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Bank Accounts in Georgia
According to the World Bank, Georgia is one of the most accessible countries for business operations worldwide. Setting up a company in Georgia and gaining access to its highly secure banking system, which has international recognition, takes only a couple of days.
The international financial sector finds rapid success in Georgia because the country attracts knowledgeable investors and enthusiastic business owners. Thanks to its business-friendly banking system and effortlessly functioning and modern Georgian bank accounts, investors pursue expansion opportunities in Georgia.
The Georgia banking company sector stands out with its unrivaled reliability, ultra-low taxes, and high accessibility, making it a magnet for international investments. In this blog, we explore why securing a business bank account in Georgia is a game-changer for businesses aiming to thrive in this dynamic and lucrative market.
Bank Account Options in Georgia
There are several bank account options available in Georgia, each catering to different business needs, whether for local transactions, international transfers, or online business operations.
Standard Corporate Bank Account
A Standard Georgian Corporate Bank Account is the most robust option for legal entities and individual entrepreneurs (IEs) operating within Georgia. These accounts are typically held at major banks such as Bank of Georgia and TBC Bank.
They offer comprehensive banking services, including point-of-sale (PoS) terminals for card payments, employee debit cards, and the ability to receive income in multiple currencies like GEL, USD, EUR, and GBP.
For businesses requiring VAT registration or those needing to integrate their account with the Revenue Service, a corporate bank account is mandatory.
Additionally, this is the only account type that qualifies as proof of business turnover for a work residence permit application. While it provides extensive banking capabilities, foreign entrepreneurs may face challenges when opening an account, particularly if their business transactions are primarily in foreign currencies.
Online Bank Account
For businesses that operate primarily online or deal with international transactions, an Online Business Bank Account can be a convenient alternative.
Financial service providers such as Payoneer and Wise offer Georgian business registration options, allowing companies to hold multiple currencies and make seamless global transfers.
These accounts provide full banking details (IBANs) in major currencies like USD, EUR, GBP, and AUD, making it easier to receive international payments without incurring high conversion fees.
Although these accounts cannot be directly linked to the Georgian Revenue Service for tax purposes or accept cash deposits, they simplify global transactions and reduce transfer fees for businesses not reliant on local banking infrastructure.
Personal Bank Account
Entrepreneurs and individuals may also opt for a Georgian Personal Bank Account, which can be used for business transactions under certain conditions.
Individual entrepreneurs can legally receive business income through a personal account, though it is advisable to maintain a separate account for business-related finances.
This option allows easy access to cash deposit services via payboxes and provides online banking features, making it a flexible solution for freelancers and small business owners.
Foreign Bank Account
For businesses with existing international operations, a Foreign Bank Account remains a viable choice. However, tax liabilities must be carefully considered, as income received in a foreign account is still subject to Georgian taxation.
While PayPal and other online payment processors exist, they are not fully integrated into the Georgian banking system, limiting their functionality for business use.
Why Georgia is a Top Destination for Business Banking
Economic Stability
Georgia boasts a growing economy, political stability, and a well-regulated financial sector. With banks like the Bank of Georgia, TBC Bank Georgia, and Liberty Bank Georgia, businesses can rely on strong financial institutions to manage their capital efficiently.
Ease of Business Registration
According to the World Bank, setting one day up a company in Georgia is straightforward, with over 95% of businesses registering within just one day, according to the World Bank. Many entrepreneurs opt to establish businesses in Tbilisi, leveraging the country’s low corporate tax rate of 15%, simplified tax regulations, and efficient government support systems, which rank Georgia among the top 10 countries globally for easy business.
International Banking Standards
Top financial institutions, such as the Bank of Georgia, TBC Bank of Georgia, JSC Bank of Georgia, and Terra Bank of Georgia, offer international financial services, including multi-currency accounts and secure online transactions.
This table highlights the diverse banking services available in Georgia, helping businesses and investors choose the most suitable financial partner.
Low Taxation Policies
Georgia is known for its tax-friendly environment, including the 0% corporate tax in Free Industrial Zones (FIZ). This favorable tax system is a significant incentive for international companies.
Why Open a Corporate Bank Account in Georgia?
Opening a corporate bank account in Georgia gives businesses multiple advantages, making financial operations seamless and cost-effective. Here’s why companies should consider banking in Georgia:
Low Transaction Fees: Georgian banks offer some of the lowest transaction fees, making multiple daily transactions cost-efficient. Below is a comparison of transaction fees across different banks in Georgia:
Bank Name | Domestic Transfers | International Transfers | Account Maintenance Fees |
Bank of Georgia | 0.1% (min. $2) | 0.2% (min. $10) | $5/month |
TBC Bank Georgia | 0.15% (min. $3) | 0.25% (min. $12) | $4/month |
Liberty Bank Georgia | 0.2% (min. $5) | 0.3% (min. $15) | $3/month |
JSC Bank of Georgia | 0.12% (min. $3) | 0.22% (min. $11) | $5/month |
The cost-efficient nature of this system enables organizations to run their operations smoothly without facing excessive banking expenditures.
Global Accessibility: Businesses can take advantage of global accessibility through MasterCard and Visa Cards because they provide multi-currency support while being usable across 200 countries. Access to your funds through business payments abroad enables continuous financial management without limiting a specific location.
Advanced Online Banking: Georgian banks' digital platforms deliver sophisticated online banking solutions that provide easy banking experiences to their customers. From any location, including your home or office, you can execute real-time money transfers while performing multi-currency transactions with mobile banking services through a user-friendly interface. You can now bid farewell to banking delays and embrace instant financial control through your mobile device.
Flexible Credit Lines: Georgian banks develop specific credit programs to assist businesses in their expansion. Businesses can obtain funding for expansion, inventory, acquisition, and operational needs by obtaining approval through quick 24- —to 48-hour processes and minimal collateral requirements. Benefits include adaptable credit lines, which offer financial flexibility, smooth cash flow management, uninterrupted operations, and highly competitive interest rates.
Unlimited Currency Holding: Companies can maintain unlimited currency balances in their bank accounts.
Exclusive Loan Offers: Particular banks extend exclusive financing plans to corporate clients through specific long-term loan programs.
Key Benefits of Opening a Bank Account in Georgia
Easy and Fast Account Setup
Foreign investors can open a Bank of Georgia account online or visit a Bank of Georgia service center to complete the process swiftly.
Access to International Financial Services
Many banks in Georgia, including Solo Bank Georgia, offer multi-currency accounts, enabling smooth global transactions for business owners.
Secure and Stable Banking System
The National Bank of Georgia regulates all financial institutions, ensuring security and stability. The biggest banks in Georgia follow strict compliance measures to maintain trust.
Confidentiality and Offshore Banking Benefits
Investors seeking privacy may consider an offshore bank account in Georgia, which allows access to international banking without strict residency requirements.
Step-by-Step Process to Open a Bank Account in Georgia
Choose the Right Bank
Depending on your business needs, you can select from Georgia banks like the Bank of Georgia, TBC Georgia Bank, Liberty Bank Tbilisi, or any other bank.
Gather Required Documents
Required documents generally include:
Passport
Business registration certificate
Proof of address
Visit the Bank or Apply Online
Many institutions offer remote solutions. For example, the Bank of Georgia's online services make virtual applications available worldwide.
Account Verification & Activation
Verification involves compliance checks, often requiring visiting a Bank of Georgia head office or branch. However, there are ways to open a bank account in Georgia remotely.
Via Representative: If you cannot travel to Georgia, you can appoint a proxy using a notarized Power of Attorney and a notarized copy of your passport. Your representative can then open the account on your behalf.
Important Note: Residing in Georgia for 183 days grants you tax residency status, increasing your chances of approval when applying for a bank loan.
How To Remotely Open a Bank Account in Georgia
Finding a Proxy in Georgia
To remotely open a bank account in Georgia, you must appoint a trusted representative via a notarized Power of Attorney (POA). Key steps include:
Delegate a Representative – Select a reliable proxy.
Comprehensive Banking Rights – Ensure the POA covers all necessary transactions.
POA Validity – Set an appropriate timeframe to balance control and flexibility.
A licensed notary must notarize your POA. Additional certification might be required if your country is part of the Hague Apostille Convention. Gegidze simplifies the notarization and apostille process for seamless bank account setup.
Document Translation & KYC Procedures
Official Translations – All documents must be translated and notarized in Georgia.
KYC Process – Expect questions about income sources and financial activities.
Simplified Banking – Georgian banks often don’t require proof of address, making the process easier.
Submitting Your Application
Typical required documents:
Notarized & Translated POA
Notarized Passport Copy
KYC Questionnaire (provided by the bank)
Some banks may request additional documents like income verification, proof of assets, or bank statements.
Receiving Your Account Details
Once approved, your proxy will collect your account details, debit card, and online banking access. The approval process typically takes one business day. If rejected, the bank will provide a reason.
Top Banking Institutions in Georgia
TBC Bank Georgia
Bank of Georgia
Liberty Bank
National Bank of Georgia
Solo Bank Georgia
For business and personal banking, explore options like offshore accounts, mobile banking, SWIFT codes, and business financing.
We Can Help You With Opening a Bank Account in Georgia
Opening a bank account in Georgia is a strategic move for investors and business owners looking to expand internationally.
The top banks in Georgia provide excellent financial services, low taxation, and a secure banking environment. If you want to set up an account, consult Gegidze Agency for expert assistance in effortlessly navigating the Georgia banking system.
FAQ
How many days does opening a corporate bank account take?
The account opening process itself takes around 2-3 days. If we have everything prepared in advance, you won’t need more than 3 days.