Georgia Payment Service Provider License

Introduction

A recognized Payment Service Provider (PSP) entity in the heart of Tblisi (Georgia capital) or in a Georgian Free Zone enables a business to have a tax-free working environment.

Key Features

Activities permitted with a Georgia PSP license include:

1. Deposit taking of electronic money from third parties
2. Transfer money on behalf of third parties to other third parties
3. Issuing debit cards / electronic money
4. Offering payment services to third parties
5. Opening merchant accounts to receive payments and forward them
6. Conversion of electronic money into virtual money (Bitcoin etc.)

Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	Georgian Company
·         License application fee	USD 6,000
·         Annual license fee	USD 6,000
Local physical office required	Yes
Share capital or equivalent
·         Minimum paid up capital	None
Directors
Minimum number	2
Corporate directorship allowed	Yes
Local director required	No
Shareholders
Minimum number	2
Corporate shareholder allowed	Yes
Local shareholder required	No
Service Providers Required
Company secretary	Yes
Auditor	Yes
Legal adviser	Yes

 Tax Treatment

Complete tax exemption for companies that are setup in the Free Zones (optional).

Duration to Set Up

Around 30 – 60 days

Distinctive Benefits of Licence

• Fast turnaround time
• License is issued by the National Bank of Georgia, reinforcing the strength of its regulatory framework
• Friendly regulatory regime
• Low costs of operation
• No minimum capital requirement

The Valsen Advantage

• End to end comprehensive service
• Speedy and efficient service
• Expert advice on structuring options
• Dedicated ongoing compliance support
• Extensive network pool of service providers