Bank account for Georgian company

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MrTony

MrTony

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Dec 14, 2017
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Hi!


Maybe someone has experienced by opening a bank account for Georgian IT company in the banks, which is not located in Georgia.

If someone has such experience please share.
 
You would need to get paperwork translated, certified etc. Do you really want to do through all that? Plus Georgia is on blocked list for some banks sadly.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
I have a client with Georgian Ltd. We tried open bank acc. remotely in EU with Wirecard and Handelsbank. Wirecard in the process of KYC (250 Euro fees), other banks in EU said they work only with EU companies or business shall be connected with their country (ING BANK ) or ask a deposits (Bendura, Vontobel).
Anyway you can try with CIM bank (but soon they will ask economic substance), Handelsbank can accept case-to-case or overseas banks: Boslil Bank, Paxum Bank (they work with GE) or emi.

Local banks in Georgia ask substance and business operation inside (BOG and TBC)

finally we opened with Satchel Pay and TW and Silk Road Bank of Georgia
now in the process with Wirecard Bank AG.
 
happyjohn said:
happyjohn said:
What countries for example?
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Click to expand...

btw I said "banks". Barclays Jersey and BNP Paribas Luxembourg don't do Georgia those are the ones of the top of my head. Banks will look at you like - ns2 if you walk in with a Georgia company.

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yes we know about it, they have on this moment restrictions but as they said in 2 weeks all will be ok
anyway I don't know options better right now except of TW and Satchel for GE co (without crazy fees).
 
So TW accept Georgian companies?

btw Do they accept Georgian residents?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Anny08 said:
Anny08 said:
yes we know about it, they have on this moment restrictions but as they said in 2 weeks all will be ok
anyway I don't know options better right now except of TW and Satchel for GE co (without crazy fees).
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I think Vialet is better if choose from Lithuanian companies.
 
CIM Bank
Banks in Belarus
Banks in Kazakhstan
Banks in Turkey
In Serbia
TW
Paysera

Have experience in all of those. they are fine wi GE companies
 
Jonny Cage said:
Jonny Cage said:
CIM Bank
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Click to expand...
Really? CIM bank does accept Georgia companies?

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I'm postive. I've opend myself for 3 companies in last 3 months.
Trading
Ship management
Logistic
 
Anny08 said:
Anny08 said:
finally we opened with Satchel Pay and TW and Silk Road Bank of Georgia
Click to expand...
Click to expand...

Does Silk Road Bank of Georgia allow transactions in currencies other than GEL (Georgian currency - Lari)? I spoke with them back in July 2019 and they had that restriction at the time.
 
dvm said:
dvm said:
Does Silk Road Bank of Georgia allow transactions in currencies other than GEL (Georgian currency - Lari)? I spoke with them back in July 2019 and they had that restriction at the time.
Click to expand...
Click to expand...
Silk Road has a problems with international payments since July 2019 and still not resolve it. So, we're waiting for a results and hope on progress by the October 2019
 
Anny08 said:
Anny08 said:
I have a client with Georgian Ltd. We tried open bank acc. remotely in EU with Wirecard and Handelsbank. Wirecard in the process of KYC (250 Euro fees), other banks in EU said they work only with EU companies or business shall be connected with their country (ING BANK ) or ask a deposits (Bendura, Vontobel).
Anyway you can try with CIM bank (but soon they will ask economic substance), Handelsbank can accept case-to-case or overseas banks: Boslil Bank, Paxum Bank (they work with GE) or emi.
[...]
Click to expand...
Click to expand...

How much did the Bendura asked for initial deposit?

Martin Everson said:
Martin Everson said:
btw I said "banks". Barclays Jersey and BNP Paribas Luxembourg don't do Georgia those are the ones of the top of my head. Banks will look at you like - ns2 if you walk in with a Georgia company.
Click to expand...
Click to expand...

Barclays Jersey require min. €5 million turnover before they can even consider your business.
 
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