Georgia FOrex License

About that Country :

In order for a company to apply for a Payment Service Provider license with the National Bank of Georgia, among other requirements, it is obligatory that the company provides payment services not only to foreign customers, but also to resident clients in Georgia.

For each payment service provider a schematic description of implementation of said payment service is required. This is to include a detailed specification on movement of information and money during the entire service process – from payment operation initiation till its completion.

Advantages :

Incorporation of a company can be done within a week

Company is exempt from corporate tax if at least 90% of its business activities are held outside of Georgia

Company is exempt from capital duty

Beneficial location of the country itself – connects Europe and Asia

52 concluded double taxation treaties

Georgia is not on the high-risk or other monitored jurisdiction list

Documents Required :

Apostilled copy of valid passport (of each Director or Shareholder)

Notarized copy of proof of address (e.g. Utility bill of each Director)

Bank reference (of each Director)

2 Character reference Letter issued by professionals (of each Director and Shareholder)

Detailed CV dated and signed by applicant (of each Director and Shareholder)

Diploma of higher education

Apostilled non-criminal records

Detailed business plan

Filled in questionnaires

Procedure :

Application for reservation of company name

Preparation and submission of the application and incorporation documents to the Registry

Incorporation of a company

Registration of the Company with Tax authorities

Opening of the local bank account

Registration of the Company with the National Bank of Georgia as Payment Service Provider

Registration of the Company with Financial Monitoring Service of the National Bank of Georgia