Bank services for legal entities in Bank of Georgia, Georgia

Availability of a corporate account is a mandatory attributive of every legal entity. Without a corporate account it will be impossible to make effective business. Particularly selection of a bank for further cooperation is an important stage in making business in Georgia. Absolutely any non-resident who plans to register a company here needs high-quality bank services. Bank of Georgia will deal with the issue perfectly; this is the leading universal bank that represents a one third of the bank market of Georgia and until 2018 it stayed a continuous leader of the local bank system.

Main indexes of Georgia for 2018

For 2018, Bank of Georgia obtained profit in amount of 342,8 mln. lari, which is 37% of the profit of the entire bank system of Georgia. The main indexes of the financial institution as of 31.12.2018:

• assets – 13,8 bln. lari;
• capital – 1,5 bln. lari;
• credits – 8,9 bln. lari;
• deposits – 7,8 bln. lari.

The bank provides services to 2,4 mln. retail customers, and owns the largest branch network in the country – 276 offices. Also, Bank of Georgia may be proud of a broad network of payment terminals (3 115 pcs.), POS terminals (14 220 pcs.) and ATMs (876 pcs.).

Shares of Bankа Georgia are listed on the London Stock Exchange, which is a proof or high stability of the bank institution.

Bank of Georgia belongs to the financial group which participants are the following Georgian companies:

• Closed JSC Galt & Taggart – provides bank and investment services, in particular: investment banking, asset management, capital management, broker services and market research;
• Georgian leasing company – specializes in provision of leasing services and alternative means for financing.

As well as foreign representatives of the group:

• in Budapest, provide services on asset and capital management;
• Belarus national bank;
• in Tel-Aviv, specializes in popularization of unique Georgian financial products such as high-yield deposits;
• in London – also popularizes bank services available on the Georgian market.

A broad network of branches, many ATMs and terminals, and availability of all necessary bank services makes Bank of Georgia one of the most popular banks in Georgia.

Bank services for legal entities in Bank of Georgia

Opening a corporate account in Bank of Georgia for non-residents is reasonable by many reasons. First, the bank represents the one third of the local banking market, second, it provides a full range of bank services, and third, highly qualified employees working in Bank of Georgia speak all the main languages of the region (Russian, English, Turkish).

Companies established by non-residents may obtain here:

• operating-cashier services (corporate account, international and internal transfers, cashier operations, and corporate banking);
• credit products and documentary operations;
• deposits;
• corporate and personal payment cards.

It should be noted that Bank of Georgia divided the corporate sector into departments according to customers’ business trends:

• construction and real estate;
• transport and logistics;
• retail and wholesale trading;
• international organizations;
• energy complex;
• telecommunication, media and IT;
• medicine;
• state bodies and industry;
• financial companies, micro-financial organizations, credit unions;
• mass consumption goods.

A group of specialists is responsible for each sector, due to which corporate clients obtain more qualitative services.

Credits for corporate clients

Bank of Georgia allows its customers to use standard forms of credit: revolving and non-revolving credit line, overdraft, and standard credit. Corporate credits are provided for: financing of working capital, purchase of real estate and main assets, refinancing of the effective debt, and covering cash deficiency.

Basic terms of a corporate credit in Bank of Georgia are:

• repayment schedule – depending on client wishes and type of credit product (monthly payments, repayment as lump sum at the end of the period, repayment in certain months);
• sum of credit – from 5 000 to 5 000 000 lari;
• effective yearly rate – from 7%.

Apart from financing the customers’ businesses at the account of own assets, Bank of Georgia is able to provide credits together with programs of EBRD, International Financial Corporation, Asian Bank for Development, within the program of trade financing or according to the Global Program for Trade Financing.

Except credit, a customer who opens a corporate account in a Georgian bank obtains the possibility to use different documentary operations:

• letters of credit;
• pre-export and post-import financing;
• factoring.

Operating-cashier services in Bank of Georgia

In Bank of Georgia legal entities may open a multi-currency corporate account with either USD, euro, or less popular currencies: Swiss francs, Japanese yen, Chinese yuan, Russian rubles, or Polish zloty (more than 30 currencies). Meanwhile, the same account number is used for payments in different currencies, which is very convenient.

For those who wish to obtain high-quality banks services, we recommend to use the possibility of opening a corporate bank account in Georgia in Bank of Georgia with personal presence.

Corporate banking in Bank of Georgia

There are multiple remote means to manage accounts in Bank of Georgia, which is very important for non-residents living in other country. To perform cash operations remotely, a company owner may use the following instruments:

• Internet banking;
• phone banking;
• mobile banking;
• SMS banking;
• online payments;
• direct debiting.

Using them, a founder can make transfers, control arrivals to an account, order additional bank services at any convenient time, even while being in other country.

Internet banking

With the help of Internet banking customers may:

• make money transfers;
• exchange currency;
• obtain statements of accounts;
• import payment documents from bookkeeping programs to Internet.

Internet banking is available on the site https://bonline.ge/. The price of password generator for payments is 40 lari. Digipass can be used for 4 years.

Phone banking

Using phone banking a customer can obtain all the necessary information on his bank accounts. All that he needs is to call 2 444 444 and undergo the identification procedure.

SMS banking

By connecting SMS banking, an owner of corporate account in the Georgian bank will receive SMS on each operation made on the account; this includes topping up and expenses.

Direct debiting

This service allows automatizing regular payments, e.g. payments for utilities or taxes. A customer just needs to select an account (3 accounts maximum is allowable) from which a sum will be withdrawn, and define the priority of payments. The number of payments is unlimited.

Deposit services from the Georgian bank

Bank of Georgia offers corporate clients the possibility to put spare money on one of two deposits:

• fixed-term – without right for early termination of agreement period;
• on demand – money can be withdrawn at any time, in other words a client may freely dispose of his cash assets.

Fixed–term deposit

A fixed-term deposit allows a contributor to receive higher interest rates compared to a demand deposit. Basic parameters of this deposit product are:

• minimum contribution – 500 lari/other currency (bank works with 30 currencies);
• validity term: 3 – 24 months for lari; 6 – 24 months for foreign currency.
• effective rate on deposit with payment of interest at the end of the period: 6,14% to 8,67% в lari; 1,31% to 3,3% in USD; 0,15% to 0,55% in EUR; 0,05% to 1,54 in GBP;
• effective rate on deposit with monthly payment of interest: 5,64% to 8,68% in lari; 1,21% to 3,25% in USD; 0,05% to 0,45% in EUR; 0,5% to 1,46 in GBP.

A standard rule for deposits is: the longer the period, the higher the interest.

On-demand deposit

This deposit product allows a client to obtain moderate profit; still, he has a continuous access to his money. Basic terms:

• validity period – unlimited;
• currency – lari or USD;
• minimum contribution – absent;
• effective interest rate – 2,02 % in lari and 0,25% in USD.

It should also be noted that when placing more than 1 million USD the Georgian bank offers individual deposit terms.

Unique financial services and individual tariffs – this all is provided for clients when opening a personal bank account in Bank of Georgia within the set of premium services SOLO.

Bank cards of Bank of Georgia

For customers who had registered a company in Georgia and opened a corporate account the bank offers to order corporate payment cards. Using them, owners of a legal entity, its director and authorized persons may withdraw money from account at any ATM worldwide. Bank of Georgia issues payment cards of international systems Visa and MasterCard, which are valid for 2 years.

Also, Bank of Georgia is the only institution in the Caucasus region that issues payment cards of the system American Express. Cards are issued here with a credit limit which amount depends on paying ability of a company. Among basic parameters of cards American Express: availability of beneficiary period – 36 days, effective interest rate – from 19,3% yearly.

For clients who often need cash, Bank of Georgia offers to use a special payment card Cash Card. it has an increased limit for cash withdrawal in ATMs: Silver Cash Card – up to 5 thousands lari, Black Cash Card – up to 10 thousands lari.

Also the Cash Card can be used when paying in malls and online shops.

Other services by Bank of Georgia

Apart from the mentioned above, in Bank of Georgia corporate clients also may: use E-commerce, services on asset management, insurance, leasing, broker services, issuance of deposit certificate, installation of POS terminal or payment terminal.

Benefits of services provided by Bank of Georgia

Bank of Georgia is one of the two biggest banks in the country. it is recommended to open a corporate account for a non-resident here by the following reasons:

• wide range of bank services;
• qualified personnel speaking Russian, English, French, Turkish and other languages;
• bank does not transfer financial information on non-residents to tax bodies of their countries;
• option of remote opening of an account through an authorized representative;
• many systems of Internet banking allowing remote management of an account from other country;
• low cost of bank services;
• bank works with 30 world currencies;
• no obligation on the minimum required balance on the account within the entire period of service.

If you are planning to register a company and to open a corporate account in Bank of Georgia, please contact us as: [email protected]. We will prepare all necessary documents in the shortest time so that you might start a full-scale business in welcoming Georgia.