Starting Your Money Transfer Business in Georgia
Georgia, a prosperous country situated at the crossroads where Asia meets Europe, is a great place to establish your money transfer company. The country’s laws and regulations are best suited for entrepreneurs and financial institutions. To obtain a money transfer license in Georiga, you will have to abide by the Georgian law of Payment Service Providers. The law defines payment service providers as someone who:
- offers services that ensure the debiting of funds from the payer’s account and related transactions
- offers services related to the crediting of funds to the payee’s account and related transactions
- makes payments through direct debits (including one-off orders), payment cards, or any other electronic means, or credit transfers (including standing order) within the funds or credit resources of a payment service user
- issues and/or acquires payment instruments, including electronic money instruments
- offers remittance services
- issues electronic money, executing payment transactions by means of electronic money through a mobile phone, internet, or any other electronic device
- executes payment transactions based on the consent of the payer given by means of telecommunication, digital, or IT devices, to or in favor of the telecommunication, IT system, or network operator that acts as an intermediary between the payer and the payee, as well as between the user and the supplier of goods or services.
Money Transfer License Regulator in Georgia
The payment services providers in Georgia are regulated and licensed by the National Bank of Georgia. All money transfer companies in the country should be registered with the National Bank to offer money transfer services legally.
Money Transfer License Application Process in Georgia
To start your business legally and obtain a license as a payment services provider in Georgia, you will have to apply for registration with the National Bank of Georgia.
To get registered with the National Bank, you will have to fill in and submit the registration form. Along with the form, the following information and documents will be required:
- List of payment services you wish to offer
- Detailed information on the flow of funds
- Information of the company’s owners – specifically individuals who are holders of more than 10% of the authorized capital
- Beneficiary owner details
- Identity proof and documents of the company’s authorized representatives
- Police certificate of the applicant, authorized representatives, and beneficiary owners.
- Proof of real estate ownership of the company’s head office.
In addition to the above list, there are additional documents and information that should be submitted along with your registration application. However, additional required documents depend on the type of payment service you intend to offer. You can check the complete list of required documents here.
The National Bank of Georiga makes a decision within 60 days of the inial application. However, based on the payment services you opt for and the documents you submit, the registration authority may require additional time to review your application.
In case the required documents are incomplete, the National Bank may grant 30 days to the applicant to submit a complete and proper registration application.
This page was last updated on November 27, 2020.