The two main licence types are the payment institution licence and the electronic money issuer licence. The applicable type depends on the services you intend to offer.
Applicant Requirements
- A legal entity incorporated in Georgia (LLC or JSC).
- Minimum share capital set by the NBG according to the licence type.
- Implemented anti-money laundering (AML) and know-your-customer (KYC) procedures.
- Technology infrastructure ensuring transaction security and client data protection.
- Qualified management with demonstrated experience in the financial sector.
Documents Required
The application package includes: constitutional documents of the company, a business plan, a description of the internal control system, AML/KYC policies, information on beneficial owners and directors, and documents confirming the qualifications of key personnel. The exact list is determined by the type of licence requested.
Timeline and Outcome
The National Bank reviews the application within 3 to 6 months. Upon approval, the licence authorises the provision of the relevant services throughout Georgia. Licensed institutions are subject to ongoing NBG supervision and are required to submit regular reports.
FAQ
Can payment services be provided in Georgia without a licence?
No. Operating without an NBG licence violates Georgian law and may result in administrative and criminal liability.
What types of payment licences are available?
The NBG issues a payment institution licence and an electronic money issuer licence. The choice depends on the specific services planned.
What is the minimum share capital requirement?
The amount is set by the NBG and depends on the licence type. We recommend requesting a consultation for current figures.
How long does it take to obtain a licence?
The NBG review takes 3 to 6 months. Preparing a complete application package prior to submission may require additional time.
Can a foreign company obtain a payment licence in Georgia?
The licence is issued to a legal entity incorporated in Georgia. Foreign founders may establish a Georgian LLC or JSC and apply through that entity.