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It has become increasingly difficult in this day and age to open a corporate bank account online. Many countries do no allow opening corporate bank accounts online due to security issues and to avoid the usage of such services for illegal activities such as money laundering, transferring profits to personal funds in order to avoid taxes, etc.
Opening a bank account in the name of a corporation is necessary to prove that the company is not mixing the shareholders’ personal funds with cash generated from the company. A corporation that does not open a bank account using the corporation’s name puts the company’s limited liability status in serious jeopardy. Opening a bank account in the corporation’s name establishes the fact that the company is operating as a separate legal entity from the corporation’s shareholders.
However, due to lack of privacy and information exchange between most of the OECD members, many people who want to move abroad and set up their business in countries such as Malta, Cyprus or Romania due to favorable tax laws do not feel comfortable or face difficulties when it comes to opening bank account, especially if they need to travel to the country which costs them time and money and also does not guarantee a corporate bank account.
There are a few countries that do allow opening a corporate bank account online such as Malta and Cyprus, however, due to information exchange between the EU, privacy is always at risk. We recommend Georgia as it is one of the few countries which offer privacy as there is no information exchange. Georgia is a beautiful country which offers many advantages such as low tax rates, strategical geographical location and cheap company formation costs. It is an ideal location for someone who is looking to set up their business with fast and cost friendly company formation and prioritize privacy.