The application for a license under this act has to be made to the NBG who will process the application. An application for a Georgia Electronic Money Institution License can be made both by a Limited Company or a Joint Stock Company. It is however essential that the Company applying for the license is registered in Georgia.
Georgia Electronic Money Institute (EMI) License
With an excellent legal framework and a well-regulated banking system, Georgia provides the opportunity to obtain a Georgia Electronic Money Institution License. The Licenses are issued by the National Bank of Georgia (NBG) under the provisions of the Law of Georgia on Payment Systems and Payment Services.
Under the provisions of the Act, a license holder may provide:
- Services that ensure the debiting of funds from the payer’s account and related transactions
- Services related to the crediting of funds to the payee’s account and related transactions
- Making payments through direct debits (including one-off orders), payment cards, or any other electronic means, or credit transfers (including standing orders) within the funds or credit resources of a payment service user
- Issuing and/or acquiring payment instruments, including electronic money instruments
- Issuing electronic money, executing payment transactions by means of electronic money through a mobile phone, internet, or any other electronic device
- Executing 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.
The term electronic money has been defined under the Act as a value equivalent to funds received by an electronic money provider from users for carrying out payment service transactions, which is stored on payment instruments and which is recognized as a means of payment by its issuer and other persons.
How to obtain a Georgia Electronic Money Institute (EMI) License?
The application for a license under this act has to be made to the NBG who will process the application. An application for a Georgia Electronic Money Institution License can be made both by a Limited Company or a Joint Stock Company. It is however essential that the Company applying for the license is registered in Georgia. The company will have to fulfill the minimum capital requirements as specified by the law. Since, the legislations and process related to the issuance of a Georgia Electronic Money Institution License change frequently, it is recommended to obtain the services of a Georgia EMI License Attorney or Consultant.
The next step is the preparation of documents such as Operating Manuals, Anti Money Laundering (AML) and Anti Terrorist Financing (ATF) guidelines, Business plans and any other documents sought by the National Bank of Georgia. It is recommended that these documents are prepared in consultation with a Georgia Electronic Money Institute Consultant.
What are Georgia EMI License Requirements?
The entire process of obtaining a Georgia EMI License takes about 2-3 months after the submission of the completed application and during this time, there may be queries from the National Bank of Georgia which require to be answered. Empire Global will assist you with the process of resolution of the queries as and when required.
After obtaining the Georgia EMI License, the Licensee will need to make regular submissions of accounts and records to the NBG. These submissions need to be made on time to ensure that the Georgia EMI License remains in place. Also, in addition to the Georgia EMI License, you will require bank accounts and the services of auditors, company secretaries or other service providers which may be arranged by Empire Global if required.
How much Georgia EMI License Costs?
Empire Global has a team of experienced professionals who will assist you through the entire process of Georgia EMI License application including assistance in the preparation of documents, submission of application and responding to any queries from the NBG. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Georgia EMI License.