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Georgia’s stable banking sector has a key role in making it as one of the favourable business destinations. Opening a personal bank account is a breeze here.

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benefit from opening a personal bank account

Benefit From Opening A Personal Bank Account In

Georgia

When we discuss Georgia as a favourable business destination for offshore

companies we generally discuss about its strategic location, robust

infrastructure, tax benefits, enabling trade treaties with a number of

countries, pro capitalist and free market economy, no red tape, low cost

skilled workforce, a democratic system of governance, and an easy to get

residence permit among many other positives.

Importantly, the country has been favourably marked by credible international

agencies like the World Bank, Transparency International, International

Monetary Fund etc. For example, the country has been ranked 23rd out of 189

countries in the index of ease of doing business in 2016 by the World Bank.

A robust banking sector:-

The one sector that generally gets overlooked in Georgia’s success story is its

banking sector. However, it should be kept in mind that the success of any

economy is underpinned by its stable banking system, for it acts as a

facilitator and conduit for all types of business transactions. The Georgian

banking sector has received a positive feedback from agencies like Fitch and

KPMG, which had ranked it as stable.

The sector has a number of commercial banks – small, medium, and big

totalling about 19 in number with an asset base of $12.4 billion as of January

2017. As an investor, you can avail swift and seamless credit facilities from the

banking sector both at the individual and corporate levels to fund your

projects.

Why bank in Georgia?

To save assets

Georgia has emerged as one of the new tax havens thanks to the business

friendly policies of the government. Thus, you can park your funds in a safe

and secure manner in any of the commercial banks in Georgia with no one

asking you questions. Moreover, the country has not entered into any type of

agreement (like the MCAA treaty) with other countries regarding automatic

exchange of tax related information. Besides, the banks offer modern banking

services like ATMs, internet banking, credit cards, demat accounts etc. In

fact, you can operate your personal bank account in Georgia from offshore as

well.

To get a temporary residence permit

according to the new law should you want

According to the new law should you want to get a temporary residence

permit in Georgia, you need to mandatorily maintain a savings bank

account in any of its commercial banks with a minimum balance of 3000

GEL.

How to open a personal bank account in Georgia?

The process is fairly simple with the submission of a few documents. No need

to wait for days on end, for once the documents are submitted you can get

your bank account up and running in just 3 to 4 hours. The documents to be

submitted are:

Local identity document ID

Personal public service number

Client data sheet

If you happen to be a foreign resident you too can open a personal and

corporate bank account with the minimum of fuss. The best part is that you

need not be physically present for the same, for your representative can do it

on your behalf. The documents would include a power of attorney to hire a

local lawyer and a notarized copy of your passport among others.

Conclusion:-

Opening a personal bank account in Georgia can be advantageous for you as

an investor in terms of parking your assets and getting swift credits.

Read the full content :- http://www.kaukapital.com/2018/01/29/benefit-

opening-personal-bank-account-georgia/

Kaukapital

Kaukapital

Address:

Address: Lisi veranda, Tiripebi street 2,

0159 Tbilisi, Georgia

Mobile:

Mobile: +995593760930

Email:

Email: info@kaukapital.com

Website:

Website: www.kaukapital.com

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