Many thanks for your interest in the Payment Service Provider (PSP) License from the Republic of Georgia - a prosperous country right on the door steps of the European Union and gateway to the Middle East, Russia and Asia. A recognized Payment Service Provider (PSP) entity in the heart of Tbilisi (the capital) of Georgia. Currently no other country is providing entrepreneurs this financial flexibility and freedom as the Republic of Georgia does, and to set-up a PSP licensed entity without any additional capital or immense staff requirements. Benefit from it.
- Applicants can benefit of some of the most liberal banking and e-money processing laws worldwide, especially in on-boarding foreign customers and payment flows
- Georgia is NOT member of the European Union but adapted certain parts of European regulation and legislation; but kept their own local laws in order to protect the domestic financial industry to avoid over-regulation
- Georgia is a full member of the MONEYVAL, which is one of the FATF-styled Regional Bodies (FSRBs) and have to fulfill the same task force actions for money laundering and terrorism financing prevention.
- Georgian banks are the most flexible in customer support, service, fees, compliance issues in the Middle East and Europe Banks are connected to the IBAN Network and fully SWIFT Members (no intermediary banks needed for your customers to send you funds!)
- Georgia is offering even for licensed / recognized entities to settle down in its own Free Zone (tax free working)
- Permission issuing authority is the National Bank of Georgia (NBG)
- Due its location Georgia is geo-stratically perfect to establish a business and connect East to West
- Georgia is attractive for European or in general worldwide incorporators and license obtainers. Its easy to reach by plane from any major airport within hours from the Middle East, Russia and Europe
- You get access to the major banks, other payment providers, MasterCard and VISA Card Principal Members in order to be able to issue own Prepaid Cards
- Georgia benefits of an excellent reputation as a modern financial market place, that allows even to serve offshore clients
- Minimum Requirements in office issues, directors and staff (you will benefit of very low on-going costs)
- Customers of your PSP entity will enjoy a maximum of privacy - no regulated or automated data exchange of account holder data
- Georgia has applied to become full OECD Member
- Cryptocurrencies are not banned in the Republic of Georgia. The Georgian PSP License enables issuance of electronic money, cryptocurrencies, tokens, and to launch an Initial Coin Offering (ICO)
Activities permitted for a PSP permitted company:
What can be done:
- Services that ensure the debiting of funds from the payer’s account and related transactions;
- Services related to the crediting of funds to the payee’s account and related transactions;
- Making payments through direct debits (including one-off orders), payment cards, or any other electronic means, or credit transfers (including standing orders) within the funds or credit resources of a payment service user;
- Issuing and/or acquiring payment instruments, including electronic money instruments;
- Issuing electronic money (issuing own tokens e.g. via an ICO and the exchange of fiat money into cryptocurrencies & the exchange from cryptocurrencies back into fiat money), executing payment transactions by means of electronic money through a mobile phone, internet, or any other electronic device;
- Executing payment transactions based on the consent of the payer given by means of telecommunication, digital, or IT devices, to or in favour of the telecommunication, IT system, or network operator that acts as an intermediary between the payer and the payee, as well as between the user and the supplier of goods or services.
What can't be done:
- Payment transactions executed in cash and directly between the payer and the payee, without any intermediary intervention;
- Payment transactions between the payer and the payee through a commercial agent;
- Collection services related to transporting banknotes and coins, including their collection, processing, and delivery;
- Cash-to-cash exchange services where the funds are not held in a bank account;
- Transactions executed between system participants within a payment system;
- Services performed by technical, telecommunication, digital, or IT service providers that technically support payment services, without the provider entering at any time into possession of the funds to be transferred. These services include the processing and storage of data, protection of privacy, data and entity authentication, telecommunication or information technology services, provision and maintenance of technical devices for payment services;
- Services based on payment instruments or electronic money that can be used to acquire goods or services only in or on the issuer’s premises;
- Payment transactions executed by means of any telecommunication, digital, or IT device, where the purchased goods or services are delivered to and are used through the same telecommunication, digital, or IT device, provided that the telecommunication, digital, or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods or services;
- Payment transactions related to securities asset servicing, including dividends, income or other distributions, sale and redemption of securities, carried out by a regulated securities market participant;
- Payments between the companies within a group made without the participation of a payment service
Payment Service providers are registered in compliance with “the Rule of Registration and Cancellation of Registration of the Payment Service Provider in the National Bank of Georgia”, approved by directive of president of The National Bank of Georgia on 12th October 2012. According to Global Corruption Barometer of Transparency International, 0% of interviewed reported paying bribe to the tax administration.
World Economic Forum’s Global Competitiveness:
Report named Georgia #9 among low tax rate economies. These emphasize the simplicity and reliability of Georgian tax system. The Country doesn’t have restrictions on currency convertibility or repatriation of capital & profit. The permission to proceed electronic payment transactions from and on behalf of third parties, the credit card processing etc. is included in the license. With the choice of a co-branding card issuer you will be able to issue your "own" cards and process the payments as required. BLs Georgia Package is THE alternative to Panama, Belize and SVG e-money licenses.
• Fast turnaround - decision is guaranteed in 30-60 calendar days
• License issued by National Bank; not just by a Ministry of Commerce or Industry.
• Friendly regulatory regime
• Low costs of operation
• No minimum capital has to be paid-in
• Georgia belongs to IBAN system (no intermediary banks needed)
• Deposit-taking of electronic money from third parties
• Transfer money on behalf of third parties to other third parties
• Issuing debit cards / electronic money
• Offering payment services to third parties
• Opening merchant accounts to receive payments and forward them
• Conversion of electronic money into virtual money (Bitcoin etc.)
WHAT PERSONAL DOCUMENTS ARE REQUIRED?*
(1) Notarized passport copy with apostille (passport must still be valid for at least 6 months)
(2) Police Clearence Certificate / Certificate of Conduct (if not in English, then certified translated into English) with apostille; not older than 30 days
(3) Personal CV.
(4) 2 name suggestions for your company name
(5) Proof of address - if not in English then certified translated into English
STEP 1: DOCUMENTS SET-UP
Please submit all documents upfront for a check to email@example.com. We check them upfront and if okay, we will submit them to our lawyers to Georgia.
STEP 2: COMPANY INCORPORATION & DOCUMENTS SET-UP
The company formation takes usually 1 week (European standard) until all filed documents are available and the company is entered in the register. You will receive a second Director on your side. This "nominee" Director is responsible for the bank account openings and fulfill the requirement, that at least one member of the board is residing 14 days in a month in Georgia.
This step also includes the entire documents setup (AML Manuals, Business plans, Application docs, licensing docs, general company information docs, renting the office space and providing rental contracts, description of the compliance handlings, software use, payment infrastructure etc). - this all will be done in the language Georgian (requirement for application process).
STEP 3: BEGIN OF THE LICENSING PROCEDURE
Your application will be submitted to the National Bank of Georgia. Usually a first response takes place after 30 business days. If things have to be amended or are additionally required you can submit them and after another 30 days the final approval should be done. All support, lawyers hours, translation costs are included in our package.
STEP 4: LICENSE APPROVAL + ACCOUNT OPENINGS FOR THE LICENSED ENTITY IN GEORGIA
Lawyers will pick up the issued licenses/permissions for you. The second director in Georgia will open the bank accounts and submit all codes, credit cards, online banking accesses in sealed envelopes to you via courier services.
SET-UP OF INTERNAL PROCEDURES (included)
(DELIVERED BY OUR LAWYERS) - REQUIREMENT. You don‘t need to worry, they‘ll do for you. We will assist the internal policy that has to be delivered within the first 4 - 6 months in addition to the previous documents after the license has been granted by the National Bank of Georgia. All documents will be prepared in Georgian language - of course you can deliver all input and helpful info to us also in German or English. We are multilingual. No worries from your side:
A/ The internal policy should address the following issues
• the company‘s organizational structure and clearly defined responsibilities;
• allocation of duties and adequate internal control mechanisms;
• money laundering and terrorism financing policies;
• a comprehensive and well-documented operational and technical procedures;
• information security measures;
• the financial statements and audit procedures;
• statistical data collection and processing system effective;
• the system for recording incidents.
B/. The payment of the operation to ensure the security and integrity, the provider must have a payment scheme, the complexity of the operation of adequate risk management procedures.
C/. The service provider shall provide its equipment, software and other technical means of reliable operation.
D/. To have a proper system for recording incidents.
E/. The payment service provider in a scheme to ensure the proper functioning of the addition should have:
- a) the rules and procedures, which will be clearly defined by the service provider, outsourcing company, agent, trade / service outlets, and other user rights and obligations of the Contracting Parties;
- b) payment service circuit continuity, safety and reliability assurance procedures designed to force majeure situations and special process control and management measures, which are all covered by the system and the platform (both internal and external - agent / outsourcing scored);
- c) the payment service activity weak and ineffective parties analysis and measures to eradicate them;
- d) payment service of the expected risk identification, management and monitoring procedures.
F/. Policies regarding the money laundering and also checking the identity of the clients
G/. Supervisory Board
PRICING AND SERVICE FEES
Our all-inclusive package (company, all documentation, licensing, bank accounts opening, office address etc and applicable VAT only €26,950.00 (no additional capital requirements)
It includes (remote) company formation; Power of Attorney (POA) to set-up the company without traveling to Georgia; Power of Attorney (POA) to launch the application and all correspondence; On-going correspondence with the National Bank of Georgia; Registered Office Address Fee for the first year; Shareholder/owner declaration; Appointment of director(s); Setting-up the applicable Business Plan; AML Manuals; All preparations before license is being launched; Launching of the application / on-going support; Translation work for all documents (required for licensing procedure); Translation of foreign personal documents from English language to Georgian language; Appointment of accountant; Appointment of Second (Nominee) Director; Two (2) full Bank Accounts (with IBAN in Georgia) in the name of your new entity.
WE HOLD IN ESCROW WITH OUR GEORGIAN PARTNERS YOUR FUNDS AND SHALL ONLY PAY THEM WHEN YOUR LICENSE HAS BEEN ISSUED SUCCESSFULLY! MORE SAFETY IS NOT POSSIBLE!
• Referral to Online Banking Software Developers - free of charge
• Introduction to Payment Services Provider in Czech Republic for reduced SEPA payments - free of charge
• Introduction to Payment Service Providers in Asia (Hong Kong & Indonesia) - free of charge
• Introduction to Debit/Credit Card Co-Branding Provider in Hong Kong (VISA Member) - €1,000.00
• VAT Registration - €1,000.00 one-time fee
• Accounting - €30.00 per hour
• Free Zone company set-up - €7,500.00
Capital Requirements / Authorized Capital
• Authorized Capital - included in our €26,950.00 all-inclusive fee
• Security Deposit /Capital requirements - none
• Applicable VAT - included in our €26,950.00 all-inclusive fee
Bank Accounts for your Georgian Payment Services Provider
The Georgian Payment Services Provider License is truly priceless!
Two Georgian Bank Accounts (*) are being included in our €26,950.00 all-inclusive package. Banks are SWIFT & IBAN/BIC connected.
Moreover Debit Cards are being included in the package.
(*) Should you wish to do SEPA transfers/payments within the European Union (EU) we can introduce you to a Czech Republic Payment Services Provider which should be allowing you to do these payments via their platform with minimum €3.00 execution fee per transfer.
Some of the most popular operating banks in Georgia. Most of the private banks in Georgia are owned by German or Austrian Banks or Credit Unions.
Payment Service Provider Connections in Asia and SEPA Zone.
Introduction to regulated payment providers that are fully connected to the SEPA System. You will be able to do co-brandings via VISA Hong Kong and receive customers funds via their infrastructure in Asia with great correspondence bank partners as Cathay Pacific Bank and Bank Sinarmas.
Co-Branding Debit Cards
with up to 15,000 EUR / 20,000 USD daily withdrawal limit one of the highest volume cards on the planet. We will give you a direct introduction to the card issuer.
Optional Service: Online Banking Software
The high-end solution. We can give you an introduction to Europe's biggest software developer for private banks and Financial Services Provider.
Enable your customers an online banking access. You are via API connected to your correspondence accounts. Let them do the transfer and charge each time the transfer fee you desire. The introduction to the software provider is 1,000 EUR one-time fee. Setup ca. 1,900 + VAT, lease-buy ca. 590 - 750 Euro per month incl. hosting, safety and security support or ca. 15,000 one time fee.