Have you thought of diversifying your business to a territory other than your country? Remember, this is no longer an option but becoming a necessity to operate in the stiff global competitive business environment. The challenges of high taxes, shrinking markets, technological advancements, and changing user preferences have made businesses to look beyond their traditional sphere of influence. Among the countries that can be counted as business friendly or virgin territories as far as setting up a company is concerned, Georgia stands apart. This is due to a plethora of reasons such as its unique strategic location as the gateway to both Asia and Europe, growing economy, stable polity and institutions, skilled labour, favourable trade treaties, and an enabling business environment.
The need of the hour – open a personal bank a/c in Georgia
So, where does a personal bank account comes into all these? The fact is that a personal bank account is needed to be opened in Georgia should you want to set up your business. And it is not that difficult to do so compared to say, in the UK or the USA. Hence, be it the TBA, the Bank of Georgia, or any other bank, opening a personal bank account in Georgia can be a breeze. Since all banks in Georgia use the internationally recognized IBAN format, you can easily transfer money in any currency to any of your accounts without going through the hassle of using the SWIFT codes. This facility can be of great help in running the day to day operations of your company in Georgia. Moreover, the bank account can help you to be a participant in the local stock exchange as well.
How to open a bank account in Georgia?
This is a fairly simple process with only a minimum of paperwork. With no minimum balance, the relevant documents (along with the bank application form) needed for a foreigner to open a personal bank account are the passport, copies of documents to identify a person, sample signature of the client(s), and the personal ID of the client’s representative.
Benefits of opening a personal bank account in Georgia
Since Georgia has emerged as one of the tax havens in this part of the world, as a businessman you can save your assets or liquid money safely in any of the country’s retail banks. Another facet of saving your money in Georgian banks is that the country does not share any of your tax related information with other countries. This is due to the fact that Georgia has not signed any treaty (read MCAA) with another country for automatic exchange of tax related information.
Importantly, there is no need to be present in Georgia to operate your bank account, for you can do the same from outside as well. For example, if your country of incorporation is the USA, then you can operate the personal account in Georgia from the USA through the modern banking facilities like internet banking, demat account, credit card etc.
Moreover, should you want to avail a temporary residence permit in Georgia, you have to maintain a personal bank account in any of the commercial banks in the country.
In order to take advantage of the many business friendly measures available in Georgia, it is better to open a personal bank account. This can help in parking your funds in near anonymity.