Many thanks for your interest in Payment Provider 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 PSP entity in the heart of Tblisi (the capital) or in a Georgian Free Zone to enable you tax-free working without complications. Currently no other country providing entrepreneurs this financial flexibility and freedom as Georgia does and to setup 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 OECD Member
- 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
Activities permitted for a PSP permitted company:
1. For the purposes of this Law, payment services shall mean:
a) services that ensure the debiting of funds from the payer’s account and related transactions;
b) services related to the crediting of funds to the payee’s account and related transactions;
c) 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;
d) issuing and/or acquiring payment instruments, including electronic money instruments;
f) issuing electronic money, executing payment transactions by means of electronic money through a mobile phone, internet, or any other electronic device;
g) 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.
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 if possible with school, university, diploma copies if applicable to prove the directors experience in the financial industry
(4) 2 name suggestions for your company name
(5) Proof of address - if not in English then certified translated into English
*29/03/2017 changes from regulators side can happen at anytime.
STEP 1: DOCUMENTS SET-UP
Please submit all documents upfront for a check to firstname.lastname@example.org. 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.
7. Policies regarding the money laundering and to check the identity of the clients
8. Supervisory board
PRICING AND SERVICE FEES
Full license package incl. company, documents setup, licensing support, bank acc opening, office address etc and VAT from lawyers side: 24,900 USD (no additional capital requirements)
company formation from the distance, POA to set-up the company without travelling, POA to launch the application and correspondence, on-going correspondence with National Bank of Georgia, Registered Office Fee for the first year, shareholder
/ owner declaration, appointment of director(s), set-up businessplan, AML Manuals, preparations before license is launched,
launching of the application / on-going support, translation work for all documents (required for licensing procedure), translation of foreign personal documents from English into Georgian, acquisition of accountant and appointment, acquisition of second director, 2 full bank accounts with own IBAN in Georgia in the name of your new entity.
BL HOLDS ESCROW YOUR FUNDS AND WILL ONLY THE PAY OUR GEORGIAN PARTNERS WHEN YOUR LICENSE HAS BEEN ISSUED SUCCESSFULLY! MORE SAFETY IS NOT POSSIBLE!
Referral to Online Banking Software Developer*** >> free
VAT Registration >> one-time fee 990 USD
Introduction for Co-Branding via VISA Member in Hong Kong >> 1,000 USD
Correspondence accounts with payment providers in Asia >> free (Accounts in HK and Indonesia)
Payment Provider Introduction CZ for reduced SEPA Payments >> free
Accounting / StB >> 30 USD / hour
Free Zone Company Setup / tax free >> 7,500 USD one time fee
Capital Requirements / Authorized Capital of the company
Authorized capital recommended >> included in company formation prices
Securities Deposit / Capital Requirements >> not applicable, 0.00 EUR
Changes in requirements and services can apply anytime without our influence.
All VAT that might apply are included in our services.
All translation costs that might apply | *** software prices of course not included.
Bank Accounts in Georgia
The Georgian License is priceless. You can open anywhere in Georgia bank accounts for your new company. 2 full SWIFT connected IBAN accounts are already included - also Debit Cards for the owners of the company.
If you wish to execute SEPA payments within the European Union we can introduce you to a partner payment provider in Czech Republic to do these transfer executions via their platform to special conditions up from 3,00 EUR europe wide.
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.