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Obtaining a financial license in the FIZ of Georgia in 2020
Advantages of obtaining a license for financial services in the Kutaisi FIZ:
- A favorable environment for investment activities;
- Availability of tax incentives;
- The license covers the provision of services related to cryptocurrencies, asset management and trading in the Forex market;
- There are no requirements for an authorized capital;
- A relatively fast licensing process.
Registering of a commercial enterprise in the FIZ of Kutaisi provides for a transition to a special regime. Kutaisi attracts more and more investors from all over the world, and contributes to the growing attractiveness of jurisdictions for doing business in Georgia. It has a favorable tax and customs regulatory framework, and it is also relatively easy to obtain a license in Georgia.
A simplified regulation and licensing in Georgia
It is allowed to obtain a financial/banking license for financial services in the FIZ in Georgia, and to carry out commercial activities on its basis, using tax and regulatory incentives. We recommend registering a company in the free economic zone of Georgia for further obtaining a business license. A company can provide Forex (FX) services to customers outside Georgia, including access to bank accounts and merchant accounts (a credit card processing, SEPA, SWIFT, etc.). Since obtaining a Forex license in Georgia and further providing brokerage services (if they are not provided to Georgian citizens) is only a controlled, but not regulated activity, a FZ firm may carry out activities without the permission of the National Bank of Georgia.
In free zones, it is possible to obtain a Georgian financial license, that describes FX, crypto or any other financial services as permitted business objectives. A special license number, a special disclaimer can be published on the websites of providers, which allows you to gain the trust of customers and increase your reputation as a professional financial institution.
Some characteristics, when registering a licensed company in the Free Zone of Georgia:
- A Free Zone LLC (a business license + a financial license, which can also be issued for Forex, the money management or crypto-exchanges).
- The regulator is the Free Zone Agency.
- A corporate tax, a VAT, the dividend tax and a property tax are not levied.
- Full IBAN accounts for customer finance.
- A third party financing through bank accounts (compliance level) is very flexible.
- The access to the payment system for third-party financing is possible.
- Cryptocurrency transactions are allowed.
- A nominal service is allowed.
- B-Book brokerage operations are allowed.
- No local office and staff required.
- No business recommendations needed.
- A minimum of one director is required.
- No compliance employee required.
- No quarterly and annual reporting.
- No disclosure of directors.
- It is required to provide a notarized copy of the passport with an apostille, a notarized power of attorney with an apostille. If nominal services are used, then ordinary scanned copies are sufficient without a personal visit to a notary public, without apostille or any legalization.
- A paid capital is not required.
- A nominee director and a nominee founder are available (10,000 euros per year).
- The estimated time of registering a company with a license in Kutaisi is one month, including opening a bank account in Georgia.
How to obtain a Forex license in Kutaisi?
In order to apply for a financial license in Kutaisi, contact our lawyers.
- The cost of our services is 19,900 euros (a company registration in Georgia, the bank account, obtaining a financial license in Kutaisi).
- The annual maintenance fee (for the 2nd and subsequent years ranges from 3,500 to 3,800 euros per year).
- We work with all local licensed banks in Georgia (TBC Bank, Bank of Georgia, Liberty Bank, etc.).