Georgia EMI License
Georgian legislation regulating the electronic money and related services sphere (the Law on the Payment license, on the National Bank and other acts) obliges entrepreneurs to license activities.
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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N5Bank is a Support for the Payment Licensing in Georgia
N5Bank will help to comply with all the Georgian legislation requirements and take an advantage of all the EMI licensing benefits in the country. Experts of the company:
- will analyze the customer’s documentation, help to draw up the required papers, legalize and apostilize the package;
- accelerate the procedure for an application and a package of documentation filing and preparation – under favorable circumstances, the period for a decision issue in the country does not exceed 1-3 months;
- help to register a company, register a legal address or a virtual office, open an account;
- will maintain communication with the Registrar representatives and monitor the case progress.
Technical compliance:
Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.
Card issuance:
We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.
Our services are professional, comprehensive and prompt assistance in licensing. Customers receive an international financial company certificate and an access to a prospective market without the consumption of time and efforts.
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