Recently, Georgia has become a popular jurisdiction for entrepreneurs, wishing to register a Georgian microfinance organization, to obtain a license for a MFO in Georgia. According to some estimates, for half of a world population, banking and financial services are unavailable. They cannot open a bank account and cannot agree on a loan to start a business or buy any kind of insurance. Access to these financial services can have a fundamental impact on millions of people. If people have the appropriate access, this allows them to gradually build up their assets. It also helps to improve the capacity, to create jobs and to provide a financial support in the future.
The microfinance sector of Georgia is developing rapidly. You can see, that over the past three years there has been a 100% increase in this sector. Government subsidies and the support for small businesses have increased. A microfinance development in Georgia is crucial for the local economy.
Although there is still a long way to go, so that everyone has the access to financial services and that this opportunity is supported by the government. A microfinance organization has proven its worth in offering financial services to people with different income levels on an ongoing sustainable basis. In some markets, microfinance organizations have become licensed banks, which allows them to expand the range of services for companies of different sizes and forms of ownership, provide loans and attract funds from the public. As the microfinance sector becomes integrated into major financial systems, it also solves many of the problems faced by companies working in different directions.
As a financial services’ provider, if you intend to open a microfinance organization in Georgia, you should know, what work you have to do:
Planning to open a microfinance organization in Georgia, you need to know the relevant requirements, established by the current legislation of Georgia:
The audit, an accounting, reporting requirements
IQ Decision specialists provide comprehensive legal services in support of registration of a company in Georgia and obtaining a license of a microfinance organization in Georgia.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.