What do I need to be granted Status and License of IFC ( International Financial Company) ?
RULE 1: Be a Financial Institution
- a commercial bank
- a reinsurance organization
- an investment bank
- a stock exchange
- a central depository
- a brokerage company
- a microfinance organization
- a credit union
- an investment fund
Or/And another organization providing financial services.
Video Blog About IFO licensing in Georgia
TAX HEAVEN for International Financial Companies
Profit received from Financial operations are TAX EXEMPT. You do not need to pay any taxes for selling securities as well.
Steps to Obtain status of International Financial Company
First of all, you need to make sure, which of the above mentioned companies are you representing. Brokerage Company? Investment Fund? a Credit Union? or what else? As it’s clarified, you need to follow two steps for status granting.
- Completed Company Formation Procedure
- Obtaining Confirmation for Operation from National Bank of Georgia
- Granting Status in Revenue House of Georgia
Application for Brokerage Company in Georgia
STEP1: Company Registration
To get Registered as a Brokerage Company in Georgia first of all you need to Register Company in Public Registry of Georgia. This is ordinary Company Formation Procedure. You can Find Details By Clicking Here. When you are seeking for this license you can have both LLC and JSC. You will probably go for Joint Stock Company Instead of Limited Liability one when you are planning to have international financial company, right? Procedure for Having JSC or LLC is quite similar, which you can find in our separate Blog HERE. However, if you still suffer from lack on information than here we are to Help you! This is our Mission. Book Your Free Consultation right now.
STEP2: Obtaining License from The National Bank of Georgia
- Confirmation of Company Formation
- Confirmation of Fee Payment. Administrative fee for the Application equals to 5000 GEL.
- The Certification that the governing body of any member and significant shareholder have not been convicted of serious or especially serious crime, financing of terrorism and / or money laundering or other economic crimes, the governing body of any member of the deprived not have a governing body with the right to participate and b Lo 5 years have been an administrative penalty for violation of securities laws on the rough;
- About the identification of the beneficiary owner of the brokerage company which directly or indirectly holds a significant share;
- Last year's or last half year's financial statements (depending on which's new), scould confirmed by the auditor. A person who addresses the National Bank of Georgia no later than half of his foundation will present the current balance sheet.
- It has the minimum amount of its initial capital set by the National Bank of Georgia. Which is 500 000 GEL set for Brokerage Company
- The members of his ruling body have the right education and / or experience.
STEP 3: Obraining the Status of International Financial Company from the Revenue House of Georgia
Application Package CheckList:
- Name of the enterprise and legal form
- The identification number of the enterprise
- Legal address of the enterprise
- The term of the status of the status (which may be indicated - "lifetime" or a specific year)
- Date of submission of application and signature of authorized representative.
- The document confirming the license of the activity shall be submitted together with the application.
CLICK ME for more details and find Article 2 after.
We will Plan For you Company Formation Procedure
All we need from you is just a passport and 1 free hour to be sign documents.
We will Plan For you License Application for National Bank of Georgia
We might need some supporting documentations to be prepared by your side. However, most of the documents we will prepare not bothering you. This is 30 days long procedure.
We will Plan For you Status Activation in Revenue House
Again, just your 1 hour presence will be needed here. The rest we will organize in advance.
