Relations with the bank and the revenue service
- nina mgaloblishvili
- May 23, 2024
- 3 min read
Updated: Jan 28
Which banks are on the market of Georgia?
TBC BANKBank of Georgia
Basis Bank
Lyberti Bank
ProCredit Bank
Credo Bank
Terabank
Cartu Bank
Halyk Bank
VTB Bank
PASHA BANK Georgia
Isbank
Ziraat Bank
Silk Road Bank
How to open the bank account?
The bank has the right to request documentation from you. Relatively speaking, however, opening a bank account in Georgia as a non-resident is easier than it is in most other countries. Documents you will need:
Passport.
Application form (provided by the bank).
Documents that prove your sources of wealth and satisfy anti-money laundering laws. This could be anything from contracts to foreign bank statements.
For US passport holders only, information about your IRS account to satisfy FATCA requirements.
If adequate documents are provided, you can normally open an account on the spot. Business account requirements are much more complex. Some more information on business accounts are here.
How can help the Enterprise Legal studio with bank?
Collect all the neccesary documentation for the opening the accounts. Collect al the necessary documentation for the loan. Check you financial possibilities and your credit officers offer
Your financial adviser should never:
Fail to disclose information or provide relevant documents, including a Financial Services Guide, Product Disclosure Statement, and/or Statements of Advice.
Advise you to take out loans you cannot afford.
Proceeds with investments when they have not fully explained the risks.
Recommend a strategy when you don’t have a secure source of income, or resources to fund repayments for investment loans.
Fail to review and revise your financial plan at regular intervals when necessary.
Why would a bank refuse to let me open a personal account?
Anything suspicious that may arise during the application stage can be enough to warrant a rejection.
Why would a bank refuse to let me open a business account? And what are the options to improve your chances of approval?
Because banks do not have to disclose their reasons for rejecting or approving accounts, it can be hard to say exactly what makes the difference. Some important factors to consider include:
What are your sources of wealth? Can you prove the legitimacy of your wealth?
Where do your payments come from? If all or most will originate from outside Georgia, you are more likely to get rejected.
Currency of funds. If you want an account in a currency other than GEL, that can increase your chance of rejection. This is a more common issue with business accounts, rather than personal accounts.
Your business model. Complex or suspicious business types that are not familiar to bank employees may be rejected more frequently.
Will my account get frozen if I try to send large sums of money?
It has been the case that amounts exceeding $1,000 USD have sometimes been frozen in the past. Once you go above $10,000, the risk increases. That said, many people have managed to consistently send & receive large amounts over and over without issue.
The reason a deposit gets frozen depends on a host of factors. This is a non-exhaustive list to consider:
The actual amount being sent.
The frequency of large sums being sent.
The type of bank account (business or personal).
The origin of the funds. Especially if coming from an offshore jurisdiction.
The purpose of the funds. Salary? Business service payment? Transfer of personal money for a real estate purchase? Each comes with a different level of risk.
Whether or not you pre-arranged and planned the arrival of the funds with your banker, along with documents proving the legitimacy of the funds.
Getting your funds cleared will typically involve going to your bank with documentation proving the origin and legitimacy of the funds. The banks still have the right to refuse receipt of the funds.
Our company assists in drafting and negotiating complex agreements, including loan agreements, asset management agreements, and insurance policies.
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