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.

Overview

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
  •     remittances
  •     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
Notable features

General information

Company structure

Minimum one Shareholder

Minimum one Directors

Registered Agent – Not Needed

Registered office – Needed

Insurance – Not Needed

Secretary – Not Needed

Company name:

  • Language: Any
  • Letters: From the Roman alphabet
  • Names that are misleading or tricky are banned
  • The company name is restricted to be alike or similar that of an existing company
  • Offensive names are prohibited
Procedure

In order to get a license, the following actions will be carried out:

  • Application for reservation of company name
  • Development and submission of the paper and incorporation documents to the Registry
  • Establishment of a company
  • Registration of the Company with Tax jurisdictions
  • The opening of the local bank account
  • Enrollment of the Company with the National Bank of Georgia as Payment Service Provider
  • Registration of the Business with Financial Monitoring Service of the National Bank of Georgia
Documents Required

In order to receive a license, Startup Formations will fill all important paper forms and also obtain apostilled corporate documents.

For that reason, please present us with the following documents.

  • Notarized passport
  • Notarized 2nd ID
  • Approved Utility Bill
  • Notarized Criminal Record
  • Bank reference Letter
  • 2 Character Reference Notes issued by specialists
  • Certified Diplomas of Higher Education
  • Detailed CV dated and signed by the applicant
  • Detailed business plan
  • Manuals (will be drafted by Startupformations): Anti Money Laundering management, security policy, and procedures, and others, if asked by NBG
  • Comprehensive data on staff members
  • All documentation shall be presented in English language or translated to English by an expert and certified by Notary Public.