What EMI's for Georgia company setup?

[Spinat]

I know Transferwise and AdvCash for Georgia but what other EMI's are available for a Georgia company?

So far I have been looking at:

MisterTango
Leopay
Paxumbank
ePayments

But MT and ePayments rejected the account opening without any reason given.

It's a clean company with real docs and real business activity.

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[JohnLocke]

Looks like Paxumbank is out of question and ePayments sucks - hmmm wonder what is left after all 🙄

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[dvm]

ifspay.ge maybe?

blueweb said:
I know Transferwise and AdvCash for Georgia but what other EMI's are available for a Georgia company?

So far I have been looking at:

MisterTango
Leopay
Paxumbank
ePayments

But MT and ePayments rejected the account opening without any reason given.

It's a clean company with real docs and real business activity.
Click to expand...

 

[Spinat]

Thank you, do you have any experience with this provider?

They don't use any SSL certificate 😱 hmmm.. damn why is there always something when we find a service provider in Georgia.

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[dvm]

No, have never used them, but have been keeping them in mind for a while.

 

[Jonny Cage]

Keep away from ifspay.ge

Reason1- Their license in National Bank of Georgia is no more valid. It's been revoked in 2018

Reason2- My personal experience, some Russian client lost money with them. Asked us to help, but we could not as National Bank License was no active any more. So they said "we don't regulate them, so we don't get any responibilty" . It looks like classic scam

What we use is Paysera, Transferwise, Epayments
Some have been using also Mistertango, Bilderings and several others

 

[Spinat]

Jonny Cage said:
What we use is Paysera, Transferwise, Epayments
Some have been using also Mistertango, Bilderings and several others
Click to expand...

Yeah they all work for Georgia but it's a shame there isn't any real bank valid any longer in Georgia.

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[avalanche]

blueweb said:
Yeah they all work for Georgia but it's a shame there isn't any real bank valid any longer in Georgia.
Click to expand...

What about TBC? They were quite easy to open.

 

[avalanche]

blueweb said:
I know Transferwise and AdvCash for Georgia but what other EMI's are available for a Georgia company?

So far I have been looking at:

MisterTango
Leopay
Paxumbank
ePayments

But MT and ePayments rejected the account opening without any reason given.

It's a clean company with real docs and real business activity.
Click to expand...

Is TransferWise able to provide notarised statements regarding my Georgian company? My accountant told me that if an audit on my LLC happens, taxman would not be able to verify the transactions coming on my TransferWise business account (which could cause a lot of headache)

 

[Spinat]

avalanche said:
My accountant told me that if an audit on my LLC happens, taxman would not be able to verify the transactions coming on my TransferWise business account (which could cause a lot of headache)
Click to expand...

nahh I don't believe this to be true. But if so I will simply kill the Georgia company and get a new one later on.

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[avalanche]

blueweb said:
nahh I don't believe this to be true. But if so I will simply kill the Georgia company and get a new one later on.
Click to expand...

Can you kill it without paying fines? lol. Aren't you the director?

 

[Spinat]

And so what, do you think they will pursue it in my home country, I don't know if so I say good luck 😀

But to answer your question no transferwise don't provide such I'm sure and I didn't hear that any account ever had a problem like that. I manage a lot of different corps around Europe so it is a strange requirement your accountant say they have in Georgia. Maybe that's because 90% of the accountants there run their business from a Pizza Hut Restaurant.

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[avalanche]

blueweb said:
And so what, do you think they will pursue it in my home country, I don't know if so I say good luck 😀

But to answer your question no transferwise don't provide such I'm sure and I didn't hear that any account ever had a problem like that. I manage a lot of different corps around Europe so it is a strange requirement your accountant say they have in Georgia. Maybe that's because 90% of the accountants there run their business from a Pizza Hut Restaurant.
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Well if we think a little bit about it, how taxman can verify the transactions? Does TransferWise cooperate with taxman?

 

[Spinat]

well there are endless threads on this forum that claim TW don't apply with CRS as the time we speak here. Beside that, I'm sure they will if T-Man is requesting information like account statements from them.

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[avalanche]

blueweb said:
Yeah they all work for Georgia but it's a shame there isn't any real bank valid any longer in Georgia.
Click to expand...

By the way, what do you think of VTB Bank and Liberty Bank?

 

[dvm]

avalanche said:
By the way, what do you think of VTB Bank and Liberty Bank?
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Are you asking pertaining to business accounts? Neither of them opened a business for a Georgian company owned by a non-resident back in the summer.

 

[avalanche]

dvm said:
Are you asking pertaining to business accounts? Neither of them opened a business for a Georgian company owned by a non-resident back in the summer.
Click to expand...

Yes business account. I'm gonna try opening there soon 🙂 Wish me luck!

 

[dvm]

avalanche said:
Yes business account. I'm gonna try opening there soon 🙂 Wish me luck!
Click to expand...

Good luck! Please share your experience with us when you are done.

 

[avalanche]

dvm said:
Good luck! Please share your experience with us when you are done.
Click to expand...

Alright 🙂

 

[avalanche]

dvm said:
Good luck! Please share your experience with us when you are done.
Click to expand...

Getting rejected by all banks: ProCredit, Halyk, BoG, Basisbank (Basis never contacted me after application), Liberty keeps dragging: breaking their own promises to contact me multiple times already. Haven't tried VTB yet though.

Banking in Georgia sucks: even if your business is legitimate you would struggle with opening any bank account except for TBC. I guess that is the reason why TBC is getting all the business.

As a side note: that abysmal KYC practiced everywhere never ever stopped any major crime, it just makes life way more difficult for normal business people: HSBC became bank to drug cartels, pays big for lapses