Payment Service Provider authorization authorized by the National Bank of Georgia provides a legal entity to maintain payment systems within the region of Georgia and to provide services specified in the Legislation of Georgia on payment systems and payment services.
Timeframe: Within 3-5 months
Minimum paid up capital: Case-by-case
In order for a business to implement for a Payment Service Provider license with the National Bank of Georgia, amidst other conditions, it is necessary that the organization provides payment services not only to foreign customers but additionally to domestic clients in Georgia.
For each payment service provider, a schematic description of the implementation of said payment service is needed. This is to incorporate a complete spec on the movement of information and money during the whole service process – from payment operation initiation until its completion.
An authorized PSP can offer the following services:
- services that ensure the debiting of stores from the payer’s account
- services associated with the crediting of funds to the payee’s account
- making payments through direct debits
- issuing and/or receiving payment devices
- issuing electronic cash
- executing payment transactions
Benefits of Georgia PSP authorization:
- Establishment of a company can be done within a week
- The organization is immune from corporate tax if at least 90% of its business enterprises are held outside of Georgia
- The organization is exempt from capital duty
- An advantageous location of the country itself – connects Europe and Asia
- 52 concluded double taxation treaties
- Georgia is not on the high-risk or another monitored jurisdiction list