Georgia, standing in today’s time, is known to be a country that offers a slew of benefits to both residents and foreigners. It is a tax haven and is also known to be a land that is ripe in investment opportunities. In recent times, the country has received a lot of Foreign Direct Investments as well. So, should you want your company to be set up there, it is advised you open a personal bank account in Georgia. Opening a bank account there will unfold a whole world of opportunities for you.
What’s so special in Georgian Banks?
The best part of Georgian banks is that they are completely transparent with their procedure. The latest technologies used in the sector provides features such as- money transfer in multiple currencies, e-banking, and credit facilities. If you open a personal bank account in Georgia, it will aid you in smoother business transactions at a global level as well.
What are the benefits given by Georgian banks?
The banks in Georgia are capitalized to perform all kinds of banking operations. They provide services such as:
- Savings, fixed and current deposits
- Internet and Telephone banking
- Credit or Debit cards
The banks of Georgia have a lot of merits attached to these services. If you are a local resident and want to open a personal bank account, you don’t have to deposit any minimum amount of money in the beginning. There is no upper limit to the amount of deposit or withdrawal as well. The interest on the money that you have in your account is always accrued on a monthly basis. The accumulated interest rate is then added to the initial amount.
What are the documents that you must carry?
As a foreigner, opening a personal bank account in Georgia is as easy as a 30 minute to an hour long process which depends on the bank. All you have to do is submit a few documents to the authorities. They are:
- A proof of your address
- Your passport
- A signature card
- A copy of the IDs of your local representative
Once you have completed the formalities and the account is active; you have to pay for a few banking processes. These include the fees required for the maintenance of your account, ATM service charges, and international transfer fees. As a local resident of Georgia, you have to interchange a government-issued ID with the passport.
If you are a foreigner who has set up a company in Georgia and want to stay in the country to carry on with the operations, you have to sign up for a temporary residence there. In such a situation, to get the migration permit, you have to show a bank statement showing 3000 GEL (1069.60 USD) in your Georgian bank personal account.
In case you want to open a personal bank account and operate the company from your country, all you have to do is appoint a lawyer from Georgia. Give the lawyer a power of attorney, and he/she will complete all the formalities for you.
Conclusion: Owing to the slew of benefits offered to all residents and foreign nationals of Georgia, setting up a personal bank account in Georgia is one of the first things to consider when you are to set up a company there. To know more details and facilitate the opening of the account, you can contact Kau Kapital, a financial adviser from Georgia at https://kaukapital.com/contact-us/