Georgian legislation regulating the electronic money and related services sphere (the Law on the Payment System, on the National Bank and other acts) obliges entrepreneurs to license activities. Having obtained a permission, the company has the right:
- to issue and carry out an acquiring of payment tools;
- to provide services for writing off and crediting funds to accounts;
- to execute payments by direct debit - it is allowed to use payment cards, credit transfers and other electronic instruments;
- to issue electronic money, make payments using them, including through mobile phones, Internet channels and other resources;
- to carry out money transfers, money transactions in favor of communication, IT-systems, telecoms operators and so on.
The payment system license in Georgia is issued to financial organizations that are registered in the country in the form of LLC or JSC. The founders of the company can be non-residents and residents. In the legislation there are no requirements to the physical office, and the National Bank of the country issues provider permits even to companies having only a legal address (if other conditions are met). However, even a company is actually located in another jurisdiction should:
- keep and submit accounting and tax reporting;
- pass audits annually;
- notify the registering authority of its reorganization, work suspension, commencement of bankruptcy proceedings or other circumstances affecting the nature of the activity.
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 Systems 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.