Georgia (country) business account

[Xerkki]

Hi everyone.

I was wondering if anyone of you have experience about the business banking in Georgia?
Bank of Georgia, Liberty Bank and TBC Bank seemed to be ok but how is it? Are they?

I´ve heard that bank account opening in Georgia is easy, fast and account maintenances affordable.
Is there anyone who can recommend some lawyers etc to open company account in Georgia with Power of Attorney?
Company itself is US non resident offshore company.

Thank you for your answers.

 

[JohnSeed]

The banks in Georgia are good but you want to visit the bank to setup the account. The company can be setup remote but again personal visit will make it easier for you to get it all setup within a few days.

There was used to be some around here with that service in their signatures but I think they are gone from the forum or at least they were not able to pay the mentor group subscription to keep their advertising there.

 

[traveller79]

How about recent experience with opening business accounts in Georgia? Do they easily open for non-resident companies, let say from UK, US, Russia, Ukraine, HK, Montenegro?

It would be interesting to have business accounts in the same bank for many companies from different parts of the world, to make the money transfers between them quicker and cheaper.. but difficult to find EU banks that open accounts for businesses registered in "exotic countries"..

 

[Xerkki]

traveller79 said:
How about recent experience with opening business accounts in Georgia? Do they easily open for non-resident companies, let say from UK, US, Russia, Ukraine, HK, Montenegro?

It would be interesting to have business accounts in the same bank for many companies from different parts of the world, to make the money transfers between them quicker and cheaper.. but difficult to find EU banks that open accounts for businesses registered in "exotic countries"..
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Have you tried Maltese and Cyprus banks?

 

[Xerkki]

We have some business in southeast Asia. Is the Metrobank in Philippines willing to open business accounts for foreign offshore companies?

 

[Offshorenerd]

I live in Georgia and run several company's. Georgian Banks no longer open business accounts for foreign company's. Personal accounts however remain easy and can be opened remotely.

 

[kswms2003]

Offshorenerd said:
I live in Georgia and run several company's. Georgian Banks no longer open business accounts for foreign company's. Personal accounts however remain easy and can be opened remotely.
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Which banks in Georgia are now opening personal accounts remotely? Are they opening personal accounts remotely for residents only or are they opening remote accounts for non residents such as US citizens?

 

[Offshorenerd]

TBC and Bank of Georgia will open accounts remotely, even for foreigners/ non residents. Cant say about US citizens though, its always a complicated issue as you know.

 

[Clip]

Offshorenerd said:
TBC and Bank of Georgia will open accounts remotely, even for foreigners/ non residents.
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Really? What do you need?

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[cyprus123]

Without a strong bond (clients, suppliers, staff) in Georgia no bank in Georgia will open a business account for your foreign entity. Liberty Bank does not consider foreign entities (and UBOs) at all.

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https://virtualzonegeorgia.com/

 

[kswms2003]

Offshorenerd said:
TBC and Bank of Georgia will open accounts remotely, even for foreigners/ non residents. Cant say about US citizens though, its always a complicated issue as you know.
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Very true as it relates to US citizens. I will contact the banks to inquire. Thanks for your insight on this matter.

 

[Offshorenerd]

GiGoGo said:
Really? What do you need?
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The person opening the account for you needs a power of attorney from you plus a copy of your passport and signature sample, both notarized/apostilled.

 

[JohnLocke]

Offshorenerd said:
I live in Georgia and run several company's. Georgian Banks no longer open business accounts for foreign company's. Personal accounts however remain easy and can be opened remotely.
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What about foreign owned Georgia companies, is this still possible? I mean do you know if it is possible?

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[Offshorenerd]

Yes Georgian foreign owned company's can be started remotely and can get Georgian Bank accounts.
But you have to be able to explain that you will have Business in Georgia or any other connections to Georgia, such as employees or suppliers in most banks during KYC

 

[dvm]

Offshorenerd said:
Georgian Banks no longer open business accounts for foreign company's.
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Second that. They are even reluctant to open accounts for Georgian companies belonging to foreigners.

 

[JohnLocke]

Does this apply also if you are going to Georgia and visit the bank in person including all your documents etc. in your hands?

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[Offshorenerd]

Yes its because of some new regulations that Georgian Banks don't want to open corporate accounts for foreign entity's. Doesn't matter if you show up in person or not.

 

[dvm]

Admin said:
Does this apply also if you are going to Georgia and visit the bank in person including all your documents etc. in your hands?
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If your company's activity is not connected with Georgia - do not waste your time on Georgia, you most likely won't be able to open an account there. Moreover, Georgian banks started to close accounts of existing companies without substance these days. They even close accounts of companies from the virtual IT zone, obviously having no clue what the word "virtual" in the name means.

 

[JohnLocke]

dvm said:
If your company's activity is not connected with Georgia - do not waste your time on Georgia, you most likely won't be able to open an account there. Moreover, Georgian banks started to close accounts of existing companies without substance these days. They even close accounts of companies from the virtual IT zone, obviously having no clue what the word "virtual" in the name means.
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I already see this coming, there was all the hype around Georgia last year on OffshoreCorpTalk, there was one fantastic story after the other here where people found the holy grale in Georgia for the perfect setup.

It's sad that this was another case of hot air.

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[Offshorenerd]

While it is true, that getting an account with a Georgian bank if your business is not connected to Georgia can be difficult there is alternatives that function really well, such as Paysera and Transferwise.

For one of my companys I opened a TBC account which got shut down after receiving my first transaction from a client in the EU. I then switched to Paysera which has been working just fine and after paying some salarys of Georgian employees I could show connection to Georgia and open an account with Bank of Georgia which is still fully operational.