Georgia is a nurturing ground for its increasing potential to harbour international business. But why Georgia, specifically? Georgia is an ideal country for international business because it has multi-faceted reasons and advantages to exploit. It has taken investors from all over the world under its umbrella because most importantly, it allows visa-free entry. Other positives include its warm subtropical climate, English as its go-to language which means no communication barrier, top-notch services and service providers among many others.

It also harbours a strong legal system that protects its native as well as foreign investors. Affordable price structures and international business relationships can act as major attractions for international businesses. Since Georgia is located in a unique geographical position, it serves as a potential entry point to crucial marketing opportunities from a variety of sectors and businesses. 

Key Benefits of Availing Banking Services In Georgia

Its strategic location with easy access to carrying out business in the Caspian region and Asia further invites many business owners to establish and invest because of Georgia’s multiple treaties or agreements of double taxation avoidance and no heavy controls on foreign currency exchange. There are many positives of availing of banking services in Georgia. 

1.Tax Incentives 

Previously known as the Soviet Republic, Georgia has come a long way to introduce many reforms to create a safe environment for businesses to grow. By adopting a low tax regime, it has successfully funnelled many investors to open bank accounts in Georgia to exploit its liberal tax benefits and investment potential. 

In addition to this, the World Bank has declared Georgia to be in the 6th position according to the ease with which new businesses can launch themselves there. Furthermore, Georgia’s policy on no Automatic Exchange of Information is welcome news to all investors. What this allows is the transmission of valuable taxpayer information by the source country to the resident country. In absence of such provisions, Georgia posits itself as an ideal location for offshore banking. 

2.Privacy and Anonymity 

In general, offshore banking provides privileges such as privacy and anonymity to investors. This does not mean that you can be involved in illegal businesses. What maintaining privacy means here is that the choice of your bank has the obligation to verify your identity and other important information such as your nationality, your place of residence, etc.

3.Low Vulnerability and High Diversification

Either you choose to carry out your banking domestically or in offshore locations, there are economic and political aspects that influence and pose risks. But since the possibility of diversifying your business in offshore banking is a lot more compared to domestic locations, the risks run considerably low. 

If you are an economic or finance graduate, you must know that diversification is vital to any business. Diversifying your holdings by distributing your assets geographically is a great means to reduce risks. 

4.One Step Ahead towards Better Protection of Your Assets

Asset liquidity by keeping your assets in an offshore bank always helps, but branching out further can provide even better protection to your assets. Trust structures is the one jigsaw piece that you might be missing in further securing your holdings. What this offers is a safe separation between you and your assets. However, this doesn’t mean that you are forced to lose command over it. So having an offshore account has two-fold positives. You not only exploit tax benefits, but you also better protect both yourself and your assets. 

Getting Started 

Since there is no language barrier, formalities and the procedure of opening a bank account is rather a very easy process. Opening a bank account will not require you to carry your valid passport or rather any proof of identity. Once you have filled the form and authorised the process with your signature, that is it. 

Even though it is required that the owner of a bank account must be physically present for these proceedings to be carried out, in your absence, you can always hire services provided by a valid and genuine Georgian lawyer or a firm whose services include your needs. The hired company or lawyer is given a Power Of Attorney to execute such plans on behalf of you. 

There are many kinds of fees that you are required to pay such as management, maintenance and withdrawal fees but it is definitely a relief that banking services are quite affordable in Georgia compared to other places so that you can begin to enjoy your financial freedom. 

For foreign residents of Georgia, there are special services provided by companies like the Wingforce Group which can help you from benefiting from the banking services of Georgia. They have a long history of experience and have cooperation with all the leading banks of Georgia. With the Wingforce group, you can open an account using a remote service in just two working days! 

Step-By-Step: How to Open a Bank Account in Georgia

All That You Will Need To Start The Process

The personal document that you will be required to submit along with the bank account application form is your travel records that have your photo and signature on it. 

Apart from your travel records, there are a number of corporate documents that need to be produced and filled. There are a bunch of notarised copies that need to be submitted. These are your company's Certificate of Incorporation, Memorandum and Articles of Association, Certificate of Good Standing and a sample of your representative lawyer’s signature. In addition to these, Power/Letter of Attorney is a must. 

Lastly, an official letter will have to be produced in which your bank will authorise the fact that you have a legal account with that particular bank from which the required deposit funds to open the new bank account in Georgia will be made. Once you submit these, there is no going back. 

The Process

1.After you have gathered the required documents and translated the same into English, get these documents notarised. Submit the copies of notarised, translated documents to the Bank of Georgia.

2.Under the supervision of the bank manager, you will be required to fill up some forms with the necessary information. You will be then asked to authorise the bank with your signature to open an account in your name.

3.After the filing process is over, you will be required to wait for another two working days until they have processed your request. If you are planning to visit Georgia for solely the purpose of opening a bank account, make sure you plan your visit for at least five working days. 

Challenges Faced by Non-Resident Account Holders

The war and the conflicts between Georgia and Russia in the year 2008 saw economic hardships for Georgia. There was a crisis in the banking sector which ultimately affected the inflation rate as well as the stability of its currency. Investors pulled out their savings and deposits in the aftermath of the war leaving the banks completely ashtray. This goes to say that the economy and the political are very much interlinked and such occupational disputes in international politics can cause massive uncertainty in the banking and economic sectors. 

There is always a risk of additional costs. Therefore, it is important to compare and contrast these plans that you get yourself assigned to. Hiring an experienced lawyer or a firm that is native to Georgia is the safest thing to do to avoid such surprises later. 

Also, even though banks in Georgia do not require any minimum bank deposit before creating a bank account, it is important for you to know if you want to open a bank account in Georgia for stability in the long term or temporary benefits. There is a major distinction between having a bank account and an offshore trust. However, prospects of opening a bank account in Georgia is quite high yielding and the current jurisdictions around such an endeavour seem to be quite favourable for investors. 

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