Dividends payed out only in local currency? Here: GEL - Georgia

[AMD]

I don't think so. that in fact is one of the reasons why Ge banks were used by Russians as a mediator with EU.

You have to move funds from Gerogia to Russia and from there to western European countries?

 

[curiousmarv]

Does banks in Germany, France and Latvia have restrictions to receive payments from Georgia banks like TBC Bank ?

No, why should they?
Georgia is also a special trade partner with EU, google DCFTA and not unlike other states on the EU blacklist (like e.g. United Arab Emirates).

 

[AMD]

some say they can't transfer money from Georgia to rest of EU??

 

[Anny08]

some say they can't transfer money from Georgia to rest of EU??

Silk Road bank doesn't work with foreign payments temporary. BOG - we paid funds to our EU partners without problems in Eur and USD

 

[Spinat]

BOG - we paid funds to our EU partners without problems in Eur and USD

How did you setup the bank account there, personal visit, agent or?

 

[curiousmarv]

It's definitely possible to send and receive money from/to EU with a Georgian bank account.
Only heard from one friend that Bunq in the Netherlands did not let him send money to Georgia (which is strange in my opinion).

Silk Road Bank is one of the smallest and sh*ttiest banks in Georgia. Don't go with them.

@<<snippet>>
Just go in person to Georgia with your passport (at least that is how it works for Europeans). That's it.
If you want to do it remote it's also possible. I have an accountant with very reasonable prices for remote opening if you want to go that way (just PM me) but it will be still cheaper in person and I recommend it in person.

 

[Anny08]

How did you setup the bank account there, personal visit, agent or?

You can try personally or through local agent.
When I opened account in BOG (personally) on February 2019 all was ok, but in May 2019 I had to closed it due to no economic substance in Georgia as soon as the same happened with TBC too.
During last months as I heard from partners, BOG and TBC asks to prove and show them substance and business involved with Georgia...

 

[Martin Everson]

During last months as I heard from partners, BOG and TBC asks to prove and show them substance and business involved with Georgia...

Perhaps the hand of the OECD at work

 

[AMD]

You can try personally or through local agent.
When I opened account in BOG (personally) on February 2019 all was ok, but in May 2019 I had to closed it due to no economic substance in Georgia as soon as the same happened with TBC too.
During last months as I heard from partners, BOG and TBC asks to prove and show them substance and business involved with Georgia...

Did you provide them with information which satisfied their request or they made trouble?

 

[Anny08]

Did you provide them with information which satisfied their request or they made trouble?

Actually our business doesn't connect with Georgia and we don't have a business substance here - BOG and TBC closed my accounts, then we opened new one with Silk Road which doesn't request this substance, but Silk has a troubles now with correspondents banks and foreign payments. Bad Georgia =)

 

[AMD]

Actually our business doesn't connect with Georgia and we don't have a business substance here - BOG and TBC closed my accounts, then we opened new one with Silk Road which doesn't request this substance, but Silk has a troubles now with correspondents banks and foreign payments. Bad Georgia =)

That's really bad news. I was in touch with an agent in Georgia who say he can setup a business bank account for a company registered in Georgia. I told him I would not make business in Georgia and he said the bank will be fine. That's the opposite of what you report here