Opening a bank account for a Georgian company
Any company registered in Georgia must open a bank account. This is where the authorized capital will be deposited before registration, and where it will be used for business operations. Fortunately, it is possible to open a bank account for a Georgian company quickly if you submit all the necessary documents and fill out the paperwork correctly at once.
Peculiarities of opening an account for non-residents
It is easier for a foreign business to become a bank client when one of the partners, who owns 20% or more of the shares, is a Georgian resident or has a residence permit. In this case, they submit documents on their behalf, and the personal presence of other partners is not required.
If the company is wholly owned by a foreigner, the situation is more complicated. Banks often do not want to work with non-residents, so they can refuse a lot. The owner, who comes to the bank institution in person has much more chances for opening a business bank account. He needs to present documents confirming the lawful presence in Georgia, the legality of the origin of funds, their transfers, etc.
It is also possible to register by proxy, but some nuances have to be considered. You will need to use companies that legally provide these services. For example, IT-OFFSHORE works with trusted institutions, which are very loyal and can open an account with a full range of services.
How to become a client of a Georgian bank
You can open an account in Georgia for a sole proprietorship, LLC, joint stock company, LLP, branch, etc. The list of documents that have to be provided for submission depends on the type and specifics of the business.
At the interview, you should answer question questions about the company and the services it offers. The bank employee will want to know if you are engaged in illegal activities and make sure you are not laundering money. The bank closely monitors the work of companies, and they can close the account if suspicious transactions are detected.
To successfully open an account the company has to prove its physical presence in the country. So you will need an office lease document. You will be also asked to provide information about your Georgian clients, contractors, local staff, etc. The more evidence you can provide, the higher the chances of opening a corporate account.
How long does it take to open a business account in Georgia
Banks have implemented a two-factor verification system, so it takes about 3 weeks to open an account. First, the information provided within the application is verified. You have to answer the following questions:
- what is the purpose of opening an account in Georgia;
- business relations with Georgian companies;
- a detailed description of the business activity;
- names of contractors;
- website (if any);
- what transactions will go through the bank;
- office address;
- expected turnover;
- whether you will work only with the Georgian lari or whether you need a multi-currency account;
- whether international transactions are planned.
After accepting the application, the bank usually requires documents for opening an account for a Georgian company. You might need the following documents:
- A certificate confirming registration in the State Register.
- Notarized copies of documents and specimen signatures of directors, shareholders and owners.
- Articles of association.
- Business plan and other documents, proving that the company will work in Georgia.
Depending on the form of business registration, other papers may be required. The bank reviews them for about 3 weeks, and if everything is in order, the account will be opened.
How to Become a Bank Client in Georgia Fast
To quickly and easily open a bank account in Georgia, contact IT-OFFSHORE experts.