The reformation of the Georgian banking system has been going on for more than 20 years. Since 1992, there have been more than 200 state and private banks in Georgia. As a consequence of the events in the country over the past decade, the banking sector of Georgia is separated from the government and becomes independent.
All banks go into private ownership, and the abundance of financial institutions is reduced from 100 to 16 commercial banks. In 13 of them, there is a significant inflow of foreign capital. By the end of 2014, Georgia’s financial sector is undergoing a significant transformation. In parallel with the direction of the state in attracting investments, there is an optimization of short-term financing of trade operations and consumer loans. Over the past four years, the banking system of Georgia has been steadily increasing its net profit by 2 times, and the pace of its development today is 6 times higher than the development of the country’s economy as a whole.
In addition, in parallel, global deoffshorization is taking place in the world, which has played a positive role in the development of the banking system of Georgia. Now Georgian banks are gaining popularity among the investment community due to a wide range of types of business lending and more and more non-residents are choosing the pearl of the Caucasus as a financial instrument for asset diversification. In addition, Georgia has not yet introduced currency control.
If you register a local resident company in Georgia, you will be able to connect your PayPal account to a corporate account (including one registered in the PPE).