BM.ge “Redact2” about the VZP sector in Georgia – interview with Shorena Kopaleishvili

“Relations with the banking sector are more or less problematic,” – the chairman of the “Association of Georgian Virtual Zone Persons” in an interview with ”Redact2”, speaking about bureaucratic barriers. She says that one of the problematic issues for foreign companies, including IT companies, is the relationship with banks.

“Registration of companies is less problematic for foreign companies. The relationship with the banking sector is more complicated, although it is not only with regard to the IT industry. The business position is that there is no uniform policy regarding account opening. Today, the bank can refuse without any justification, they probably have internal motivation, but it is easy to refuse to open an account for a company.

Some countries are more problematic, CIS countries in particular, although we have had cases where residents of European jurisdictions have also been given too much time to open accounts. In this part, we think that the business should be very active, and perhaps meetings will be planned in this direction as well,” said Shorena Kopaleishvili in an interview with “Redact2”.

According to the information of the “Association of Georgian Virtual Zone Persons”, as of 2023, the status of a Virtual Zone Person has been granted to 1204 companies in the country. As of 8 months into the last year, they paid more than 61.6 million GEL in taxes.

Source