About the country

Georgia is situated at the crossroad of Europe and Asia and is a former Soviet republic where resides Caucasus Mountain villages and Black Sea beaches. We also see a cave monastery and an ancient wine-growing region Kakheti. Tbilisi is known for the diverse architecture and mazelike, cobblestone streets of its old town and is the capital city of Georgia. Forex license in Georgia represents an attractive investment environment for foreign companies as the incorporation process takes a very short time.

About Licensing Body

The Law of Georgia on Entrepreneur was passed in 1994 and is Georgia’s governing factor on new comers which was revised quite a few times since its initiation making corporate governance more effective. The legislative and regulatory framework of Georgia permits the registration of a Joint Stock Company, Limited Liability Company, General Partnership, Branch Office, as well as a Limited Partnership.

Advantages :

  • The forex company can be registered in the free zone. The free zone license fee is USD 6,000 and the company is restricted to only have foreign clients. The choice of whether to register in the free zone is made prior to registration. A company cannot later move to free zone.
  • Minimum Capital: here is no minimum amount of capital to set up a forex company in Georgia.
  • Payment of Capital: Whatever the amount of capital you register your company with there is no obligation to pay the capital immediately. Sais you register the company with a capital of 50,000 Euros. You just have to show that the capital was paid in the upcoming balance sheet. So all the expenses incurred during the year can be reconciled as capital.
  • As forex companies are under the supervision of the National Bank of Georgia it is recommended to register the company with a paid up capital of 100,000 Gel (40,000 Euros) to 150,000 Gel (60,000 Euros) minimum.
  • Local Director:No obligation to have a local director
  • Local Office:You need a lease agreement for a local address 2500 USD per year
  • Local Employees:There are no requirement of having local employees but here again as you are under the supervision of the central bank it would be better to have at least an accountant maintaining updated accounts and a compliance officer handling KYC and AML. Those services can be outsourced.
  • Tax Rate System: Corporate Tax is 15%

Documents Required

  • Notarized passport copy with Apostille (valid for at least 6 more months) - Original
  • Police Clearance Certificate / Certificate of Non-Criminal Conviction with Apostille (not older than 2 months) - Original
  • Power of Attorney undersigned with signature's verification by your Notary Public - Original
  • Diploma copies, reference letters from current or previous employers displaying that you have the necessary skills and knowledge to be acting as a broker, or securities dealer, or an FX expert (the more references you bring the easiest the approval procedure)
  • CV undersigned
  • Two name proposal for the company (to see if they are available for incorporation there)

Procedure :

  • Gathering all required documents such passport copies , address proof , criminal records & POA.
  • Once KYC is reviewed , we will initiate for company formation – company formation will take upto 2 weeks.s
  • Once company is formed , we will initiate steps to open bank account and once bank account is opened , paid up capital of 500,000 GEL has to be transferred in order to show the regulatory for applying license.

Exclusions

  • trademark applications, IP Agreements and Domain Name Registration;
  • website preparation as well as the preparation or review of any other marketing material.
  • Providing assistance with the purchase and negotiations for MT4 server or any other trading platform
  • Assessment or testing of the entity’s proposed trading platform
  • Assisting with the execution of Know Your Customer (“KYC”) processes or other compliance processes.