Bank account for Georgian company

[MrTony]

Hi!


Maybe someone has experienced by opening a bank account for Georgian IT company in the banks, which is not located in Georgia.

If someone has such experience please share.

 

[Martin Everson]

You would need to get paperwork translated, certified etc. Do you really want to do through all that? Plus Georgia is on blocked list for some banks sadly.

 

[Outlander]

But where do you want to open the bank account?

 

[happyjohn]

Plus Georgia is on blocked list for some banks sadly.

What countries for example?

 

[MrTony]

You would need to get paperwork translated, certified etc. Do you really want to do through all that? Plus Georgia is on blocked list for some banks sadly.

All docs in English language.

But where do you want to open the bank account?

EU/EEA will be perfect. But I understand that this is a hard case. Maybe Bulgaria or Poland.

 

[Anny08]

I have a client with Georgian Ltd. We tried open bank acc. remotely in EU with Wirecard and Handelsbank. Wirecard in the process of KYC (250 Euro fees), other banks in EU said they work only with EU companies or business shall be connected with their country (ING BANK ) or ask a deposits (Bendura, Vontobel).
Anyway you can try with CIM bank (but soon they will ask economic substance), Handelsbank can accept case-to-case or overseas banks: Boslil Bank, Paxum Bank (they work with GE) or emi.

Local banks in Georgia ask substance and business operation inside (BOG and TBC)

finally we opened with Satchel Pay and TW and Silk Road Bank of Georgia
now in the process with Wirecard Bank AG.

 

[Martin Everson]

What countries for example?

btw I said "banks". Barclays Jersey and BNP Paribas Luxembourg don't do Georgia those are the ones of the top of my head. Banks will look at you like - if you walk in with a Georgia company.

 

[Martin Everson]

finally we opened with Satchel Pay

You think that was a good choice...lol?

https://www.pymnts.com/news/b2b-payments/2019/lithuania-bank-satchelpay/

 

[Anny08]

yes we know about it, they have on this moment restrictions but as they said in 2 weeks all will be ok
anyway I don't know options better right now except of TW and Satchel for GE co (without crazy fees).

 

[Martin Everson]

So TW accept Georgian companies?

btw Do they accept Georgian residents?

 

[MrTony]

yes we know about it, they have on this moment restrictions but as they said in 2 weeks all will be ok
anyway I don't know options better right now except of TW and Satchel for GE co (without crazy fees).

I think Vialet is better if choose from Lithuanian companies.

 

[Anny08]

So TW accept Georgian companies?

btw Do they accept Georgian residents?

Yes, Satchel accepts GE companies as well as TW.
Re Georgian residents I don't know.

 

[Jonny Cage]

CIM Bank
Banks in Belarus
Banks in Kazakhstan
Banks in Turkey
In Serbia
TW
Paysera

Have experience in all of those. they are fine wi GE companies

 

[JohnLocke]

CIM Bank

Really? CIM bank does accept Georgia companies?

 

[Jonny Cage]

I'm postive. I've opend myself for 3 companies in last 3 months.
Trading
Ship management
Logistic

 

[Flatworld]

CIM Bank
Banks in Belarus
Banks in Kazakhstan
Banks in Turkey
In Serbia
TW
Paysera

Have experience in all of those. they are fine wi GE companies

thanks for info~

 

[dvm]

finally we opened with Satchel Pay and TW and Silk Road Bank of Georgia

Does Silk Road Bank of Georgia allow transactions in currencies other than GEL (Georgian currency - Lari)? I spoke with them back in July 2019 and they had that restriction at the time.

 

[Anny08]

Does Silk Road Bank of Georgia allow transactions in currencies other than GEL (Georgian currency - Lari)? I spoke with them back in July 2019 and they had that restriction at the time.

Silk Road has a problems with international payments since July 2019 and still not resolve it. So, we're waiting for a results and hope on progress by the October 2019

 

[BlueMist]

I have a client with Georgian Ltd. We tried open bank acc. remotely in EU with Wirecard and Handelsbank. Wirecard in the process of KYC (250 Euro fees), other banks in EU said they work only with EU companies or business shall be connected with their country (ING BANK ) or ask a deposits (Bendura, Vontobel).
Anyway you can try with CIM bank (but soon they will ask economic substance), Handelsbank can accept case-to-case or overseas banks: Boslil Bank, Paxum Bank (they work with GE) or emi.
[...]

How much did the Bendura asked for initial deposit?

btw I said "banks". Barclays Jersey and BNP Paribas Luxembourg don't do Georgia those are the ones of the top of my head. Banks will look at you like - if you walk in with a Georgia company.

Barclays Jersey require min. €5 million turnover before they can even consider your business.

 

[curiousmarv]

Silk Road bank.... why? haha. Stay away from wannabe banks.