What EMI's for Georgia company setup?

[Spinat]

Thank you very much for getting back with this information, it makes this thread very helpful.

ProCredit, Halyk, BoG, Basisbank (Basis never contacted me after application)

Are all these banks based in Georgia?

 

[avalanche]

Thank you very much for getting back with this information, it makes this thread very helpful.


Are all these banks based in Georgia?

Halyk is based in Kazakhstan but its Georgian subsidiary, ProCredit is German, VTB is Russian. All of the banks are in Georgia of course.

I had high hopes for Liberty due to their prettiest website among all banks and location in the National Public Registry building but their unprofessionalism (takes very long time to do any operation, failing to contact me and dragging me over and over) and indifference to business makes me think whether I should trust them with my money even if I get approved.

 

[Spinat]

Sorry if that is already mentioned, but did you do a personal visit to all these banks or you tried to get something setup remote?

 

[avalanche]

Sorry if that is already mentioned, but did you do a personal visit to all these banks or you tried to get something setup remote?

Personal visit as a sole director and a 100% shareholder, I even explained to them everything including business model etc. Operators are nice people but all the docs go to their head office for the review anyway. KYC department dont see you in person.

 

[avalanche]

Anybody knows after which time interval I can try opening account again? Am I forever bound to be rejected now?

 

[Spinat]

hmmmm, that's really really strange considering all the guys around here that told all of us that it was possible to open accounts in Georgia like eating at Pizza Hut a nice Salami Pizza.

So you are left with EMI's for your company I guess?

 

[avalanche]

hmmmm, that's really really strange considering all the guys around here that told all of us that it was possible to open accounts in Georgia like eating at Pizza Hut a nice Salami Pizza.

So you are left with EMI's for your company I guess?

Maybe I'm the reason here: my company is just a couple of months old, no turnover, no residency, legal address in a suburb, no employees. But hey, before I can get all these things above I need to have a bank account in the first place for fucks sake I can show all my products, all operations, all counterparties. Maybe they just dont like money, idk.

TBC is nice so far, they opened account easily.

 

[dvm]

Getting rejected by all banks: ProCredit, Halyk, BoG, Basisbank (Basis never contacted me after application), Liberty keeps dragging: breaking their own promises to contact me multiple times already. Haven't tried VTB yet though.

Banking in Georgia sucks: even if your business is legitimate you would struggle with opening any bank account except for TBC. I guess that is the reason why TBC is getting all the business.

As a side note: that abysmal KYC practiced everywhere never ever stopped any major crime, it just makes life way more difficult for normal business people: HSBC became bank to drug cartels, pays big for lapses

That's exactly my experience. VTB most likely will tell you to "come back tomorrow" a few times and then will reject as well eventually.

 

[avalanche]

That's exactly my experience. VTB most likely will tell you to "come back tomorrow" a few times and then will reject as well eventually.

What the hell should we do then? Do Armenian banks open accounts for Georgian companies?

 

[dvm]

hmmmm, that's really really strange considering all the guys around here that told all of us that it was possible to open accounts in Georgia like eating at Pizza Hut a nice Salami Pizza.

That might have been the case in the past, but these days I cam totally second the topic starter's experience, including the positive outcome with TBC.

 

[avalanche]

That might have been the case in the past, but these days I cam totally second the topic starter's experience, including the positive outcome with TBC.

Are TBC reliable enough for receiving money from Europe? Do you still bank with them (how long)?
Would you trust them with $100k?

 

[dvm]

What the hell should we do then? Do Armenian banks open accounts for Georgian companies?

No idea, but would be curious to figure it out. However, I'm not sure if I would want to deal with Armenia/Armenia banks, considering what an unprofessional mess Georgia is, which seems to be more advanced than Armenia to me

 

[avalanche]

No idea, but would be curious to figure it out. However, I'm not sure if I wanted to deal with Armenia/Armenia banks, considering what an unprofessional mess Georgia is, which seems to be more advanced than Armenia to me

Although I heard there are some serious IT startups in Armenia. They gotta keep their money somewhere...

 

[dvm]

Are TBC reliable enough for receiving money from Europe? Do you still bank with them (how long)?
Would you trust them with $100k?

They seem to be the second largest bank in Georgia, or something like that. I can't speak of reliability at this point, as I had just a couple of modest transfers to that bank so far. But I know that banks in Georgia are not really insured by state (besides a very insignificant amount). I was just asking this same question a few weeks ago here - whether someone would trust 100K euro to TBC, as I needed to move my money, and the consensus was that people would rather trust it. But I ended up moving this money to a different country.

 

[dvm]

Although I heard there are some serious IT startups in Armenia. They gotta keep their money somewhere...

Georgia also seems to be interested in attracting the IT talent, that's why they created this virtual IT zone. But the problem with Georgia is that the head does not know what the hands do and vice-versa. There is incompetence everywhere. When I was registering a company there and opening an account for it, I had to teach them all the basics virtually on every step of the process. For example, people responsible for registering companies at the Public Service Hall had no idea about virtual zones, notaries had a vague idea about apostillization and why one would need it, etc. Most accountants have no idea that you can add them as separate users to your e-services account with certain rights, they insist that you must give them the root access with your login/password for filing tax declarations.

 

[avalanche]

Georgia also seems to be interested in attracting the IT talent, that's why they created this virtual IT zone. But the problem with Georgia is that the head does not know what the hands do and vice-versa. There is incompetence everywhere. When I was registering a company there and opening an account for it, I had to teach them all the basics virtually on every step of the process. For example, people responsible for registering companies at the Public Service Hall had no idea about virtual zones, notaries had a vague idea about apostillization and why one would need it, etc. Most accountants have no idea that you can add them as separate users to your e-services account with certain rights, they insist that you must give them the root access with your login/password for filing tax declarations.

This is crazy hahaha

 

[avalanche]

They seem to be the second largest bank in Georgia, or something like that. I can't speak of reliability at this point, as I had just a couple of modest transfers to that bank so far. But I know that banks in Georgia are not really insured by state (besides a very insignificant amount). I was just asking this same question a few weeks ago here - whether someone would trust 100K euro to TBC, as I needed to move my money, and the consensus was that people would rather trust it. But I ended up moving this money to a different country.

I know that there is no insurance, hence I'm planning to take the money out as soon as possible lol.

 

[dvm]

I know that there is no insurance, hence I'm planning to take the money out as soon as possible lol.

Also, speaking of a 100K transfer - people in a European bank told me that Georgian banks tend to refuse accepting such transfers, based on their experience. We were talking about personal transfers, not business transfers.

 

[avalanche]

Also, speaking of a 100K transfer - people in a European bank told me that Georgian banks tend to refuse accepting such transfers, based on their experience. We were talking about personal transfers, not business transfers.

Thanks for telling me. I hope business transfers should be okay. They would be below 70k a month.

 

[JohnSeed]

When I transfer money from my EU account to the TBC account they never ask for anything. I have an operating account for 9 month with some good cash-flow.

But the problem with Georgia is that the head does not know what the hands do and vice-versa.

Exactly and that's why it attract that many people for business.