Which IBCs/LLCs do Georgian Banks go with?

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This topic contains 13 replies, has 9 voices, and was last updated by Profile photo of DDg DDg 1 month, 2 weeks ago.

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  • #3043
    Profile photo of Raphael
    Raphael
    Participant

    Hi,
    anyone know if its possible to register a business account in Georgia with a Belize IBC or similar?
    Anyone got some tips? Have not yet decided on the location

    #3044
    Profile photo of LP
    LP
    Participant

    For non-personal accounts supposedly nowadays they will only open accounts for you if you have a registered branch in Georgia, which should be simple to do but I assume you would need to have an accountant in Georgia.

    #3045
    Profile photo of Raphael
    Raphael
    Participant

    Thanks for the answer, I figured.
    Do you know any banks, irrelevant of location, who’d take offshore IBCs? Except the local ones. From what I read most banks don’t touch them anymore

    #3061
    Profile photo of GCE
    GCE
    Participant

    There are still several banks in Bulgaria which accept offshore companies but the business activity is strictly observed. If you are dealing with forex and binary options, you won’t succeed to get an account opened.
    You would try with an application to UniCredit Bulbank and DSK Bank. Their services are preferrable because they are willing to work with proxies/empowered persons, so you won’t need to travel personally to their office.

    PS: If this topic would be useful for the audience, I could summarize my experience with Bulgarian banks on offshore companies.

    GCE - Company registration in Bulgaria from 160 EUR
    Limited company in Bulgaria | Anonymous company in Bulgaria | Tax optimization | Residence in Bulgaria
    Accounting and consulting
    http://companyinbg.com/index_eng.html

    #3101
    Profile photo of Streber
    Streber
    Keymaster

    With the usual caveat that everything varies depending each unique situation and there’s no silver bullet approach – banks in Georgia, like most banks, will accept precisely any non-sanctioned jurisdiction for the right amount of money and risk profile.

    Offshore companies are often restricted to higher minimum deposits and private banking/wealth management services, as it’s deemed simply too risky to offer transactional banking to such companies.

    EU/EEA companies may find it easier, especially if you have some sort of ties to Georgia whether it be customer base, business partners, residency, or citizenship.

    #3113
    Profile photo of Stacy
    Stacy
    Participant

    @gcebulgaria I think it would be great if you could tell us your experience in Bulgarian Banks on offshore companies.

    Regarding Georgian Banks, I would not recommend. One of my friends had an account in The Capital Bank of Georgia. So the Bank now is closed and the friend had to visit bank branch personally in Georgia to transfer the money to another account.

    #3361
    Profile photo of GCE
    GCE
    Participant

    @anpr, excuse me for delayed answer. I will try to provide the most detailed picture of current relations between Bulgarian banks and foreign companies.

    Generally, most of Bulgarian banks open accounts for foreign companies, as they have different requirements – concerning whether the account should be opened only by company’s representative or opening by proxy/empowered person is acceptable; what is the date of issue and apostille of corporate papers and certificates (some banks accept only corporate documents issued and apostilled in 30-days term before submission to the bank) ; what is the jurisdiction of the company; what is the business activity (the banks have negative position to clients involved in forex and binary options, as they do not consider the difference between B2B and B2C accounts); etc.

    Companies engaged in forex trading and binary options will not be accepted by Bulgarian banks, according to the new banking policy and regulation from the highest level (BNB). The applications of such companies shall not be reviewed by any of the bank offices.

    In regards with other business activities like consultancy, IT services, general trading Bulgarian banks are willing to review the application of offshore company and decide on their own on account opening.

    We have to split the companies according to their jurisdiction of registration. Classic offshore zones are stricly reviewed. Some of Bulgarian banks accept such clients but keep their right to have final decision on account opening. That means they can reject your application, no matter it contains all required papers, if bank security and compliance department decide this entity is not acceptable. On the other hand EU companies will not face any difficulties with corporate account opening. Entities registered in other jurisdictions (e.g. USA,Russia, Israel, China, etc.) shall be reviewed in the same way but are not considered high risk (like offshore ones).

    The minimum requirements (minimum balance, turnover), tariffs, timeframe for account opening etc. strictly depend on each bank and type of corporate package. A simple example: UniCredit Bulbank require for EUR account: 10 EUR bank fee for opening, 8 EUR monthly for e-banking maintenance, 200 EUR minimum balance into account, as the minimum deposit could be paid directly by the client through bank transfer. There are several banks in Bulgaria which charge additionally for review of application for corporate account opening. Their tarrifs vary from 80 EUR (Bulgarian-American Credit Bank) to 500 EUR (D Commerce Bank).

    The procedure of account opening itself takes about 2 hours in a bank office. The time-consuming stage is the assembling of corporate papers, which should be issued by local company register with apostille, after that should be translated and legalized in Bulgaria. The requirements for corporate documents (no matter offshore, EU, UK jurisdiction) are to be fresh dated, with date of issue no older than 1 month of submission date.

    P.S. If @streber decides, the information could be moved to different topic concerning Bulgarian banks.

    • This reply was modified 1 month, 2 weeks ago by Profile photo of GCE GCE.

    GCE - Company registration in Bulgaria from 160 EUR
    Limited company in Bulgaria | Anonymous company in Bulgaria | Tax optimization | Residence in Bulgaria
    Accounting and consulting
    http://companyinbg.com/index_eng.html

    #3363
    Profile photo of Dave
    Dave
    Participant

    thank you for Fabulous report on Bulgarian banks – especially interesting in the light of the acceptance of the forex companies. When you speak about Forex companies – those central bank guidelines are concerned only with the FOREX BROKERS or any type of Forex company?..For example, a B2B AUTOMATED FX ANALYTICS company could be accepted (only research is provided)? or it would still be turned down?

    #3370
    Profile photo of Bob
    Bob
    Participant

    If you bank in a country where you have no connections, do not understand the language and culture; only because the compliance is ‘easier’, you are bound for some grief. These are normally not the most stable countries where the rule of law is fully appreciated.

    caveat emptor ..

    Bob Cares.

    #3372
    Profile photo of NewLife
    NewLife
    Participant

    You may be interested in starting here? https://www.streber.st/forums/topic/because-no-new-post-the-best-residency-optionswhere-to-register-your-business/

    Incorporation and banking matched to type of business. Residency, too.

    #3376
    Profile photo of DDg
    DDg
    Participant

    Since the subject is up anyway,
    I read parts of the investigation to catch the person behind the (one of) worlds famous torrent sites kickasstorrents. And you know how hard they pursue torrent sites, just to get an idea about copyright.
    He had a bank account (or multiple) in Latvia.
    Apparently, though, he masked the origin of these found. So whoever was gonna pay him for ads on his site, he always included in the instructions his bank account info as well as “Don’t mention anything about ads or advertising” and instead tried to say something like “rent” or similar. Illegal right there. The investigators suspected he had other money somewhere else. But that’s got nothing to do with it.
    What is funnier is the fact that the IRS helped FBI uncover his identity because they suspected him of tax-related crime. Tax evasion or something. So they acted like an interested partner and sent him a total over a few payments of 20k to his account. (which was registered under, I think, Seychelles corporation). Long story short he made a slip-up and IRS was right after him.

    But to help you some, Antigua is in a bad position with all these copyright kinda issues. Check here:

    Antigua & Barbuda Threatens to Punish U.S. With Piracy Free-For-All

    #3382
    Profile photo of NewLife
    NewLife
    Participant

    The Kickass guy wasn’t found by his bank account, but some other, very amateurish mistakes. He connected his read ID to his sting operations via Apple and Facebook services. Poor boy. Read the story here: https://gizmodo.com/the-colossal-screwups-that-got-the-kickass-torrents-own-1784033848

    #3383
    Profile photo of DDg
    DDg
    Participant

    Yes but that wasn’t the part interesting! I found you the public documentations of the report I will link to you below. I did however manage to get my hands on the full report.
    THe one you are refering to was this section: C. KAT’s Use of Social Media
    For those interested:

    https://assets.documentcloud.org/documents/2996082/Artem-Vaulin-Complaint.pdf

    And since this is forum isn’t about computers:
    KAT as in KickAssTorrents

    “On or about November 13, 2015, an undercover IRS Special Agent
    (UC-1) sent a request to the email address pr@kat.cr (an email account listed on
    KAT’s website for “press”),9 inquiring about advertising on KAT.”

    ” The KAT representative agreed to provide UC-1 advertising for $300 per day. During one of
    the exchanges, on or about December 9, 2015, a representative of KAT, using
    admin@kickass.to, provided UC-1 with banking information for payment to
    advertise on KAT’s website—a Latvian-based account held at Regionala Investiciju
    Banka, account #LV32RIBR00185170N0000JSC, in the name of “GA Star Trading
    Ltd, 9 Barrack Road Belize City, Belize””

    — It was Belize! My mistake. Proceeding:

    “(the Subject Account). After providing
    the banking information, the KAT representative instructed UC-1, “Could you
    please make sure that you don’t mention KAT anywhere?” in connection with
    payment to the bank for advertising.”

    “The following day, the KAT representative provided UC-1 with three
    different banner ad options, with fees ranging from $1,000 to $3,200 per day.
    30. On or about May 11, 2016, in response to a request from UC-1 for a
    new bank account, the KAT representative provided UC-1 with another account to
    receive funds for advertising, an Estonian-based bank held at AS Eesti
    Krediidipank, account number *6107, in the name of “Glomeratus LTD,
    Beneficiary address: 1 Straits Parade, Bristol, BS16 2LA, UK.” The KAT
    representative wrote: “Please pay attention to the bank details. They should be
    entered correctly. Also please don’t mention KAT and ‘for advertising anywhere.’
    Could you please inform me when you send the payment?” On or about May 13,
    2016, the KAT representative provided UC-1 with another payment method for
    advertising, a WebMoney account as well as an account for a Russian-based
    payment system. On or about July 1, 2016, as part of the undercover operation,
    IRS wire transferred $1,000 from a location in Chicago to the Glomeratus LTD
    bank account to purchase additional advertising. ”

    “The investigation obtained bank records from Latvia pursuant to a
    request under the Mutual Legal Assistance Treaty. Those records reflect that the
    Subject Account received a total of approximately €28,411,357 in deposits
    between on or about August 28, 2015, and on or about March 10, 2016.”

    Etc etc, I dont wanna bore you guys too much

    #3384
    Profile photo of DDg
    DDg
    Participant

    I just realize now I posted in the wrong thread. My apology!

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