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 travelling. We also offer our Clients advice regarding which banks offer the best services for their business projects in the country.
Georgia corporate bank 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;
- Our Clients may wish to open a corporate bank account with a local Georgian bank, as they are among the top banking institutions in the country. Healy Consultants recommends i) Bank of Georgia, ii) TBC Bank iii) Liberty Bank and iv) Bank Republic;
- Alternatively, our Clients may wish to consider one of the several foreign-owned banking institutions. Reputable Georgian banks owned by foreign financial groups boasting corporate banking facilities includes i) VTB Bank Georgia, ii) ProCredit Bank and iii) Halyk Bank;
- When possible, 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. This optimizes i) the time required to open the bank account and ii) the bank’s requirements for our Client’s due diligence.
Healy Consultants Georgia corporate banking services
- Healy Consultants will be pleased to assist our Clients to secure a corporate bank account with a reputable bank in Georgia. Our fee for this service is US$2,950;
- Following company incorporation, Healy Consultants will assist our Clients to determine the optimal and time-efficient corporate bank account amongst the different banking options available;
- Healy Consultants will liaise with the banks to prevent our Clients from travelling to Georgia, however, there is still a 20% chance that the bank will require our Clients to travel for one hour interview in Georgia. There will be a fee discount of US$950 if you have to travel;
- Once the bank account is opened, the selected bank will directly and independently provide our Clients with the bank account numbers so that our Clients can transfer the initial deposit.
- 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;
- 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 regulations
- While Georgia imposes certain money-laundering monitoring on international transfers, 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.