How to open a corporate bank account remotely in Georgia

pict_How to open a corporate bank account remotely in Georgia

Opening a non-resident business bank account with a bank in Georgia may not be very easy for you to do yourself. Gurian-Consulting can help you to open your corporate bank account in one of the best banks in Georgia which offers many advantages:

You will be able to open your bank account remotely, which means you do not have to travel to Georgia. This is a really interesting service compared to the many jurisdictions where it is becoming more and more difficult to easily open a bank account.

  • The standard bank account is multi-currency $-€-GBP-GEL.
  • No minimum deposit is required by the bank, this is one of the other major advantages of the Georgian jurisdiction.
  • You can make investments at very attractive rates.
  • You have a full range of credit and debit cards.
  • Internet banking is 100% reliable and efficient.

In order for us to begin the process of opening your international business account and to be as specific as possible in meeting your needs, please provide us with a little more detail about your company and your financial needs by completing a confidential questionnaire to ensure that we open the best corporate bank account for your company. (here)

The important things you need to know about Georgia's jurisdiction

In the last few years, Georgia has radically simplified its tax legislation. There are only six taxes today. If your company is not registered in Georgia, you will pay corporate tax only on income from local sources. There is no real estate acquisition tax or stamp duty in Georgia.

The National Bank of Georgia is the country's banking regulator. Its first objective is to ensure price stability. Its mission is to supervise financial institutions and banks in order to ensure the financial stability of the entire financial sector. It strictly regulates banks with regard to transparency and ensures that illegal practices such as terrorist financing and money laundering are eradicated.

No agreement has been signed with the Organisation for Economic Co-operation and Development (OECD) on the Automatic Exchange of Information or the TIEA agreement. This means that banking secrecy laws are effective and guarantee you a very high level of confidentiality.

Georgia's economy is stable and continues to grow, political and social stability is good. This means that Georgia is a good jurisdiction for the protection of your assets.

Gurian-Consulting works closely with BOG, Bank of Georgia, which, despite its name, is a private bank.

This Georgian international bank is the largest in the country. It was founded in 1995 and has grown steadily since its opening. It is well rated by Fitch, Standard and Poors, and Moody's, all of whom predict a stable outlook.

This bank was rated "Georgia's safest bank" in 2014 by Global Markets, one of the leading capital markets magazines. In 2015, International Finance Magazine once again voted it the country's best wealth and asset management bank and, a year after, it was also awarded "Best Bank in Central and Eastern Europe".

This bank has a number of values that are highly appreciated by our customers. The bank has a vision: to set new standards for international and local banking services. To this end, Bank of Georgia seeks to be constantly innovative, pro-active in its search for new opportunities and develop long-term relationships with its clients based on full respect for their confidentiality, and also to take reasonable risks.

This international bank offers a wide range of services

When you work in confidence with BOG, you can be sure that your non-resident corporate bank account will be opened in Georgia. There are two ways to open a bank account with the Bank of Georgia.

  • The first method is to travel to Georgia and meet with the bank's managers before opening your busienss bank account.
  • Remote opening of your account is the second method.

If you want to make investments, you can use the brokerage services offered by this bank. You will be able to trade commodities, bonds, foreign currencies (FOREX) and equities. Investment bankers are constantly looking for "the market" and provide research reports to clients so that they can take advantage of the opportunities they have found. A private manager will be assigned to you and will be at your disposal to ensure that all your transactions are processed with precision, without problems and quickly.

The bank has a number of corporate services to offer you. You will be guided by a highly qualified professional investment banker who will assist you in all areas of corporate banking. The bank may offer bank guarantees and letters of credit.

You will be able to choose the type of account. The "Standard Account" is a good choice because it is directly linked to a card and you can make deposits with it. This account is multi-currency, you can hold four different types of currencies: Georgian Lari (GEL), British Pound (GBP), US Dollars (USD) and Euro (EUR). You can make incoming and outgoing transfers with this account as well as deposits and withdrawals and use it for currency conversion.

This bank offers a Visa debit card. It is directly associated with your account. You can make purchases with this card and use ATMs worldwide to withdraw cash. Online purchases can be made with it as well. There is also a wide range of credit cards with a range of features such as MasterCard and American Express. Business cards are available for more flexibility.

In order for you to have remote access to your non-resident corporate bank account, the BOG has created a secure and efficient online banking service. With this service, you will be able to check your account details and manage your account by making international payments and managing the credit cards that have been issued for your business. If you wish to open term deposits remotely, you can also do so.

When opening your new international corporate account, this bank will not ask you to make a minimum deposit. If you compare this to other European banks that offer international corporate accounts, you will find that this is a major advantage. You will also not be asked to keep a minimum balance, but it is always a good idea to ensure that bank charges are covered by keeping money in your account.

For the general maintenance of your business bank account and for the transactions you carry out, this Georgian bank will charge you a fee and these fees may of course change. Your international banking consultant at Gurian Consulting will provide you with the most recent BOG fees schedule. Your advisor can also help you obtain the most preferential rates for your account if you wish.

Here is the list of documents necessary to open your corporate bank account in Georgia remotely and successfully.

  • Extract from the commercial register in which the company is registered.
  • The company memorandum.
  • The Passport(s) of the founder(s).
  • The Director's Passport.
  • A notarized power of attorney that indicates the detailed account opening operations (level of banking services requested, type of debit/credit card, Internet banking, etc.)
  • A shareholders' meeting which stipulates the opening of a corporate bank account in Georgia (this document is required if in the company's articles of association, an article indicates that the Manager is not authorized to open an account in another country without the authorization of the founders).

All the above documents must be certified by a notary and Apostilled. Please, send all documents to Gurian-Consulting where we will check them carefully to ensure that they meet the bank's requirements. Once these documents have been checked, they are translated, certified and apostilled by a Georgian notary.

Then we go to the bank and open the company's account according to the level of service requested by the customer. The cost of a standard account is 10 GEL for example, the cost of an American Express Gold Card is 200 GEL per year, the banking service Online 40 GEL per year. Account maintenance fees are very cheap.

From the moment we receive the documents, the procedure for opening your business bank account takes between 24 and 48 hours maximum. We send you by express and secure mail all the original documents + plastic card(s) + internet access to the requested address.

Our e-mail address to contact us mm@gurian-consulting.com or via our contact form on the website. In order for us to be as efficiently as possible, please specify all the useful information about your company and your financial situation so that we can advise you on the type of account that best suits your company and this, in order to offer you the best service.