In addition to same to boost country’s economy, the government of Georgia has signed bilateral investment treaties along with 32 countries.
To operate the business it’s must company should have a bank account locally. To open an account there are formalities, one need to follow the same.
Opening an Account:
Georgia is considered as the new tax heaven by the corporate world. Most of the offshore companies are facing the threat because of having holding company registered in high tax jurisdiction. Once the corporate opened an offshore bank account in Georgia same can have the following advantages:
- When the corporate has an online banking same makes life easy for the entrepreneur. In that case, entrepreneur need not have to remember a lot of pin codes and passwords. An individual can access the account and transfer money very easily;
- Owner can easily move funds in the form of US dollars, Euros or any currency between countries;
- Georgian banks also offer Master card and Visa cards same can be used any part of the world and can be used for multiple currencies, also some banks offer Unipay;
- Bank fees in Georgia are very low, that means one can make multiple transactions without worrying about the bank fees.
Always careful about:
There are many banks operating in Georgia, a corporate can easily operate an offshore account from any banks. Following are a few reasons why corporate should be careful while selecting a bank in Georgia:
- Always focus on to have a relationship with a larger bank as compared to a smaller one. Reason being larger bank has established a reputation over the years. Same also have branches almost everywhere which help the customer is accessible to all bank facilities anywhere anytime. They can also have the ability to handle money in easy and better way compare to the smaller banks.
- The banking in Georgia is a very satisfying experience for any corporate. Same will not regret feeling by opening an account there.
Special Note: – Some banks require the translation of the company documents into Georgian which involve an extra cost.