It was founded by the Bank Academy and Czech Coal Group in 1999 and was one of the first private business schools in the country.

It has had full university status from the accreditation committee of the Czech government since 2009.

In 2009 VSFS received state approval of its doctoral program and became a university.

Since September 2016, the VSFS has its branch in Karlovy Vary, the building is in the city center, on the T.G.

Thanks to its cooperation with the City University of Seattle, VSFS also runs Master of Business Administration (MBA) and Bachelor of Science in Business Administration (BSBA) programs in English.