One of the most significant factors entrepreneurs note when it comes to making smart investments and then earning profits out of them is going for the perfect place. The only part that comes in between profitable ventures and entrepreneurs is the high taxation rates present in the major economies. Over the years, however, if there is one place that has come out of this, then it has to be Georgia. Successive governments have passed legislation that have contributed to make Georgia one of the safest places for investment. Opening a personal bank account in Georgia first can set up a base tone for the business ventures.
Why is opening a personal bank account in Georgia beneficial?
To begin with, the banks in Georgia are remarkably transparent. They use state-of-the-art and modern technologies. For example:
1. Multiple currency money transfers
3. Credit facilities
This makes it easier to operate and also helps in more fluid business transactions at the global level. The Georgian banks are also capitalized so that they can perform various banking operations such as:
1. Giving loans
2. Debit and Credit cards
3. Savings account
4. Fixed and current deposits
5. Telephone and internet banking
The best part of opening a personal bank account in Georgia is that there is no minimum deposit amount. You will also not find any upper limit to be maintained when it comes to deposits and withdrawal. The interest is accrued every month on the money you have saved, and it is added to the principal sum of money deposited.
Foreigner charges associated with the bank account
If you are new to the place, you will be charged for a few processes to open a personal bank account in Georgia. Some of those procedures are:
1. ATM service fees
2. International transfer
3. Regular maintenance fees
As a foreign investor, if you want to opt for a temporary residency in the country, you will have to show a bank statement stating that you hold $1069.60 or 3000 GEL in your personal bank account in Georgia.
Necessary documentation for completion of the procedure
Opening a personal bank account in Georgia is notably fast and easy. All that it takes is thirty to sixty minutes, and the duration entirely depends on the bank you have chosen. The documents that you need to submit to the authorities are:
1. Address proof
3. Signature card
4. ID proof of the local representative
If you are a resident of Georgia, instead of a passport, you will need to submit your government-issued ID.
The transparency in the economic system of the Republic of Georgia aids you in opening an account without being present there. The only thing that you will have to do is hire a lawyer and give them the power of attorney. He or she will take care of all the formalities that concern opening a personal bank account in Georgia on your behalf.
Conclusion: The wide range of advantages provided by a personal bank account in Georgia has made it mandatory for every foreign national to have one, especially if you are setting up a business there. Should you want to open a bank account and are confused about the entire procedure, get in touch with KauKapital, a premier financial advisory firm based in Georgia.