Open corporate bank account in Georgia
- Tetra Consultants provides our international clients with Georgia corporate bank account opening services for their newly-established companies.
- Over the years, we have established relationships with multiple reputable Georgian banks including National Bank of Georgia and TBC Bank. These banks are well equipped with excellent internet banking facilities and multi-language customer service support. Our banking experts are familiar with the different requirements and expectations of each bank.
- Georgian banks may require our international clients to travel down for a face-to-face interview. In most cases, Tetra Consultants will negotiate with the banks to allow alternative identification methods such as video conference call. However in the event it is mandatory to travel, our banking team will accompany our international clients to the bank interview.
- Alternatively, Tetra Consultants will open a multi-currency corporate bank account with reputable banks outside of Georgia. For these banking solutions, travel is usually not required and they come along with internet banking.
What are the benefits of Opening a Corporate Bank Account in Georgia?
Georgian banks offer a lot many services to their corporate customers some of which are-
- Low bank fees of Georgian banks make multiple transactions less worrisome.
- Georgian banks offer Master Cards and Visa Cards that can be used anywhere in the world for multiple currencies.
- Online banking to easily move funds across countries in any currency. Adaptable operational credit line.
- No restriction on the amount and the type of currency that you can hold in your corporate bank account.
- Banks also offer preferential long-term loan plans to their corporate customers.
All in all, opening a corporate bank account in Georgia is quite simple and beneficial. The country has a lot to offer through its banking and investment system. It will provide you with investment opportunities, expansion opportunities, financial freedom, unlimited withdrawals or transfers, multi-currency capacity, currency conversion, and mobile banking with nominal banking fees. Certain banks in Georgia also offer personalized services to their corporate customers.
What are the documents required for Opening a Corporate Bank Account in Georgia?
- Company’s Articles of Association, founding document;
- Extract from the state commercial registry or other similar document confirming the status of a non-resident legal entity;
- Passport copies for all persons authorized to represent the company and have the right to dispose of the account;
- Certificate of Incumbency to be provided by offshore companies only. It must have the following information: Name of the company, its registration number, and address; director’s name, surname, passport number, date of birth and address; share capital; issued share capital and class of shares; each shareholder’s name, surname, position, passport number, registration number, date of birth;
- Statement about the shareholders with a share of 25% or more, and a statement about the persons with significant control, as well as notarized copies of their passports;
- Signature samples of all legal entities with representative rights, as well as persons authorized to dispose of the account. The document must be notarized or certified by the relevant bank employee in charge;
- Tax registration certificate;
- The document containing information about the client’s management company. The document must be certified by the client’s authorized representative with a date specified. If, based on the documents required to open a bank account, the governing body has been determined, there will be no need to provide any additional documents containing information on the management company.
What is the procedure to open a corporate bank account in Georgia?
Since Georgia has plenty of business entities, the requirements to open a corporate bank account will largely depend on the particularities of the company. An account needs to be opened for a joint-stock company, a limited liability company, a general partnership, a limited partnership, or a branch in Georgia. Sole proprietors can also open a bank account for their business that is different from their personal one.
Our package for corporate bank account opening services in Georgia provides for extensive assistance throughout the steps such as:
Step 1: Choosing the bank of your choice
- Once the registration and incorporation process of your Georgia company is completed by us, we will move forward with providing assistance with regards to opening corporate bank account in Georgia.
- Wherein the first step includes choosing the bank of your choice. Tetra Consultants will list down all your business requirements and then look out for the bank which provides the mentioned requirements.
- Tetra Consultants will provide you with a list of reputable banks in Georgia. Some of the Georgian banks Tetra Consultants work with, include Bank of Georgia, TBC, Liberty Bank, and Basis Bank.
Step 2: Document preparation, filing of bank questionnaires and other documents as required
- The next step is to prepare your initial copy of the documents, of which, a copy will be printed for bank purposes. These documents may include identification documents of directors & shareholders, corporate documents like memorandum of association, and articles of association.
- Moreover, Tetra Consultants will advise and provide assistance with filling out business questionnaires, KYC forms, and bank application forms.
Step 3: Submission of documents
- Once the above-mentioned documents are prepared, Tetra Consultants will send the same to our clients to review and sign the corporate bank account opening forms.
- Once we have received the signed application forms, Tetra Consultants will submit the application form to the bank along with the other required list of documents.
- During this stage, Tetra Consultants will extensively work with bank officials to make sure the application is duly completed and there are no chances of rejection.
Step 4: Approval for the opening of corporate bank account & receiving the certificate of deposit
- Georgian banks may require you to travel to Georgia for a face-to-face interview. If required, Tetra Consultants will request for the interview to take place using a video conference call instead. In the event this is a mandatory requirement, Tetra Consultants banking team will accompany you to the bank meeting in Georgia to facilitate communication.
- The bank will take note of it and go through all the details. If everything is well and fine your bank account will be opened and a Certificate of Deposit will also be provided.
- Once the bank account application is submitted, our clients can expect the account to be opened within 3 weeks. After which, the Georgian banks will grant internet banking access and issue internet banking tokens within the next 1 week.
- Depending on the business activity, Georgian banks may subject the company to enhanced due diligence checks. For example, your company may be required to submit AML/CFT documents, risk management policies, and the appointment of a local anti-money laundering compliance officer.
- Tetra Consultants is well versed with these requirements and will be able to assist our clients to meet them. In addition, our banking team prepares the required documents in advance so as to prevent engagement delays.
- If our clients decide to open a multi-currency corporate bank account outside of Georgia, Tetra Consultants will secure the same within 4 weeks as well. See this webpage to find out how Tetra Consultants manages to open each corporate bank account within stipulated deadlines.
Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.