Company in Georgia + Bank Account + PayPal possible?

[clemens]

I already have a company in Georgia (Republic) and a TransferWise account, it works really well. But I would like a real bank account and a PayPal account. Does anyone know if this is possible?


It should preferably be without a visit by the bank, a PoA or similar contract is just the same for certified documents. I just need a fairly stable solution and PayPal is a must.

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[onemansomewhere]

If you have a company in Georgia, PayPal will let you withdraw funds to a corporate bank account in Georgia.

Georgian law does not allow to open bank account remotely. You have to travel to Georgia. I know a few people who had openned their corporate bank accounts by local lawyer with PoA. All this accounts were closed in last year.. Bank regulations in Georgia are more and more strict every year. The most of georgian banks will not open even a bank account for company incorporated in Georgia if director is not citizen or resident of Georgia.

 

[Traveler]

Basically mission impossible these days, unless you can demonstrate economic substance.

That's regardless of whether you visit the branch in person or not.

The "good old days" when anyone with a pulse could walk in to Bank of Georgia or TBC (or send their attorney), and walk out with a bank account for their entity, are over.

 

[ikan]

I'm not expert, But ?
Wouldn't it be possible to open Remote you new corporate account with Bank of Armenia, country next door ?

 

[JohnLocke]

ikan said:
new corporate account with Bank of Armenia, country next door ?
Click to expand...

at least it is was others posted earlier here on OffshoreCorpTalk.

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[onemansomewhere]

ikan said:
I'm not expert, But ?
Wouldn't it be possible to open Remote you new corporate account with Bank of Armenia, country next door ?
Click to expand...

Not any more.. It was possible in a past.. but not now.. Maybe, if you are willing to invest with them some reasonable 7 digits amount in USD..

 

[curiousmarv]

clemens said:
I already have a company in Georgia (Republic) and a TransferWise account, it works really well. But I would like a real bank account and a PayPal account. Does anyone know if this is possible?


It should preferably be without a visit by the bank, a PoA or similar contract is just the same for certified documents. I just need a fairly stable solution and PayPal is a must.
Click to expand...

Just speaking on own experience: Opened a PayPal Account with Georgian company 2 weeks ago. But you know PayPal... it's better to have a domestic bank account for them (but not sure if a must have). All you need is a Georgian SIM card and then you can verify your Georgian credit card and actually you need an US bank account (like the one from TransferWise) to verify a bank account inside PayPal Georgia (it's weird but it is this way).

So maybe it will work with TransferWise only. You should give it a try?!

Oh and before I forget: You need a VPN which has Georgian exits if you are not in Georgia (it should look everything 100% okay and domestic for PayPal)

 

[JohnLocke]

Great thank you for your feedback thu&¤#

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[Spinat]

You got your domestic Georgia bank account by visiting the country or you got help by someone to setup the thing remote?

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[Davis123]

onemansomewhere said:
If you have a company in Georgia, PayPal will let you withdraw funds to a corporate bank account in Georgia.

Georgian law does not allow to open bank account remotely. You have to travel to Georgia. I know a few people who had openned their corporate bank accounts by local lawyer with PoA. All this accounts were closed in last year.. Bank regulations in Georgia are more and more strict every year. The most of georgian banks will not open even a bank account for company incorporated in Georgia if director is not citizen or resident of Georgia.
Click to expand...

So anything possible with a personal bank account anymore by remotely ?

 

[curiousmarv]

I got the bank account in person in place.
It's still possible to create Georgian bank accounts remotely if you know the right persons.

 

[Davis123]

therealmarv said:
I got the bank account in person in place.
It's still possible to create Georgian bank accounts remotely if you know the right persons.
Click to expand...

Yes I am trying my best to get it by remotely as traveling is impossible due to Covid situation.

 

[Miden]

therealmarv said:
Just speaking on own experience: Opened a PayPal Account with Georgian company 2 weeks ago. But you know PayPal... it's better to have a domestic bank account for them (but not sure if a must have). All you need is a Georgian SIM card and then you can verify your Georgian credit card and actually you need an US bank account (like the one from TransferWise) to verify a bank account inside PayPal Georgia (it's weird but it is this way).

So maybe it will work with TransferWise only. You should give it a try?!

Oh and before I forget: You need a VPN which has Georgian exits if you are not in Georgia (it should look everything 100% okay and domestic for PayPal)
Click to expand...

Hi! No problem to individual entrepreneur in Georgia and make it completely remotely. with domestic bank accaunt in Georgia.

One very important question - Wich domestic Georgian ip vpn you use ? Which service ? this is realy probplem to find.