The use of bank transfers in the
calculation of cash to conduct business and meet the needs of modern man is no
longer enough.

The most popular electronic payment systems and electronic
money have a much greater advantage over banks, among which can be
distinguished the following:

• Convenience
  and speed;
• low
  commission;
• wire-payments
  using SWIFT.

Georgia is the leader among the post-Soviet countries,
more than 40 payment systems are registered here. Plus, the simplified system
of registration of companies attracts more and more investments into the
country.

PAYMENT SYSTEM LICENSE. THE NEED OF AN OFFICE
IN GEORGIA

Legislation of Georgia regulates the sphere of
electronic money, therefore, in order to provide services for working with
electronic money, it is necessary to register in the National Bank, as well as
obtain a license for payments in Georgia.

A Georgian payment license can be issued to those
financial companies that have been registered on the territory of the state as
an LLC or JSC. For such a procedure, both residents of the country and
non-residents are suitable.

Despite the fact that the Georgian law does not
require the presence of a physical office, and the National Bank has the right
to issue permits to firms that have a legal address, in practice it is
necessary to open a small office in Georgia, as this positively affects the
issuance of a license and, in general, the ratio of the regulator to project.
Of course, in this office there must always be at least 3 key employees.

The requirements for maintaining a payment company in
Georgia are:

• delivery
  of accounting and tax reporting;
• annual
  audit trail;
• maintaining
  a physical office.

TYPES
OF PAYMENT LICENSES IN GEORGIA

There are two main types of payment licenses in
Georgia: Payment Service Provider and Financial company license. The latest
license of Georgia can be compared with the EMI license.

To obtain this license, a number of conditions must be
met:

• before
  the application is submitted, it is necessary to bring in the authorized
  capital (250 thousand lari or about 107 thousand dollars);
• prepare
  a package of documents that include: identification of owners,
  shareholders, as well as information on the directorate, security policy,
  commercial plan;
• documents
  confirming the creeminal record of company managers;
• open
  a bank account (the account can be opened in other jurisdictions, but
  priority is placed on the account with the Bank of Georgia).

The Georgian regulator has the right to set additional
conditions for all of the above, individually.

The conditions for a license of the Payment Service
Provider in Georgia are slightly different.

PROCEDURE:
OBTAINING A FINANCIAL LICENSE

First of all, we conduct an oral analysis of the
company’s activities, get acquainted with its business plan, its founders.

After that, we move to the choice of jurisdiction to
obtain a financial license, which is most suitable for future work.

We help to understand the origin of funds, opening
bank and correspondent accounts, connecting acquiring Visa/Mastercard, as well
as providing other services in support of the payment system.

We will be happy to help you in creating a payment
system.