The application for a Georgia Payment Service Provider (PSP) License has to be made to the NBG who will process the application. The first step in the application process is the establishment of a local Georgian Limited Liability Company (LLC) or a Georgian Joint Stock Company (JSC). The establishment of a company normally takes around a week. The company requires a local resident director who is well versed with the functioning of the Company.

Georgia Payment Service Provider (PSP)

 

Georgia provides the opportunity to obtain a Georgia Payment Service Provider (PSP) License from an economically and politically stable country which will allow you to offer electronic payment services to clients. Georgia Payment Service Provider (PSP) License is 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
  • Remittances
  • Issuing electronic money, executing payment transactions using 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.

Georgia PSP License Requirements

The application for a Georgia Payment Service Provider (PSP) License has to be made to the NBG who will process the application. The first step in the application process is the establishment of a local Georgian Limited Liability Company (LLC) or a Georgian Joint Stock Company (JSC). The establishment of a company normally takes around a week. The company requires a local resident director who is well versed with the functioning of the Company.

The next step is the preparation of documents such as the Application Form, 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. Registration will also be required with the tax authorities in Georgia. The directors and shareholders of the Company will be required to provide criminal records, copies of identity and address documents and detailed CVs. In case the shareholder is a legal person, lists of shareholders, certificates of incorporation and a Good standing certificate will have to be produced.

How can I get a Georgia PSP License?

The entire process of obtaining a Georgia Payment Service Provider 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. After the acquisition of the license, you will need to obtain a local bank account. The NBG may sometimes require the submission of banking details during the application process.
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After obtaining the Georgia Payment Service Provider, 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 the validity of the Georgia PSP License.

Georgia Payment Service Provider (PSP) License Costs

Empire Global has a team of experienced professionals who will assist you through the entire process of Georgia Payment Service Provider 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 Payment Service Provider License.