How to prove Substance in Georgia to work with Georgian banks
Until 2023, Georgia has not yet signed an agreement on the continuous and automatic exchange of data on clients of tax authorities from other jurisdictions under the CRS protocol. Therefore, many entrepreneurs are considering this country for opening a corporate account and doing business. In addition, in Georgia, in addition to the high level of confidentiality of banking operations, there are legal ways to reduce the tax burden. This interest could not have been overlooked by banking structures and the conditions for opening accounts for non-residents have become more stringent. In this article, we will analyze in detail the question of how to prove Substance in Georgia in order to work with Georgian banks.
Payment systems and their benefits for business in Georgia
E-commerce and payment systems have become practically the main way of doing business in 2020. Even those who were far from the Internet and technology were forced to master remote payment technologies. There are many methods of money transfer that are available on the Internet, but the safest and most reliable are payment systems. They offer a service similar to banking. The payment process is often faster, more convenient, and cheaper. Therefore, more and more companies prefer to work with payment systems. In this article, we will analyze the main payment systems and their benefits for business in Georgia, as well as explain how to use them without the risk of closing an account.
Banking services for legal entities in Georgia
Business registration and operation are impossible without a bank account. In addition to a corporate account, banks offer a wide range of services for business owners that greatly facilitate and automate business processes. The list of services may differ depending on the bank you choose, but the main banking services for legal entities in Georgia are acquiring, a salary project for business, settlement and cash services, variations of remote banking, etc. In this article, we will take a closer look at the features of these services in Georgia.
Open a multicurrency bank account online in Georgia
Georgia is of interest from foreign businessmen, first of all, by a high level of confidentiality of financial information (the country does not support the automatic exchange of financial data on CRS accounts). Many entrepreneurs, together with the registration of a business, open an account in Georgia, in addition, foreigners are also interested in opening personal accounts in local banks. In order not to waste time visiting the bank, given that now all borders are still closed, you can open an account remotely and without interrupting your current affairs.
In this article, we will look at how to open a multicurrency current account in Georgia without visiting a bank, both corporate and personal, and also consider the conditions that are offered by the two largest banks in the country.
Banks in Georgia
Over the last 2 years, foreigners have increasingly started considering banks in Georgia to open accounts and store money. This is primarily due to stricter rules for servicing non-residents by banks of the Baltic coast countries. This is why banks in Georgia became interesting for residents of neighboring countries and CIS countries.
How to open an account in a Georgian bank
As we wrote in the review article about banks – Georgia is more often seen as a country to store money. This is due to stricter rules for servicing non-residents by banks of the Baltic coast countries.