The emergence of Georgia as one of the favourite business destinations has led businesses to form a beeline to the country. There are many sectors deemed ideal for investments in the country such as real estate, manufacturing, tourism, financial services, insurance, information technology etc. If you happen to step into Georgia to set up a business, it is better you open a personal bank account. In fact, this is one of the mandatory requirements to incorporate a new company. The bank account will serve many a purpose such as carrying out business transactions, as a proof of identity, and to deposit the company’s share capital. The best part is the ease with which you can open a personal or corporate bank account and the range of high quality services that you can avail.
Why do you need a personal bank account in Georgia?
As per the new law, should a foreign investor or a foreign individual seeks to set up a temporary residence in Georgia, he or she would mandatorily need to possess a bank account. The bank account will come in handy to carry out business transactions and to keep the share capital of the company.
Process to open a bank account in Georgia
The process is fairly simple and hassle free involving the submission of a few documents. Once submitted, it takes just a day rather a few hours to open the account. If you happen to be a foreigner then the bank application for most types of companies should include your passport as well. The other documents needed to be submitted are as follows:
- Bank application form to open the account
- Proof of registration with the Public Registry
- Personal public service number
- Local identity document ID
- Specimen signatures of all company stakeholders including the copies of their Ids
- A note by the company shareholders who hold more than 25% of the shares along with their personal Ids
Benefits of opening a personal or a corporate account in Georgia
The banks in Georgia are solvent and fully capitalized to carry out banking operations. They offer banking services such as deposits (savings, current and fixed), online services like internet and telephone banking, credit/debit cards, loans, securities etc. A foreigner opening a bank account can avail all the banking services through the internet. In fact, the ease of opening a bank account can be ascertained from the fact that it can be done through a local lawyer as well. Here, the only criteria is to assign the power of attorney to a local lawyer.
Other benefits of opening a personal bank account in Georgia by a local resident are –
- No minimum amount to open the account
- No limit to the deposit or withdrawal of amount
- interest accrued on a monthly basis
The hassle free opening of a bank account in Georgia, be it for a personal or corporate purpose, facilitates the setting up of a company in Georgia. The ease of opening a bank account adds to the business friendly environment of the country.