THE WORLD'S FASTEST & LOW-PRICED FULLY REGULATED & SUPERVISED ASSET MANAGEMENT LICENSE GRANTED BY THE NATIONAL BANK OF GEORGIA ASSET MANAGEMENT WITHOUT FRONTIERS. THE ONLY FULLY-REGULATED LICENSE WITH FAST TURNAROUND & FLEXIBLE CAPITAL REQUIREMENTS.
Asset & Portfolio Management, Brokerage and the Banking Business in general require a license in the Republic of Georgia. Our firm Global Money Consultants S.A. will set-up for you a suitable domestic (onshore) company in Georgia. Our legal partners will prepare the required full paperwork in order to receive the official license to act as an Asset Management & Portfolio Management Company (with its owned Mutual Investment Fund) worldwide. This license should be granted by the National Bank of Georgia, which is the Central Bank of the country. This state-issued license & business permission should be enabling you to conduct many activities related to taking deposits from 3rd parties; offering managed accounts in FX, CFDS, Commodities, Indices; consulting on securities issuance; money raising; managing investment portfolios; distribution of securities for issuers etc.
For those who wish only to manage funds, take customers' deposits and trade on their behalf we propose an Asset Management licensed-company in Georgia, it is less complicated with a faster approval time and less monthly reporting issues. But the option to trade via mandate on accounts or let customers execute trades for/by themselves, then the Brokerage License is what you are looking for (please read here in this site about Licensed Brokerage Companies about permitted activities).
You can definitely enjoy financial flexibility and freedom in Georgia. There is no paid-up capital requirement. You will have to prove within 12 months after obtaining the license that your Asset Management Company holds at least US$250,000 of clients' funds under mandate. These funds are not going to be blocked and may be used and taken for the business, just to be shown once to the National Bank of Georgia which is the regulator of these entities.
The best advantage to proceed for a Georgian Brokerage License are the banking facilities our firm Global Money Consultants S.A.should provide you. First class banks with their own IBAN bank account numbers for your licensed entity. We open two Bank Accounts without traveling to Georgia through our lawyers there with local Banks (including the Bank of Georgia). DigiPass, online credentials and credit cards will be sent to you as their Sole Signatory to the accounts (all in sealed envelopes via courier service). These Bank Accounts permit Third Party Funding since your company will be fully regulated. You can pay Liquidity Providers, brokers, clearing companies and your customers through these accounts. Your counterparts will surely appreciate this facility and allow smooth working without Money Laundering concerns that often destroy these days priceless business (and other) relationships.
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 asset & portfolio management activities
- Georgia benefits from an excellent reputation as a modern financial market place, that allows even offshore clients
- Minimum requirements for offices, directors and staff (which also are very low cost-priced)
- Clients of your AM 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
- The World Economic Forum's Global Competitiveness Report ranked Georgia #9 among low tax economies worldwide. The Report emphasizes the simplicity and reliability of the Georgian tax system.
- Georgia doesn't have restrictions for currency convertibility or repatriation of capital & profits
- According to Global Corruption Barometer of Transparency International, 0% of interviewed parties reported paying any bribes to the tax authorities in Georgia
ADVANTAGES OF GEORGIA ASSET MANAGEMENT LICENSES
- Fast turnaround. License is granted usually within 40-60 calendar days
- License granted by the National Bank of Georgia
- Friendly regulatory regime
- Minimal operating costs
- Minimum GEL500,000 (approximately €165,000 at today's conversion rate) paid-in capital, which should be payable immediately after this license is being granted by the National Bank of Georgia. These funds could be used for general corporate purposes, however, they need to be topped-up every quarter (at a minimum of GEL500,000)
- Georgia belongs to the IBAN/BIC system
- No need for a fully-equipped office there
- No need for a certain number of local staff to be employed, no need for a compliance officer
- Binary Options permitted. Almost impossible even for regulated entities in the European Union
- Local Director will be provided to support with tax, reporting, bank account opening and on-going support
- No taxation of re-invested profits (into another company abroad, in Georgia, or within the company)
- Low taxation (20%) for profit pay-out to the Ultimate Beneficial Owner's private bank account (this could be drastically reduced by paying external suppliers locally or abroad)
APPLICANTS' REQUIREMENTS TO OBTAIN THE LICENSE (*)
- 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, an FX expert, custodian trustee, investment banker, fund manager etc (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)
(*) All above to be couriered to Georgia to our attorneys
- Taking deposits from 3rd parties
- Providing direct consultations to investors/clients on investments, including issues concerning the price of securities, investment in securities, buying/selling of securities, as well as related foreign exchange transactions
- Consulting on securities' issuance and money raising services
- Arranging and carrying-out distribution of issuer's securities on a non-guaranteed basis
- Receiving & transmitting clients' orders in connection to securities; effecting transactions in securities for clients' account, with clients' funds
- Managing clients' investment portfolios and funds allocated for operations in securities
- Holding clients' investment funds and/or securities, providing safekeeping, custody and nominee services for securities
- Effecting transactions in securities for their own account and with their own funds (proprietary trading)
- Arranging and carrying-out distribution of issuer's securities on a guaranteed basis
- Loaning securities to and borrowing securities from clients, as well as using their own funds to acquire securities for clients, engaging in short selling etc
HOW TO PROCEED FOR THE COMPANY & THE LICENSE IN GEORGIA
Step #1: Setting-up applicable documents
Submit a simple high resolution passport copy scan & your address proof to our email@example.com. Then, our Georgian lawyers will prepare the Power of Attorney. With this POA and your passport you visit your local Notary Public and certify your signature, by undersigning in the presence of your NP. Arrange Apostille for the passport's notarization and apply for the Police Clearance Certificate (with Apostille too). Courier all to the designated address we will provide in due course (including copies of certificates, reference letters, diplomas etc).
Step #2: Company incorporation and set-up of documents
It takes approximately one week for the company to be formed. We will provide a 2nd Director for your company. This "Nominee" Director should be responsible for the opening of Bank Accounts and also fulfill the regulatory requirement that at least one member of the Board of Directors resides at least fourteen days per month in Georgia. The Step #2 includes also everything to apply for the license; all company, regulatory documentation; renting the small office space; etc. All these activities should be conducted in Georgian language
Step #3: Application to the National Bank of Georgia to obtain the license
Your application will be submitted to the National Bank of Georgia. It usually takes up to 3 weeks to obtain.
Step #4: License's Approval - Account opening for the licensed entity
Our attorneys will pick-up the issued licenses/permissions for you. The 2nd Director will open the bank accounts and submit all codes, credit cards, online banking co-ordinates etc in sealed envelopes via courier to you
Step #5: Appointment of Tax Advisor & Accountant
To be able to fulfill the regulatory requirements a monthly reporting to the National Bank of Georgia needs to be done by a certified accountant in Georgia in Georgian language. Also a Tax Advisor will be appointed for you.
Step #6: Ready
PRICING & SERVICE FEES
Full Asset & Portfolio Management License package including company, documents set-up, licensing support, bank account openings, office address, VAT €24,950.00 (*).
It includes company formation (remotely); Power of Attorney to set-up company without traveling; Power of Attorney to launch application and correspondence; on-going correspondence with the National Bank of Georgia; Registered Office fee for the 1st year; shareholder/owner declaration; appointment of director(s); all translations; all licensing procedure from A to Z; appointment of tax advisor, accountant, 2nd director etc; opening of two bank accounts in Georgia etc
(*) Our company holds your funds "in escrow" and will only pay our Georgian partners when your business license as an AM institute has been issued successfully!
On-going costs for the 2nd Year (and subsequent years) & Monthly
Georgian 2nd Director - €2,500.00 annually
Registered Office Address - €1,000.00 annually
Accounting & Monthly Reporting - from €300.00 per month (and onward depending on volume)
Introduction to Payment Provider in Asia (Hong Kong & Indonesia) for Merchant Account facility (*) - Free
Introduction to Payment Service Provider in Czech Republic for low-cost SEPA payments (*) - Free
(*) Both providers are regulated. You will be able to do co-branding via VISA in Hong Kong and receive customers' funds in Asia through corresponding Banks (Cathay Pacific & Bank Sinarmas)