E-money, PSP & PSO
Most of the countries tighten their rules before issuing an e-money payment provider license. Georgia government is in favour of the same and same attracts more e-money provider than any other country in the world. In Georgia, the Law of ‘payment system and payment services’ takes care companies activities related to electronic money. With a license, company minimizes the risk to face heavy fines and getting blacklisted by the world’s Financial Markets Authorities.
The electronic money provider license in Georgia can be obtained by enterprise registered in Georgia as a joint stock company (JSC) or a limited liability company (LLP). In this case, the founders (shareholders) of the Georgian enterprises can be both residents and non-residents of Georgia.
Financial company, which received an electronic money provider license of National Bank of Georgia, has the right to provide the following services:
- License allows you to take clients deposits;
- Install and open client accounts;
- Issue own prepaid cards (co-branding);
- Transfer clients money from client to client;
- Electronic payment processing and all with it related activities;
- Escrow services (please ask us for this special activity);
- Issue electronic money;
- Process BITCOIN or your very own crypto currency.
By setting up electronic company, international financial companies enjoy incredible tax benefits. If you want a complete tax exemption Kaukapital can setup your Georgian company in one of the Free Zones.
There is no minimal authorized capital cap is there in Georgia. At the time of submission of the application for a license to the National Bank of Georgia authorized capital must be declared a full.
Also, the authorized capital must be maintained at a specified level during the whole period of the company activity. In this case, the National Bank of Georgia is empowered to install additional requirements for the payment service provider if he or (and) the associated face will exceed the amount of issued electronic money or the turnover of other payment services compared to the limits established by the National Bank of Georgia.
Company Formation Services:-
Kaukapital provides under mentioned services to incorporate a company in Georgia.
- Set-up local office, installation of an official company represent or in Georgia;
- Preparation of all documents (AML Rules, etc.);
- Second nominee director that fulfills the requirement of being present 14 days/month;
- License Support;
- On-going license status updates;
- Bank account openings in Georgia;
- Certifications / Translations: Georgian – English (optional) included;
- Submission of all documents to the National Bank of Georgia;
- Identity for the directors and all shareholders owning more than 10% including the address proof;
- Criminal record of any member of the board (less than 60 days);
- The explanation including security system of the software used for the PSP/e-money, and also hosting and storage of data;
- A business plan (including management structure and internal policies);
- Proof of office address in Georgia;
- Documents same includes Memorandum and payment prove of the registration company. The law mentioned than the national bank can add additional documents;
- A director then has to be resident in Georgia close to minimum 14 days per month.
Note:- All documents must be notarized from a competent authority.