Republic of Georgia company and EMI's - this is how it works.

[Spinat]

I have setup a few companies in Georgia in order to test what is possible and what is just pure nonsense.

From what I can tell you know is that the following EMI's and Banks have accepted my Georgia company to accept payments.

It's obvious that we speak about business bank accounts and not personal accounts 🙂

Transfer Wise boarderless
It is required to setup a personal account first using your passport, utility bill and do the video verification. Depending on if you are from an EU country and which country you are from it takes only 10 - 15 minutes to have a valid personal TransferWise account opened with them. After the personal account is setup you are going to tick OPEN BUSINESS ACCOUNT so you submit your documents there, my Georgia company had only 2 documents:

• Charter/Partner's Agreement for the Limited Liability Company
• Extract from the company registry

With these two documents and a link to the public registry of companies in the Republic of Georgia I was able to open the business bank account. They had only two additional questions:

• What is the activity of the company, please provide detailed description
• From where are you doing business, is that from Georgia or from your home country

I told them what I'm doing and that it is a consultancy business I'm into, so I told them that I do business from my home country and not from Georgia, the Georgia company was just a shell.

After 4 - 7 business days I got the e-mail that they approved my business 🙂

PaySera
As you may see from the below exact same procedure as above.
It is required to setup a personal account first using your passport, utility bill and do the video verification. Depending on if you are from an EU country and which country you are from it takes only 10 - 15 minutes to have a valid personal TransferWise account opened with them.

After the personal account is setup you are going to tick OPEN BUSINESS ACCOUNT so you submit your documents there, my Georgia company had only 2 documents:

• Charter/Partner's Agreement for the Limited Liability Company
• Extract from the company registry

With these two documents and a link to the public registry of companies in the Republic of Georgia I was able to open the business bank account. They had only two additional questions:

• What is the activity of the company, please provide detailed description
• From where are you doing business, is that from Georgia or from your home country

I told them what I'm doing and that it is a consultancy business I'm into, so I told them that I do business from my home country and not from Georgia, the Georgia company was just a shell.

After 4 - 7 business days I got the e-mail that they approved my business 🙂

It is exact the same thing as with the TransferWise and I bed the same as with any EMI, they have all the same procedures, ePayments is an exception they suck big times and you are wasting your time, let it be said, they will never open an account for you.

CIM Banque
This one is different, you have to signup online for their "account opening DESK" a simple platform where you can communicate with the CIM Bankers. It takes a few minutes and you are good to upload your documents, complete the KYC form online and to provide an comprehensive business description.

After you have complete all this you will get a mail from CIM Bank that you will be contacted by your personal banker 🙂 After a few days he will write an e-mail and you schedule a time that suites you for a phone or video call, I did a simple phone call. This is only about who you are why you choose the bank, what you will use your account for and to explain what business you are into. Simple questions nothing strange.

After the phone call you are going to upload your documents, passport, utility bill, corporate documents, business description and a KYC form.

So it take them some time, in my case 10 business days and they send me an e-mail congrats you are now a customer with account details.

FYI
I will update this thread as I go with more EMI's and more information on each of the process. It's interesting to learn for everyone how things work and if they work or if the majority of people is full of BS.

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[Jillinger]

What service did you use to register the company? Do they check criminal record when opening the company in Georgia?

 

[Spinat]

I did it myself no need for any service to open an account with any of these 3. I will update the list in a few days with even more options.

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[Jillinger]

blueweb said:
I did it myself no need for any service to open an account with any of these 3. I will update the list in a few days with even more options.
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I mean the company registration, did you use a registrar? Also if anybody knows, who are the reliable registrars in Tbilisi?

 

[JohnSeed]

There is no reliable but there are a few around here on the forum as I see, and some sort of woman that reply to emails every 2 - 3 days. Use Google to search the forum for Georgia company and you can see a few self promo threads 😀

 

[JohnLocke]

There are most often only e-mail addresses that are shared on this forum. On my list (see signature) of service providers you can find one or two for Georgia. I have been using them and they delivered as promised.

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[Traveler]

Has anyone managed to open a corporate account at any of the local banks recently, or is it pretty much the case of "Not a citizen? The door is over there!" these days?

I'm starting a perfectly legitimate business and would've thought that the fact that I have an office, employees, a website, etc. would help, but despite all that (as well 2 years of history in personal banking), Bank of Georgia still said "thanks, but no thanks". Same with Libery Bank. Not even going to try TBC, as I'd rather take a no than have the account opened, only to get frozen after the first incoming transaction.

Otherwise, the likes of Transferwise are perfect, but the annoying thing is payroll taxes, which can apparently only be paid through a local bank account.

 

[dlttrading]

payroll taxes mostly can also be done via your local accountant. In worst case he can bring the taxes and duties directly in cash to tax department (just pay him for this extra service). There is no legal requierement to have local bank account in most countries.
You can probably pay your accountand directly in cash, card, wire or even btc .
I would not care about this. Just use easy going EMI´s and give a s**t about banks who don´t colaborate with you

 

[JohnLocke]

Does that mean they accept cash at the counter of the tax office? 🙂

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[dlttrading]

In Cyprus they do, in Germany I think also,

 

[billythepool]

blueweb said:
CIM Banque
This one is different, you have to signup online for their "account opening DESK" a simple platform where you can communicate with the CIM Bankers. It takes a few minutes and you are good to upload your documents, complete the KYC form online and to provide an comprehensive business description.

After you have complete all this you will get a mail from CIM Bank that you will be contacted by your personal banker 🙂 After a few days he will write an e-mail and you schedule a time that suites you for a phone or video call, I did a simple phone call. This is only about who you are why you choose the bank, what you will use your account for and to explain what business you are into. Simple questions nothing strange.

After the phone call you are going to upload your documents, passport, utility bill, corporate documents, business description and a KYC form.

So it take them some time, in my case 10 business days and they send me an e-mail congrats you are now a customer with account details.
Click to expand...

OP, thank you for the post and the information.

From my own experiences of introducing customers to CIM Banque, each of them got video calls instead of a phone call. I guess because of using darks, it's easier to get CIM Banque accounts setup through a phone call instead? Did you personally request for a phone call, or you were offered with choices?