Business bank account in Czechia for foreigners: why you open it in person

Every entrepreneur in Czechia needs a business account — the registered seat and the tax office expect one, and without it a company cannot really function. For a foreigner and a company with a foreign owner, opening one is a little more demanding than for a domestic entrepreneur, but by no means impossible. The key is to know in advance what the bank wants and why.

Right away, the most common question: can the account be opened remotely? For foreigners, usually not — and below we explain why, what to prepare and how to speed the whole process up.

Why an in-person visit is required

Banks require in-person identification at a branch from foreigners — from EU citizens and applicants from third countries alike. The reason is the rules against money laundering (AML) and know your customer (KYC), for which the bank must reliably verify the identity of the managing director (the statutory body) and the company's beneficial owners.

Opening an account online is limited for foreigners. Some banks allow an account to be opened online for a sole trader or a single-member s.r.o., but usually only for domestic clients; for a company with a foreign owner an in-person visit almost always follows. Count, therefore, on at least one trip to a branch being necessary.

What documents the bank wants

The scope varies by bank, but the core tends to be the same:

• an extract from the commercial register or a document proving the company's formation, IČO and tax number (DIČ),
• identity documents of the managing director (for a third country usually a passport and proof of residence),
• details of the company's beneficial owners,
• proof of the scope of business,
• the purpose of the account and information on the source of funds.

For foreign documents the bank usually requires an official translation into Czech, and possibly higher authentication. It pays to prepare the documents all at once and in advance — incomplete documentation is the most common cause of delays.

AML checks and time

For a company with a foreign owner the bank carries out extended checks — it takes an interest in the origin of funds, the ownership structure and the company's activity itself. What used to be a matter of a single meeting can therefore stretch into a weeks-long round of questions and forms. In justified cases, especially for applicants from risky or sanctioned countries, the bank may even refuse the account.

It is not harassment, but the bank's statutory duty. The best defence against delays is transparency and preparedness — the more clearly you document who stands behind the company and where the money comes from, the more smoothly the check proceeds.

How assistance can help

This is exactly why, for foreigners, assistance from a lawyer or a corporate-services firm proves its worth. It helps prepare and translate documents, arrange an appointment at the branch and guide you through the whole process, including communication with the bank. One thing, however, assistance cannot replace — the in-person identification of the managing director; a power of attorney does not relieve the bank of its duty to identify the statutory body in person.

The account is also tied to the company's formation itself: for cash contributions over CZK 20,000 the account is opened at the founding stage in the name of the administrator of the contribution, and after the company comes into existence it is transferred to it. The procedure and costs of formation are covered in the article how to set up an s.r.o. in Czechia.

Conclusion

Yes, a foreigner can open a business account in Czechia too — but in person and with a thorough AML check that can take weeks. Good preparation of the documents and assistance from a lawyer or corporate-services firm will speed the whole process up considerably. What to arrange before setting up the company is summarised in the article doing business in Czechia as a foreigner, and the specifics of formation by a foreigner in the article setting up a Czech s.r.o. as a foreigner.

Frequently asked questions