Conditions to Obtaining Georgian Payment Licenses
The payment license of Georgia is issued to the applicant companies, which have fulfilled the following requirements:
- deposited the authorized capital in the amount of 250 thousand lari (approximately 107 thousand US dollars) in full – this must be done before filing the application;
- prepared a standard documentation package – identification of owners, shareholders, security policy, commercial plan, information about the directorate – legalized and apostilled it;
- provided evidence of a lack of criminal record in the persons managing the company;
- opened a bank account for the company: this can be done in different jurisdictions, but it is desirable to have the first account in a Georgian bank – the risk of funds withdrawal from the country is minimized in this way;
- fulfilled other conditions that the Regulator has the right to set individually – for example, if the turnover of the company’s payment services exceeds the threshold set by the National Bank.
The company received e-money license in Georgia shall be obligated to support the authorized capital – it must be constant throughout the entire period of the activity. The top managers of a company may be non-residents of the country. If there are errors in the documents submitted, the registration authority sends the package for a revision – it is given a maximum of 30 calendar days. The electronic money license of Georgia gives the right to work only within the state borders – when penetrating the new markets it will be necessary to pass a verification in the relevant structures.
“Prifinance” is a Support for the Payment Licensing in Georgia
“Prifinance” will help to comply with all the Georgian legislation requirements and take an advantage of all the EMI licensing benefits in the country. Experts of the company:
- will analyze the customer’s documentation, help to draw up the required papers, legalize and apostilize the package;
- accelerate the procedure for an application and a package of documentation filing and preparation – under favorable circumstances, the period for a decision issue in the country does not exceed 1-3 months;
- help to register a company, register a legal address or a virtual office, open an account;
- will maintain communication with the Registrar representatives and monitor the case progress.
Our services are professional, comprehensive and prompt assistance in licensing. Customers receive an international financial company certificate and an access to a prospective market without the consumption of time and efforts.