Georgia multi-currency corporate bank account
Since 2003, Healy Consultants Group PLC assists multi-national Clients’ with i) multi-currency corporate bank account opening in Georgia for overseas entities and ii) international multi-currency corporate bank account opening for Georgia LLCs.
- Within 6 weeks, Healy Consultants Group PLC will secure multi-currency corporate bank account approvals with at least one Georgian bank. There is an 80% probability the bank signatory will not have to travel;
- All local Georgian bank e-banking and telephone help lines are available in English;
- Currency corporate bank accounts offered by Georgian banks include US$ and € and £;
- Most banks have no minimum deposit or balance, and maintaining the account is inexpensive;
- From the 15 commercial banks operating in Georgia, the two largest are i) TBC bank and ii) Bank of Georgia. Foreign banks in Georgia include i) VTB Bank ii) Hualing Industrial Group iii) FMO iv) Dhabi Group and v) Ziraat bank;
- Our fee for a guaranteed Georgia multi-currency corporate bank account for an overseas company is US$ 5,950;
- Over the past year Georgian banks have become reluctant to open corporate accounts for local companies with foreign beneficial owners. To increase the account opening success, we recommend our Client keep the corporate structure simple.
Security of Georgia’s banking sector
- Georgian banks enjoy a moderate long-term credit rating of BB-. Consequently, the probability of a bank default is 30% during a global recession;
- Georgia is not a part of the CRS global information exchange system, making the country attractive to multi-national businessmen;
- Almost all Georgian banks belong to foreign investors, and there are no banks with state participation;
- Georgia does not implement exchange controls to international transfers in any currency;
- Both residents and non-residents in Georgia are allowed to open bank accounts in foreign currencies, including Georgian Lari, €, US$ and GB£;
- The National Bank of Georgia does not impose restrictions on the amount of foreign currency that residents may hold in their bank accounts.
- Because of recent new banking regulations in Georgia, the corporate account opening process for non-resident companies is increasingly challenging;
- When feasible, we recommend our foreign Clients open Georgian corporate accounts with a bank with which they already operate around the globe; to reduce compliance background checks and potentially negate personal travel;
- After our Client receives Georgia bank account numbers, the bank will directly and independently provide our Client the online banking kit required to initiate international funds transfers;
- Prior to submitting the bank account application, Healy Consultants Group PLC requires detailed information on i) company’s activities (including proof of business like contracts and invoices etc) ii) company’s customers and suppliers iii) details of the management team and iv) the company’s financial projections;
- Upon receipt of the aforementioned information, our experts prepare a detailed business plan highlighting the company’s activities, financial projections and reasons for opening a Georgian bank account. We then send the business plan to our Client for review and approval before sharing with banks;
- Healy Consultants Group PLC approaches local banks to obtain preliminary approvals for our Client’s company;
- Immediately thereafter, Healy Consultants Group PLC prepares a POA and bank account opening forms for our Client’s signature in front of the notary public or local bank branch officer;
- Once the Client has signed and certified the documents, they courier the originals, including the legalised or apostilled corporate documents, to Healy Consultants’ Georgia office. All foreign documents must be translated into the Georgian language and notarised by a Georgian translator. If required, Healy Consultants Group PLC will assist our Client to complete this task;
- On receipt of the signed bank forms, the banks will complete their ‘Know Your Client’ (KYC) procedures to confirm that the capital inflows are legitimate. Healy Consultants Group PLC Staff will assist our Client to fulfil all bank requests with minimal inconvenience;
- Depending on our Client’s business and nationality, there is a 20% probability the banks will request a bank signatory to travel for a one-hour bank interview. Healy Consultants Group PLC will try its best to negotiate with the bank for a travel exemption. If our Client must travel, Healy Consultants Group PLC will refund our Client US$950;
- Within six weeks of submitting the multi-currency corporate bank account opening application, Healy Consultants Group PLC will receive approval from bank;
- Within four weeks thereafter, Healy Consultants Group PLC receives the Internet banking activation documents and activates online banking on our Client’s behalf;
- Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing ATM card and internet banking details;
- To facilitate the opening of a high-quality corporate account on our Client’s behalf, Healy Consultants’ corporate banking manager will project manage these steps.
Georgian merchant account
- Healy Consultants assists multi-national Clients with:
- A Georgian merchant account for a local LLC;
- A Georgian merchant account for an overseas company;
- An overseas merchant account for a Georgian LLC;
- Businesses that are allowed to use Georgian online payment gateway services are i) e-commerce ii) tourism iii) gambling business and iv) charity institutions/funds;
- Merchant account fees per transaction range between 2-4%. The minimum monthly fee varies between 30 and 50 Georgian Lari (US$10-20);
- It is not necessary to have a company current account with a local bank to benefit from a Georgian merchant account;
- Depending on the business, Healy Consultants Group PLC’s merchant account opening fees range from US$5,950 to US$7,950.
- Healy Consultants assists multi-national Clients with: