Georgia (country) business account

[JohnLocke]

working just fine and after paying some salarys of Georgian employees I could show connection to Georgia and open an account with Bank of Georgia which is still fully operational.

But you don't live in Georgia right? How comes that you were able to do that if people above the thread claim no Gerogian bank will open an business account for foreign owned Georgian companies?

 

[Offshorenerd]

I do live in Georgia, but Im not Georgian. Also I do not have an official residency. Im just staying on the 360 day tourist Visa and renew it once year via visa run.

Banks will open Accounts for foreign owned Georgian companies as long as you can show some connection to Georgia.

Banks will not open Accounts for completely foreign companies, for example UK ldt or US LLC

 

[dvm]

I already see this coming, there was all the hype around Georgia last year on OffshoreCorpTalk, there was one fantastic story after the other here where people found the holy grale in Georgia for the perfect setup.

It's sad that this was another case of hot air.

Exactly. I had the same sentiments about Georgia, because it was too good to be true. The [previous] Georgian governments had all these great initiatives about turning Georgia to an oasis for international business, but incompetence and fears caused by the lack of knowledge of their own laws on so many levels below (including banks) kill all these efforts outright. No offense to Georgians, but Georgia is a joke for doing international business.

 

[dvm]

I do live in Georgia

I believe that's the key in your story.

 

[JohnLocke]

Banks will not open Accounts for completely foreign companies, for example UK ldt or US LLC

okay now I get confused, so you mean if you setup a company in Georgia and do some sort of business there it is possible to get an account or do you mean it will at least require a yourist VISA ?

 

[Offshorenerd]

If you can show a connection to Georgia you will get an account. Me being there for most of the year has little to do with me having gotten the account. It could as well have been done on a single visit or remotely.