In 2019, Georgia experienced a real tourism and commercial boom in a good sense. Today, the country’s economy is growing, new entrepreneurs are registered daily, and the banking sector is progressing. You can open a bank account for a standard company in Georgia without any unnecessary bureaucratic red tape, and you even got two options: this can be an account intended for doing business in the Caucasus region, opened with one of the country’s 15 banks, as well as an additional “commercial wallet” with BOSLIL Bank Limited, licensed in Saint Lucia, which will further simplify the settlements with your counterparties, foreign companies and employees.
The Offshore Pro Group would like to offer you remote opening of a corporate account that is available at the price of 3999 EUR. In order to register a standard company in Georgia you will need to pay an additional amount of 2951 EUR and get everything at once: your business in Transcaucasia and a spare account with a BOSLIL foreign bank for a total of 6950 EUR.
Georgian Banks and Economy for Standard Companies
Why is the flow of foreign companies to Georgia increasing every year? There are several reasons for the pro-active interest of mid-tier investors and businessmen in Georgia:
- a beneficial strategic location between East and West, where trade routes are opened, and access to the markets of Asia, Europe, China, CIS countries and the Middle East is established;
- import tax depends on the type of goods and varies from 0% and 5% to 12%;
- when starting a business in one of the free industrial zones, for example in Tbilisi, the company receives additional privileges regarding taxes and reporting;
- simplified business procedures with a number of foreign countries, including Japan, Canada,, Turkey, Switzerland, China;
- Georgia’s projected GDP for 2019 was expected to increase by 4.5% to 4.8% while in 2018 it was 4.8% higher than in 2017;
- the increase in profits of Georgian banks for 2018 compared to 2017 amounted to 5%.
For all the virtues of running a business in Georgia, one should always keep in mind the possible risks of losing money from the accounts in the event of a number of circumstances. For example, the Latvian ABLV Bank, once popular with the clients and depositors, is now undergoing a stage of voluntary dissolution that has affected all of their clients in a negative way. This is especially true for corporate accounts that exceeded USD 100,000.
A standard company in Georgia, in order to maintain a stable financial position, could benefit from opening a spare bank account with BOSLIL Bank Limited.
Benefits of a Bank Account with BOSLIL Bank Limited (Saint Lucia)
Beginner mid-tier businessmen tend to have a single bank account where they keep their assets, which is fundamentally wrong. Having just a single bank account, you are bearing the risk of losing money because of the bank’s policy, changes to the country’s legislation, global instability and the increase in tariffs. In order to ensure the safety of your Georgian company assets, we would like to offer you a number of services, including the remote opening of a spare bank account with BOSLIL Bank Limited located in St. Lucia (Caribbean).
An additional corporate account with a foreign bank can be used for the following purposes:
- withdrawal of assets from the main account in the event of meltdown in the country, the bank and the world;
- convenient settlements with your business partners from foreign countries;
- accumulation of money;
- mandatory payments (income tax, customs duties);
- corporate bank cards and other operations.
Bank of Saint Lucia International Limited (BOSLIL)
BOSLIL Bank Limited (Saint Lucia) is a subsidiary of the international East Caribbean Financial Holding Company (ECFH) whose shares are divided among the following shareholders:
- 70% belong to the Government of Saint Lucia, a consortium of five financial institutions of the peoples of OECS, Republic Bank Limited and the National Insurance Corporation of Saint Lucia;
- 30% belong to 4,000 investors in of Caribbean region.
BOSLIL was founded in 2004, when the starting asset basis was USD 3.072 million, subsequently increasing to USD 372 million (2013).
Today, Saint Lucia International Limited is the leading institution in the international financial services sector. Any and all transactions are controlled in accordance with FATCA rules, and the bank’s correspondents are reputable and safe global banking companies only.
Services Offered by BOSLIL Bank Limited (Saint Lucia)
In order to open a corporate account with BOSLIL Bank, it is sufficient to contact our company and get advice with full support and facilitation of the deal. The service is provided remotely and will take just 5 to 7 days from the date of submitting your documents to the banking institution.
What Does BOSLIL Bank Offers to Corporate Clients?
- A multi-currency deposit account in 15 currencies, payments to which are made via the SWIFT international system within 24 hours. The term of the deposit varies from 30 to 365 days, and the minimum amount is USD 25,000 or the equivalent in another currency;
- BOSLIL online banking is available 24/7 including the support, secure access to the account is ensured by the TOKEN device;
- A credit card, the application for which will be processed in up to 7 days, and the card delivery will be carried out by the FedEx courier service.
You can learn more about the limits, terms and conditions for credit cards for the Georgian companies in the article on opening an account with BOSLIL Bank Limited.
How Can I Open an Account with the Saint Lucia Bank for a Georgia-Based Company?
Those who already have a business in Georgia or who are just planning to incorporate a company in Georgia, should take care of their capital safety, becoming a client of one of the Western banks.
In order to open a corporate account with BOSLIL Bank for a company based in Georgia you will need to submit a full package of papers, certificates, records and founding documents of your organization. Advice on choosing the foreign bank, as well as a list of documents to be submitted by individuals/legal entities can be obtained remotely via the feedback form and by email.
Important! Any and all papers requested by the bank must be prepared in the form of copies translated into English or another language understood at the bank, and notarized. Companies already operating in Georgia will need to get an extract from the National State Register on the company status the authenticity of which must be confirmed by the apostille and notarization.
Company incorporation in Georgia and opening of a bank account with BOSLIL Bank is a set of services by the Offshore Pro Group, the price of which is 6950 EUR.
The account for a Georgian company with BOSLIL Bank Limited means confidence about the future, as well as profitable investments and the safety of your capital. Please feel free to send your application for opening an account by email to firstname.lastname@example.org.