Georgia corporate bank account
Healy Consultants assists our Clients interested in expanding their business in Georgia to open a corporate bank account for their company. Healy Consultants can attend bank interviews on their behalf and secure complete set of corporate banking facilities without the bank signatories traveling. We also offer our Clients advice regarding which banks offer the best services for their business projects in the country.
Georgia corporate banking options
- Georgia’s banking sector is considered sound and stable by the IMF. This said, the sector faces several risks which need to be taken into consideration before making significant monetary investment in the country. These risks include: i) increasing dollarization and ii) heavy reliance on non-resident deposits;
- The majority of the banking institutions in the country are foreign-owned, by either European or Russian conglomerates. Reputable Georgia banks owned by foreign financial groups boasting quality corporate banking facilities include i) VTB Bank Georgia; ii) Procredit Bank and iii) Bank Republic (the local subsidiary of the French banking group Societe Generale);
- Healy Consultants often recommends our Clients to use local banks because i) they offer up to par online banking in English and ii) do not implement high due diligence requirements. Consequently, many of our Clients choose to open a bank account with a local bank. Healy Consultants recommends i) People’s bank of Georgia or ii) KOR bank Georgia as preferred local institutions with complete financial portfolio of services;
- As a general rule, Healy Consultants recommends our new Clients to open a corporate bank account with a banking institution that they already have an existing relationship with in another jurisdiction, for example Societe Generale France. With this strategy, Georgia corporate bank account opening time frame will be reduced.
Healy Consultants Georgia corporate banking services
- Healy Consultants assists our Clients to secure a corporate bank account with a reputable bank in Georgia. Please read below for further information:
- Healy Consultants will be pleased to open a Georgia corporate bank account without our Clients traveling. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders, directors and bank signatories reside overseas;
- Healy Consultants’ fees to open a corporate bank account in Georgia is US$2,950;
- Following bank account approval, the preferred Georgia bank will directly and independently email our Client the corporate bank account number;
- While our firm will liaise with the banks to prevent our Clients from traveling to Georgia, there is still a 10% chance that the bank may require our Clients to travel for a one hour interview in Georgia. There will be a fee discount of US$950 if you have to travel;
- If our Client is not comfortable with a Georgia corporate bank account, Healy Consultants can open an international corporate bank account outside of Georgia. Examples include Latvia, London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. Our fee for this service is US$3,950 without travel or US$2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services.
- Healy Consultants successfully assists our Clients obtain additional financial support for their projects in Georgia. Please read below for further information:
- Healy Consultants’ expertise in obtaining additional corporate finance for our Clients in Georgia can secure them preferential business loans, optimized credit lines and overdraft or preferential terms. For more details please contact our dedicated Georgia corporate banking expert for inquiries regarding these or related services;
- Georgia banks implement the application procedures of their international conglomerates and will consider providing funds to finance investment or export finance projects only after sufficient due diligence process is implemented. Both international and local Georgian banks often require any of the following documentation to consider an application, including: i) country- and business-specific SWOT plan; ii) sufficient collateral; iii) professional qualification and education of company management and iv) audited financial statements for previous periods;
- In addition to obtaining additional corporate finance, our in-house financial advisor will be happy to provide our Clients with further assistance to secure trade finance services including i) bank guarantees; ii) letters of credit; iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Exchange controls and other regulation
- While Georgia imposes certain money-laundering monitoring on international transfer, the country’s foreign exchange controls are liberal. Consequently, both inward and outward cash flows can be done freely without any notable restrictions;
- Cash brought in or taken out of the country, that is over US$18,500 require customs declaration;
- Both residents and non-resident individuals and companies in Georgia are allowed to open bank accounts in foreign currencies, including €, US$ and Russian Ruble;
- There are no restrictions on the amount of foreign currency that residents may hold in their bank accounts.