Georgia Payment Service Provider License

A recognized Payment Service Provider (PSP) entity in the heart of Tbilisi (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 set up in the Free Zones (optional).

Duration to Set Up

Around 30 – 60 days

Distinctive Benefits of Licence

  1. Fast turnaround time
  2. License is issued by the National Bank of Georgia, reinforcing the strength of its regulatory framework
  3. Friendly regulatory regime
  4. Low costs of operation
  5. 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