How to Open a Corporate Bank Account for Offshore Company in Georgia?

Georgia is flourishing because of its pro-business tactics. It has become a hotbed for business leaders, entrepreneurs and expatriates for business incorporation. It is a place of paramount importance for company registration if you are looking to reach a global customer base.

There are virtual zones and free zones in Georgia for availing exciting opportunities that you might not be able to find in your own country. You can also incorporate an offshore company in Georgia for safeguarding your assets, growing your business in Eurasia, privacy, and tax savings. Opening a corporate bank account for your offshore company in Georgia will let you enjoy certain financial benefits and carry out banking transactions in Georgia easily. It will help you protect your money in some lawsuits. Opening a corporate bank account in Georgia in the name of your offshore Georgian company will provide you the much-needed security and confidentiality.

Opening a Corporate Bank Account in Georgia

The government of Georgia has struck bilateral investment treaties with many countries which is a shot in the arm to the country`s economy. Georgia is like a tax haven for your new offshore company and to operate it with no fuss you should definitely consider about opening a corporate bank account in Georgia. This is how you can open a corporate bank account in Georgia-

  1. Choose the right bank to meet your offshore business goals.
  2. Submit all the necessary documents (bank`s application for opening an account, identity proof of directors and shareholders, a copy of memorandum and articles of association and copy of company incorporation signed by the respective authorities) to the bank of your choice.
  3. Georgian banks do not require any specific amount to be deposited in the corporate bank account of your offshore company in Georgia.
  4. Once you have submitted all the necessary documents then it won`t take more than 30 to 40 minutes for opening a bank account and just as it is done a Certificate of Deposit is provided to you by the bank authority.

You can also open a corporate bank account in Georgia through the company`s legal representative or through third-party services. If you choose to go for third-party services for opening a corporate bank account in Georgia then you should know what these third-party services usually entail-

  • Obtain complete details of the services that each bank provides and which is best suited for your business needs.
  • Introduction with the bank manager.
  • Assistance in filling out bank account application, business questionnaire and all the other required bank formalities.
  • Provide commercial information about the bank and all the services that the bank provides that will be beneficial for your business growth in Georgia.
  • Obtain additional financial support for your business from the bank if needed.
  • Providing clarity to the bank personnel about the usage of the account.
  • Minimal back and forth for you during the process.

Benefits of Opening a Corporate Bank Account in Georgia

Georgian banks offer a lot many services to their corporate customers some of which are-

  • Low bank fees of Georgian banks make multiple transactions less worrisome.
  • Georgian banks offer Master Cards and Visa Cards that can be used anywhere in the world for multiple currencies.
  • Online banking to easily move funds across countries in any currency.
  • Adaptable operational credit line.
  • No restriction on the amount and the type of currency that you can hold in your corporate bank account.
  • Banks also offer preferential long-term loan plans to their corporate customers.

All in all, opening a corporate bank account in Georgia is quite simple and beneficial. The country has a lot to offer through its banking and investment system. It will provide you investment opportunities, expansion opportunities, financial freedom, unlimited withdrawals or transfers, multi-currency capacity, currency conversion and mobile banking with nominal banking fees. Certain banks in Georgia also offer personalized services to their corporate customers.

If you are still confused about how to open a corporate bank account in Georgia, what is the procedure, which bank you should choose, and other such queries then you can contact us to help you with any of the questions buzzing in your mind. We at Business Setup worldwide help entrepreneurs and businessmen to grow their business in Georgia by providing services like company registration, accounting and bookkeeping, corporate secretarial services, visa services, and tax services among others. Our experts provide customized solutions to all your business problems.

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About the Author

Nidhi.Dumian@bsworldwide.com's picture

Nidhi Dumian is a blogger by day and a cinephile by night. She also does digital marketing on the side. She is on a mission to make everyone realize that everyone is created equal albeit unique. She calls herself loony loopy loon on her official blog.