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Conditions to Obtaining Georgian Payment Licenses
The payment license of Georgia is issued to the applicant companies, which have fulfilled the following requirements:
- deposited the authorized capital in the amount of 250 thousand lari (approximately 107 thousand US dollars) in full – this must be done before filing the application;
- prepared a standard documentation package – identification of owners, shareholders, security policy, commercial plan, information about the directorate – legalized and apostilled it;
- provided evidence of a lack of criminal record in the persons managing the company;
- opened a bank account for the company: this can be done in different jurisdictions, but it is desirable to have the first account in a Georgian bank – the risk of funds withdrawal from the country is minimized in this way;
- fulfilled other conditions that the Regulator has the right to set individually – for example, if the turnover of the company’s payment services exceeds the threshold set by the National Bank.
The company received e-money license in Georgia shall be obligated to support the authorized capital – it must be constant throughout the entire period of the activity. The top managers of a company may be non-residents of the country. If there are errors in the documents submitted, the registration authority sends the package for a revision – it is given a maximum of 30 calendar days. The electronic money license of Georgia gives the right to work only within the state borders – when penetrating the new markets it will be necessary to pass a verification in the relevant structures.
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