account for your business or personal needs? DoMyTax will help you to choose a credit institution, tariff and will arrange all of your documents. You’ll only have to provide the required package of documents. A company director must be present in person to sign the application at the bank and register his identity documents.

When is it necessary to open an account with a foreign bank?

An appeal to foreign credit organizations may be required in the following cases:

• When business needs to be conducted abroad;
• When planning a long-term residency or when moving to a permanent residence in the Czech Republic;
• When acquiring real estate abroad;
• in order to conduct transactions to ensure the maintenance of your property abroad;
• For the protection of assets. All Czech bank accounts are insured by law for up to 100,000 EUR;
• When preserving money in a stable organization;
• In acknowledgement of the fact that the local banking system has never experienced any major shocks and has always demonstrated crisis resilience;
• When exploring the intention to take out a future loan from a foreign bank.
• In acknowledgement of the low interest rates and the loyal attitude towards borrowers and entrepreneurs seeking funds to open or develop a business.

What do you need to open an account with a Czech bank?

The exact list of documents required depends on the rules of each individual credit institution. As a general rule, an individual will need an identity card and a proof of registration at their place of residence in the Czech Republic. For individuals with permanent residency, it's sufficient to show a passport. Individuals with a residence permit may be asked for a work contract, registration of an individual entrepreneurship or an apartment rental agreement. The legal entity must provide constituent documents as well as a copy of the director's passport. Papers drawn up in English must be submitted with a translation. The apostille of documents will depend on the state in which the documents were issued. We provide this information on an individual basis. In addition, you need to fill out a bank application form. The credit institution will require additional documents (contracts with Czech partners, an office or warehouse lease agreement, if there are employees, and also work contracts.

Advantages of opening your Czech account with DoMyTax

This procedure can be difficult for an unprepared individual. Which bank should you choose? How should you go about analyzing the proposed terms of cooperation? Which documents must be available so that the process of opening a business or personal bank account doesn’t last months?

Specialists from DoMyTax will provide you with a detailed answer to these questions and more. After a consultation with us, the procedure of creating an account with a Czech bank will become clear as day. We will also help you:

• To determine the most convenient credit institution, based on your goals;
• To understand the terms of our service and the collection of commissions;
• To properly prepare a package of all necessary documents;
• To check the contract with the bank before signing.

Get preliminary advice on opening bank accounts for your business or for personal use in the Czech Republic – use the special form on our website or call us on +420 228 229 092.