Looking at opening a bank account for a company in these locations. Does anyone have any experiences or knowledge with banking in the countries above? Regards.
Belarus, Armenia or Kazakhstan bank account
- Thread starter Macr2
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Guys, yesterday I was personally in Armenia and visited AMERIA bank, which is said to be easy to open an account with and now I am in Georgia and visited VTB.
Unfortunately, unless you have some business activity in these counties - you won't be able to open an account for your company. So if you have a pure offshore company, without any office in the country of the bank account - IT IS NOT POSSIBLE. Don't waste your time... It seems like now there is a really huge fight with money laundering.
So unless you have an old company with good history etc and︀ or unless you are presented on the market of these countries there is no other︁ way to open an account for a pure offshore company.
And it would be probably︂ same with the rest of the countries who are in CRS agreement. There is a︃ huge pressure from the corresponding banks in EU and USA. They would not let the︄ payment go though and will cause many problems... So its not that Armenia or Georgia︅ don't want to open an account. They just realize that if the company is not︆ somehow showing that is a real "white" company with strong business intentions the will have︇ many problems with the Central Bank and with the Corr banks. They can even get︈ banned and lose their banking license like the Latvian ABLV. So everyone now is really︉ paranoid here...
So either you show a ton of documents to prove that you are︊ real and serious (contracts with partners and subcontractors, rent agreements, labor contracts... prove the structure︋ and the show that your business is real and profitable)... Thats really sad... because if︌ you are just a new start up its almost impossible to have all that documentation...︍ Thanks to the money laundering business now we have this pain in the a*s..
Unfortunately, unless you have some business activity in these counties - you won't be able to open an account for your company. So if you have a pure offshore company, without any office in the country of the bank account - IT IS NOT POSSIBLE. Don't waste your time... It seems like now there is a really huge fight with money laundering.
So unless you have an old company with good history etc and︀ or unless you are presented on the market of these countries there is no other︁ way to open an account for a pure offshore company.
And it would be probably︂ same with the rest of the countries who are in CRS agreement. There is a︃ huge pressure from the corresponding banks in EU and USA. They would not let the︄ payment go though and will cause many problems... So its not that Armenia or Georgia︅ don't want to open an account. They just realize that if the company is not︆ somehow showing that is a real "white" company with strong business intentions the will have︇ many problems with the Central Bank and with the Corr banks. They can even get︈ banned and lose their banking license like the Latvian ABLV. So everyone now is really︉ paranoid here...
So either you show a ton of documents to prove that you are︊ real and serious (contracts with partners and subcontractors, rent agreements, labor contracts... prove the structure︋ and the show that your business is real and profitable)... Thats really sad... because if︌ you are just a new start up its almost impossible to have all that documentation...︍ Thanks to the money laundering business now we have this pain in the a*s..
Seems like Georgia frenzy is coming to an end faster than I expected ... onto the next country 😀
I've been doing nothing but "professional" transactions on my Bank of Georgia account and haven't heard anything strange so far. I opened the account under the guise of being a student... all transactions so far come from online marketplaces and payment processors... think affiliate marketing... not quite "business" but definitely "professional"... maybe just try that?
I got rejected at Ameria Bank by opening a personal account remotely. I wanted to use the account for saving up money, but after two days I got emailed due to provisions of internal KYC processes they cannot open one for me.
What about hiring an Armenian lawyer and letting him do the job by giving him power of attorney. Is this a safe option to take?
What about hiring an Armenian lawyer and letting him do the job by giving him power of attorney. Is this a safe option to take?
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