Bank account for Georgian company

[avalanche]

therealmarv said:
I heard about Germans (I don't know such fools personally) who only open a bank account in Georgia to hide their money there because they think: No CRS and reporting, my money is invisible.
I bet my a*s they will get in trouble in some years. Such fools are also hurting in long term the reputation of Georgia and their banking sector... so I would rather say it is in long-term interest for Georgia to be a little bit more transparent.
Somewhere else I've read that Georgia already signed CRS but it is only not applied nowadays.

Also don't forget about cooperation on manual look up and information exchange which is also often written in double tax treaties. It's no automatic exchange but some people also forget about that.
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Georgian banks dont really request for the tax ID, so basically they wont have anybody specific to report about.
They might ask for the ID later down the road (if CRS starts taking force in there) but I guess at this stage people can breathe safely.

 

[JohnLocke]

I'm sure Georgia will follow the rest of Europe sooner or later (I know they are not Europe) as the USA and governments worldwide will put presure on them.

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[dvm]

avalanche said:
Georgian banks dont really request for the tax ID, so basically they wont have anybody specific to report about.
They might ask for the ID later down the road (if CRS starts taking force in there) but I guess at this stage people can breathe safely.
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I've been always wondering if asking the tax ID explicitly is really necessary to track someone down. Technically, your passport number should be sufficient for the government of your country to get all information about you, including the tax ID.

 

[avalanche]

dvm said:
I've been always wondering if asking the tax ID explicitly is really necessary to track someone down. Technically, your passport number should be sufficient for the government of your country to get all information about you, including the tax ID.
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Yeah right

 

[Martin Everson]

dvm said:
I've been always wondering if asking the tax ID explicitly is really necessary to track someone down.
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It is a nice to have but not required for an exchange of information to happen under CRS. You won't find a bank refusing or failing to hand over data because they don't have a Tax ID for that client. Especially when they know where the client is resident.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[dvm]

Jonny Cage said:
I'm postive. I've opend myself for 3 companies in last 3 months.
Trading
Ship management
Logistic
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Is it possible to open an account for a Georgian company in CIM remotely?

 

[Flatworld]

dvm said:
Is it possible to open an account for a Georgian company in CIM remotely?
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I think it's possible~

 

[Jonny Cage]

dvm said:
Is it possible to open an account for a Georgian company in CIM remotely?
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Yes. But from November CIM will demand all clients to have/create economic substance in the country of registration

 

[Martin Everson]

Jonny Cage said:
Yes. But from November CIM will demand all clients to have/create economic substance in the country of registration
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Is this what CIM had said to you? Thats an interesting development I guess.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[orangeye]

Jonny Cage said:
Yes. But from November CIM will demand all clients to have/create economic substance in the country of registration
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can we open an account for a BVI company with CIM Bank if we setup something with conomic substance, what does this term covers?

 

[Jonny Cage]

Martin Everson said:
Is this what CIM had said to you? Thats an interesting development I guess.
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Yes that's what we knew from CIM Bank manager for already a month . Plus they already requested to present substance to one client of ours.

orangeye said:
can we open an account for a BVI company with CIM Bank if we setup something with conomic substance, what does this term covers?
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Not sure. Never tried any classic offshore jurisdiction in CIM.

 

[Martin Everson]

orangeye said:
can we open an account for a BVI company with CIM Bank if we setup something with conomic substance, what does this term covers?
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Even as far back as 2016 CIM did not take any offshore companies. The list of countries they gave me only had RAK listed and rest where typical onshore stuff. My banker there also warned me they typically dont have any clients greater than 600,000 chf in size. Maybe things have changed now.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.