Bank account for Georgian company

[avalanche]

Georgian banks dont really request for the tax ID, so basically they wont have anybody specific︂ to report about.
They might ask for the ID later down the road (if CRS︃ 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.

 

[dvm]

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]

Yeah right

 

[Martin Everson]

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.

 

[dvm]

Is it possible to open an account for‍ a Georgian company in CIM remotely?

 

[Flatworld]

I think it's possible~

 

[Jonny Cage]

Yes. But from November CIM will demand all clients to have/create‍ economic substance in the country of registration

 

[Martin Everson]

Is this what CIM had said‍ to you? Thats an interesting development I guess.

 

[orangeye]

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]

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.

Not sure. Never tried any classic offshore jurisdiction in CIM.

 

[Martin Everson]

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.