(Last updated: 3 Mar 2012)

Doing business

Business Culture

Business tips

It is recommended that you conduct regular rounds of face to face meetings, and to maintain frequent telephone, fax and email contact in between visits.

Dress conservatively for official meetings.

Use surnames until you are invited to use first names.

Ask if a meeting can be conducted in English and provide an interpreter if necessary even though English is usually spoken in larger and international companies.

Be sensitive to the fact that the older generation tends to be quite conservative.

Setting up in the Czech Republic

Setting yourself up to do business in the Czech Republic is a complex (but perfectly achievable) undertaking requiring plenty of planning and forward thinking. Obtaining the necessary permits and papers and setting up appropriate entities in the Czech Republic takes time, and people considering doing business in the Czech Republic should allow adequate time to be ready by their desired deadlines. Always check the legal, tax and accountancy regime well in advance, but get regular updates as the law can change frequently.

Austrade is prepared to advise you and search for adequate partner for your business activities. The partner search will depend on whether you are merely planning to export or trade in the Czech Republic or whether you are intending to establish a permanent presence or purchase a business or company there. You will need to find out what permits or licences are required, which may include work/residency permits, trade licences and industry-specific permits relating to financial services regulations or environmental regulations, for example.

Banking and finance

Czech Republic's commercial banking sector indicate that the Czech Republic is home to a fairly large banking sector relative to those in most countries in Central and Eastern Europe.

The key players are: CSOB (owned by KBC of Belgium), Ceska sporitelna (owned by Erste Bank of Austria), Komercni Banka (owned by Societe Generale of France) and Reiffeisen bank.

Electronic banking and credit card cultures have developed fast.

Useful websites and resources

Government, business and trade

Czech Government – www.vlada.cz/en
Czech Invest – www.czechinvest.org/
Czech Republic Official Website – www.czech.cz
Czech Statistical Office – www.czso.cz/eng/redakce.nsf/i/home
Czech Telecommunication Office – www.ctu.cz
CzechTrade – www.czechtradeoffices.com/en/
Ministry of Finance – www.mfcr.cz/cps/rde/xchg/mfcr/hs.xsl/en.html
Ministry of Foreign Affairs – www.mzv.cz
Ministry of Industry and Trade – www.mpo.cz/default_en.html

News and media

Prague Post – www.praguepost.com

Please note: this list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only.

Top Business Risks

• Bribery of Foreign Officials
• Tariffs and regulations
• Doing business in Czech Republic

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.

Bilateral agreements

Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.

For more details, please visit the Australian Taxation Office website.