Advanced Legal Consulting for Obtaining Georgia FIZ Crypto License
Operate a legal and trustworthy crypto business with the Georgia FIZ crypto license. Company formation and license obtainment in the shortest timeframe.
- 0% Corporate Income Tax
- Licensing in 2-3 days
- Low operational & maintenance costs
- Fastest crypto license in Asia
Legal experts in designing solutions for crypto licensing worldwide.
Blockchain enthusiast and expert on cryptocurrency and FinTech related laws.
Tbilisi Free Industrial Zone (Georgia FIZ) Crypto License - Key Facts
The Tbilisi Free Industrial Zone in Georgia is a special economic area with its own tax and regulatory regime designed to attract startups, including the ones involved in crypto, to the country. It is different from the Georgia VASP license, which is required in mainland Georgia. Crypto companies formed in the Tbilisi FIZ have the full right to operate with just a local license. The benefits of this license are the tax-free policy, fast obtainment process, and the absence of stringent and in-depth regulatory requirements.
Advantages of a crypto license in Georgia
Georgia FIZ crypto license is among the fastest crypto registrations to obtain in the world, as well as the fastest one in Asia. With LegalBison’s assistance, the application process takes around 3 weeks on average. Another crucial advantage is a 0% corporate income tax for crypto companies that offer their services outside Georgia. Consequently, the operational costs of running a Georgia FIZ company are also lower compared to other registrations, as the taxation on such companies is absent. At the same time, the Georgia FIZ license is enough to give your company full operational rights worldwide.
Crypto businesses covered by the Georgia Offshore license
Although different from the mainland VASP license, the Georgia FIZ crypto license allows for a vast range of crypto-related activities, including:
- Crypto-to-crypto exchanges
- Crypto-to-fiat exchanges
- Custodial services for digital assets
- Initial Token Offerings (ITO), Initial Coin Offerings (ICO), and related activities
- Crypto mining
The Tbilisi free zone is known for its low operational costs for businesses, especially compared to mainland Georgia: therefore, activities that require a lot of energy and resources, such as crypto mining, will not pose a threat to the company’s budget.
The requirements to get a crypto license in the Tbilisi Free International Zone
Before obtaining a Georgia FIZ crypto license, one must form a company. Company formation in Georgia is a key step to take that will open the doors to licensing applications for your startup. LegalBison assists clients with all the incorporation steps, including:
- A basic, short description of the company’s activities;
- Copies of identity documents of all the involved individuals;
- A legal address of the company in Georgia;
- Power of Attorney along with the full set of legal documents.
All these processes are considerably faster in reality than on paper when performed under the guidance of a competent lawyer. LegalBison’s team can accelerate the company incorporation and license obtainment in Georgia FIZ for your crypto startup.
Necessary documentation for a crypto company in the Georgia Free Zone
Forming a crypto company and licensing it in Georgia FIZ comes with an extensive set of legal documents that must be prepared in advance. These include, first and foremost, the basic paperwork set required to incorporate a legal entity, such as identity information (notarized passport copies) of the owners, shareholders, and directors, a business plan (a description of the planned activities), and a Power of Attorney.
The flip side of the coin is the website documentation package, which must also be drafted and prepared by a competent lawyer. LegalBison assists in preparing Terms and Conditions of Use, Privacy Policies according to the GDPR/CCPA, and Risk Disclosure Statements.
Crypto laws in Georgia
Georgia has two main licensing frameworks for blockchain companies: the mainland Georgia VASP license and the Georgia FIZ license. The VASP license is issued by the National Bank of Georgia, while the relevant crypto laws are enforced through the Financial Monitoring Service (FMS).
The legislative changes concerning virtual asset service providers (VASPs) came into force in Georgia on January 1, 2023. According to this law, all crypto actors in mainland Georgia must go through the VASP registration procedure with the National Bank.
For Free Industrial Zones (FIZs), no relevant crypto law has been introduced so far. Legal entities operating in the Tbilisi Free Zone may do so in compliance with the Law of Georgia on Free Industrial Zones.
Our crypto licensing services in the Tbilisi Free International Zone (Georgia)
Here is a preview of our service packages for setting up a crypto company in Georgia FIZ. Contact our consulting team for the updated pricing.
Legal experts in designing solutions for crypto licensing worldwide.
+44 20 4577 0974
Blockchain enthusiast and expert on cryptocurrency and FinTech related laws.
+44 20 4577 0974
The basic package to get started or run a simple operation.
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Company registration in the Tbilisi Free Zone
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Legal address registration
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Set of Apostilled corporate documents
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Assistance with the Georgia FIZ Crypto License application
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Drafted AML policies and procedures
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Legal documents package for your website
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HR assistance in recruiting an AML officer
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EU AML course with certificate
Our clients’ most trusted crypto license structure in Georgia FIZ.
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Company registration in the Tbilisi Free Zone
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Legal address registration
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Set of Apostilled corporate documents
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Assistance with the Georgia FIZ Crypto License application
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Drafted AML policies and procedures
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Legal documents package for your website
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HR assistance in recruiting an AML officer
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EU AML course with certificate
The full package to go the extra mile and ensure serenity.
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Company registration in the Tbilisi Free Zone
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Legal address registration
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Set of Apostilled corporate documents
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Assistance with the Georgia FIZ Crypto License application
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Drafted AML policies and procedures
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Legal documents package for your website
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HR assistance in recruiting an AML officer
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EU AML course with certificate
Stories of success achieved with LegalBison's assistance
As a result of the fruitful cooperation with LegalBison, Yellow Card obtained a VASP registration, fast and without any legal complications.
LegalBison helped us navigate a space that’s often uncertain and complex, which gave us the confidence to move forward with our project.
LegalBison excels at adapting to challenges and demonstrates a perfect understanding of our business needs.
Quick set-up and straightforward process. It was a smooth process, we are happy to have chosen LegalBison as our Partner for incorporations, globally.
I highly recommend Legal Bison to any entrepreneur or business seeking top-notch services for their company formation. Their commitment to excellence and customer satisfaction is truly commendable.
Very proactive, responsive, and able to provide solutions and advice. The firm is familiar with the new industry of blockchain and cryptocurrency
European banking with a Georgia FIZ Crypto License
Georgia is one of the most strategic locations for crypto business in the world. The country is known for its business-friendly approach and multiple incentives when it comes to blockchain development. The fact that crypto startups are allowed registration in the Tbilisi Free Zone further proves the country’s encouraging stance towards development and innovation in the crypto sector.
Set-up of an European payment agent for banking
What if your Georgia FIZ crypto company came with a bank account opened in a reputable jurisdiction?
This company, which can be registered in a low tax jurisdiction in Europe for example, will have for business activity the processing of payments for third party companies. Practically speaking, as this company can open a bank account and payment gateway account, it will be able to collect payments from the crypto licensed company’s activity, as well as make payments in fiat currencies on its behalf.
Start your offshore crypto business in Georgia Offshore
Experience the advantages of this offshore zone first-hand: zero-tax regime, minimal incorporation requirements, and the fastest licensing process in Asia. Reach out to LegalBison now to see how your project can benefit from the Georgia FIZ crypto license. The first consultation is free. We call you back.
International Crypto License in Georgia FIZ
Georgia FIZ has one of the fastest and most straightforward crypto licensing processes. The three components of the procedure include company (LLC) formation, registering a legal address, and submitting the FIZ license application. After this, the licensee must regularly meet ongoing obligations to stay compliant and preserve their license.
- Company formation process
- Licensing process
- Ongoing obligations
- Tax obligations
- Banking
Company formation in the Tbilisi Free International Zone
At the time of forming and submitting your licensing application along with the full legal documentation package, you must already have a legal entity formed in Georgia. On the licensing application, there are two types of companies you can choose from: a Limited Liability Company (LLC) and a Join Stock Company (JSC). Incorporating an LLC in Georgia is mandatory before applying for a crypto license in the Tbilisi FIZ.
An LLC company formation process in Georgia on average takes around a week once all the documents are submitted to the local authorities and the incorporation costs are paid. Once the company is registered and has its legal address in Georgia, you might move on to drafting and submitting the license application.
Licensing procedure for crypto companies in Georgia Offshore
Georgia FIZ has one of the lightest and most comprehensive licensing processes for crypto startups in the world. The whole process consists of company formation and licensing application and totals up to no more than 2-3 weeks on average. To acquire the Georgia FIZ crypto license, you will only need a basic set of documents such as Power of Attorney and notarized copies of passports of all beneficiary owners and directors. Other key benefits include:
- No AML/CFT compliance requirement & no AML Officer requirement;
- No physical office requirement, only a legal address;
- No share capital requirement.
These factors make the Georgia FIZ crypto license a fast and cost-effective solution both for experienced businesses and young startups. Once again, LegalBison can accelerate the process even further and fully undertake the incorporation and licensing procedures on your behalf.
Ongoing obligations of Georgia Offshore licensed crypto companies
Holding a crypto license in Georgia FIZ comes with ongoing obligations that need to be fulfilled. There are three main obligations if you want to continue your business operations under a Georgia FIZ license:
- Due diligence procedure once a year;
- Legal address renewal;
- Crypto license renewal.
A major part of obtaining and holding a Georgia FIZ crypto license is annual renewal. Once a year, it is mandatory to renew the company’s legal address in Georgia and the Free Zone crypto license for continued business operations. Although the process is obligatory, it is pretty straightforward and fast: to renew the legal address and the license a year after the company registration, it is enough to pay the renewal fee to the regulatory authority. No extra paperwork on the matter is required.
In order to renew your legal address and crypto license in Georgia FIZ, it’s enough to pay the renewal fee to the authority one year after registering the business. LegalBison communicates with the regulatory authority on the client’s behalf and takes care of the Georgia FIZ license renewal and all the necessary due diligence checks of each individual involved in the company.
Taxation of Georgia Offshore companies
The local taxation regime is one of the things that make Georgia FIZ an attractive licensing destination for young crypto startups. The corporate income tax is at 0%. Dividends are subjects to taxes, the rate is set at 15%. There is also a 0% VAT rate imposed on Georgian FIZ companies, which simplifies the export and transactions between companies.
Banking services for Georgia Offshore companies
As there is no share capital requirement for the Tbilisi FIZ license, the company is also not obliged to create a corporate bank account. However, if necessary, it is possible to open a bank account outside Georgia, as local banks do not provide services to the businesses registered in the FIZ.
Upon your request, LegalBison will choose the best jurisdiction for opening a bank account for your company, taking into account such factors as your corporate expenses and business needs.
We will consult you on Georgia Offshore license for free
Find out whether this jurisdiction is suitable for your crypto business. Book a free video call with a team of lawyers who will answer all your questions about the Georgia FIZ crypto license.
Alternatives to a crypto license in Georgia FIZ
Our team has curated the following jurisdictions as being worthy alternatives to a crypto licensed company in the Tbilisi Free International Zone.
Crypto License in Georgia
on request-
Fast crypto licensing
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Simple framework
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Free Zone advantages
Crypto License in Anjouan
on request-
Very fast licensing process
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Low requirements
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Recognized by banking institutions
Crypto License in Kyrgyzstan
on request-
Straightforward regulation
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Low local requirements
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Fast VASP set-up
Crypto License in El Salvador
on request-
Bitcoin is legal tender
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Pro-crypto regulations
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High reputation
Crypto License in Dubai VARA
on request-
One of the best reputed license
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High range of crypto activities
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Dedicated regulator
About the Crypto License in Georgia Offshore
Mainland Georgia is not tax-free but the Tbilisi Free Industrial Zone is. The companies registered in the Tbilisi FIZ don’t have to pay a corporate income tax unless they distribute dividends, in which case the tax rate is 15%. There is also no VAT applied to exports or transactions and no property taxes on assets located in the FIZ.
The average duration of the process is 5-7 days for LLC company formation in Georgia and around 1-2 weeks for the license application and obtainment procedure. Of course, the process is sped up significantly when you use the assistance of a competent lawyer, such as one of the experts from LegalBison.
A year after the initial license obtainment, you must renew both the license and the legal address of your company. This is done by paying the renewal fee to the regulatory authority. There is also the requirement to perform an annual due diligence check on all individuals involved in the company.
Yes, it is allowed to offer crypto-related services to clients outside the Tbilisi FIZ, as the license allows for cross-border operations, especially those involved with blockchain activities.
Companies are not obligated to open corporate bank accounts. At the same time, if there is a need for one, it must be opened outside Georgia as local banks do not cooperate with FIZ-registered companies.
Start your crypto company in Georgia Offshore today
Request a customized quotation to get a crypto license in Georgia FIZ.
Our legal team will arrange a free primary consultation to guide you on the company formation and licensing application steps. Send a request now and get an answer within the next 24 business hours.
Legal experts in designing solutions for crypto licensing worldwide.
Blockchain enthusiast and expert on cryptocurrency and FinTech related laws.