Global businesses look out for safe havens where their investments will not only be secure but grow manifold as well. The high rate of taxation prevailing in major economies has made corporate honchos wary of the challenges to stay competitive. The trend is to spread the business footprint into economies that offer a slew of benefits. These include a low tax regime to begin with, a market friendly environment, an infrastructure providing tailwinds for businesses such as power, fiber optics network, roads, logistics, warehouses etc., skilled workforce at a low cost, robust institutions, easy to open and operate bank accounts etc.
The realization of being business friendly is not lost on the leadership of major countries of the world. However, the challenge is to strike a balance between shoring up revenues by imposing reasonable tax rates and creating a level playing field for businesses. Many countries struggle to strike the balance and end up driving business away from their shores. The one country that has stayed clear of such policy faultlines and emerged as a business friendly paradise is Georgia. Yes, the former Soviet Republic that has learnt from its chequered history to undertake a slew of reforms. No wonder, credible world agencies like the World Bank, the European Union, the International Monetary Fund and Transparency International have spoken about Georgia in glowing terms. The areas inviting applause from the above mentioned institutions include the ease of doing business, opening of bank accounts, absence of red tapism etc. Let us discuss why the ease of opening a personal account in Georgia is good news for businesses.
Benefits of having a personal account
Even though having a corporate account is a must to run a business, it is the personal account that can set the tone. It is a personal savings account that can provide you with a slew of retail banking instruments including fixed deposits, loans, deposits and withdrawals, internet banking etc. Moreover, the benefits include no minimum amount to open the account, unlimited deposits and withdrawals free of charge, monthly interest payment, or the use of retail banking products like loans, debit/credit cards etc.
Opening a personal bank account in Georgia
Georgia’s emergence as a hub of global business investment stems from a lot of positives. Among these, the ease of opening a bank account can be counted as an important one. Moreover, the Visa Electron ATM debit/credit cards issued by the banks in Georgia are accepted globally. Another big plus of possessing a personal account in Georgia is the accrual of high interest rates. Yes, when the interest yield on capital saved with the banks is showing a sobering trend elsewhere, Georgia continues to offer a competitive rate. The process of opening a personal bank account is fast (typically within 3 – 4 hours), transparent, and convenient.
For local residents
- Local ID
- Personal public service number
For foreign residents
- Copy of the passport
- Sample signature
- Bank application form
- Proof of address
As a business, Georgia offers a host of business friendly policies to leverage the open market economy. A personal bank account in Georgia can go a long way in consolidating your business setup and set the ball rolling. The ease and swiftness of opening a personal account can act as an incentive to let your business taste success.