Republic of Georgia
Finance Company License
If you do not serve Georgian customers but wish to offer international financial services — then an International Financial Company in Georgia is the place to be. Setup within 4 weeks including License from the Ministry of Finance to conduct your business as IFC.
Georgia is a country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the south by Turkey and Armenia, and to the southeast by Azerbaijan. The capital and largest city is Tbilisi. Georgia covers a territory of 69,700 square kilometers (26,911 sq. mi), and its 2017 population is about 3.718 million. Georgia is a unitary, semi-presidential republic, with the government elected through a representative democracy.
The World Economic Forum’s Global Competitiveness Report ranked Georgia #9 among low tax economies worldwide. In 2016 Republic of Georgia was ranked 23 out of 189 for ease of doing business by the World Bank just between Japan (22) and Finland (24).
Financial Sector in Georgia
According to Fitch Georgia’s banking sector’s IDR (Issuer Default Ratings) was in 2015 ‘BB- “, which is an improvement from “B+”.
Foreign Direct Investment increased in the country making Georgia one of the strongest economies in the region, which definitely will affect the banking sector favorably.
According to a 2015 analysis of KPMG on the Republic of Georgia banking sector “the Georgian banking system can be considered as sound and stable with significant increase not only in terms of profitability, total assets of the sector has also increased by 19% during the last year.”
Benefits of The Republic of Georgia as a Banking Destination
The Republic of Georgia has not signed any of the tax automatic exchange of information yet and should not sign them in a near future. Furthermore, it has a good bank secrecy
If you are looking for a bank destination for Asset Protection purpose that still respect your privacy, then the Republic of Georgia is definitively the right option.
Benefits of The Republic of Georgia
- Applicants can benefit of some of the most liberal banking and e-money processing laws worldwide, attracting foreign customers and payment flows;
- Georgia is not a Member of the European Union, but has adapted certain parts of European regulations and legislation; but kept its own local laws in order to protect the domestic financial industry and avoid over-regulation;
- Georgian Banks are very flexible in customer support, service, fees and compliance;
- Georgian Banks are connected to the IBAN Network and are also full SWIFT/BIC Members (no intermediary banks are needed for your customers for sending funds to your firm);
- Licenses are being granted by the National Bank of Georgia (NBG), the official State Authority which is the supervisor of Financial Markets;
- Due to location Georgia is perfectly suited to set-up a business and do business both with West and East;
- Georgia is very attractive for its legal framework, law infrastructure etc.;
- You may conduct all FX-related activities (Binary Options, CFDs, Commodities, Shares, Equities, Bonds, etc.);
- Georgia benefits from an excellent reputation as a modern financial marketplace, that allows even offshore clients;
- Minimum requirements for offices, directors and staff (which also are very low cost-priced);
- Clients of your firm will be enjoying maximum of privacy – no regulated or automatic exchange of info of account holder’s data;
- Georgia is a full member of MONEYVAL which is one of the FATF-styled Regional Bodies (FSRBs) and has to fulfill the same task force actions for money laundering and terrorism financing prevention.