Offshore Bank Account Formation – Georgia
Banking System in Georgia
The National Bank of Georgia serves as the Central Bank of the country. This bank is responsible for setting up the monetary policies within Georgia. This bank also issues license to the banking institutions and supervises all its activities. The National Bank of Georgia also supervises the functions of currency exchange offices.
The National Bank of Georgia needs to ensure that all the commercial banks in Georgia keep a certain percentage of their foreign currency deposit liabilities in reserve, to be able to regulate the circulating money and encourage deposits in Georgian Lari or GEL, the national legal tender.
The National Bank of Georgia is assisted by the government of United states of America, for accelerating developments in the country’s financial sector. The National Bank of Georgia with other banks in Georgia use SWIFT to process international payment transactions and the related messages.
There are no restrictions on any individuals as to how many bank accounts that individual can open and have in Georgia, in the Georgian banks. Same holds true for the business enterprises and companies, in Georgia.
The current cost of lending money is high in Georgia. But it is expected to come down with the development of banking and financial sector in Georgia.
The banking system in Georgia currently consists of small and medium sized banks, which are all based domestically in Georgia. There is a few handful large banking institutions in Georgia, which are based on Tbilisi with other subsidiaries, such as private banks and Vneshtorgbank, and with two foreign banks with their branches, such as Turkish Bank, Ziraat and the International bank of Azerbaijan.
The total assets of the country’s 19 commercial banks, out of which 18 banks have foreign capital, were US $ 12.4 billion, on January 2017. This statement was issued by the National Bank of Georgia.
Georgia is one of the fastest growing economies in Eastern Europe. The banks providing offshore services are - TBC and Republic Bank. It takes around one week to open an account after all the necessary paperwork has been submitted.
Banks Available at Georgia
It is the largest commercial bank in Georgia. It does not require any minimum opening balance to open an account. However, physical presence is required to open an account in this bank. They provide excellent services in internet banking. The only language they provide service other than their own national language is English. Other services for account holders include – loans, account management, treasury products, micro business financing and agribusiness financing.
This bank provides account opening services for companies that are present in Georgia. Physical presence is required to open an account. The account maintenance fee starts from USD 10 per month. Other services include – internet banking, finance services. Documents Required For Opening Bank Account
Documents Required For Opening Bank Account
Banking Benefits in Georgia
- High privacy provided to account owners
- Growing economy
- Reputable banks
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.