Georgia - bank account requirement?

[blockchain4ever]

Is a bank account a requirement for opening a company in Georgia?

 

[Spinat]

have you read somewhere it is? I have searched Google but can't find anything about it?

Toggle signature
Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
Contact

 

[blockchain4ever]

blueweb said:
have you read somewhere it is? I have searched Google but can't find anything about it?
Click to expand...

The reason I ask is that it's often a requirement (except for offshore, but Georgia isn't offshore), and I haven't found a web site that contains good information. Most websites that offer Georgia are generic offshore websites that I don't trust.

 

[Nyep]

A bank account can't be a requirement in order to open a company. Banks will only open accounts for companies AFTER they're established, with the appropriate documentation.

 

[Samuel Newman]

Nyep said:
A bank account can't be a requirement in order to open a company. Banks will only open accounts for companies AFTER they're established, with the appropriate documentation.
Click to expand...

in some countries (Poland as example) bank account might be opened in the middle of incorporation process, because you need to deposit share capital to finish incorporation,
but it's not necessary for Georgia

 

[blockchain4ever]

Samuel Newman said:
in some countries (Poland as example) bank account might be opened in the middle of incorporation process, because you need to deposit share capital to finish incorporation,
but it's not necessary for Georgia
Click to expand...

Exactly. A bank account might be required to certify that the share capital has been paid up. In this case the bank account is frozen until the incorporation has happened or some time has passed.

Thanks for the info Samuel.

 

[David97255]

Same in France, you need to deposit capital to complete the process of corporate incorporation... Depends of the country.

Toggle signature
Scammed people on the forum!

 

[7889]

Pay attention if you're looking at regular Georgia companies or ones established in so called free economy areas (city of Tbilisi and city of Poti). Latter are de facto offshore and are very easy to set up, certainly no need (and no way) to open bank account prior to registration, but once established any georgian bank will open account for it without problems.

 

[blockchain4ever]

7889 said:
Pay attention if you're looking at regular Georgia companies or ones established in so called free economy areas (city of Tbilisi and city of Poti). Latter are de facto offshore and are very easy to set up, certainly no need (and no way) to open bank account prior to registration, but once established any georgian bank will open account for it without problems.
Click to expand...

I was actually looking at something in-between. Namely the Virtual Free Zone which seems to be an after-the-fact registration of the company.

 

[7889]

I was actually looking at something in-between. Namely the Virtual Free Zone which seems to be an after-the-fact registration of the company.
Click to expand...

I'm not sure i'm following. All you have to do is choose the area where you wish to set up the company (Tbilisi or Poti), then choose a type of license you need (Service company or Trading company), contact a lawyer and provide him with a power of Attorney. Thn after few days you pay the fees and get registration papers. Company license should be paid annualy. Then you can proceed with bank account opening.
Bear in mind, company register in Georgia is public, and all information about company owners can be easily retrieved online.

 

[Martin Everson]

Poti Freezone is best and most credible in Georgia.

Home

"The Poti Free Industrial Zone (Poti FIZ), the first free industrial zone in the region, is owned by CEFC Euro-Asian (75%), Georgian Government, Ministry of Economics (10%) and by the Government Agency of the Emirate of Ras Al Khaimah Investment Authority (RAKIA), U.A.E. (15%)."

The Tbilisi freezone is operated by BitFury who run mining rigs out of Georgia due to cheap hydro electricity and basically operate tax free. The actual operation of the zone for other people seems a secondary unimportant activity to them hence why I won't bother with them and prefer Poti.

Home

Once you setup the company opening a local bank account is no issue. Just travel there present passport and docs and account is opened. Things may have changed since 2016 however so my info is old now.🙁

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