7 Days Business Setup in Georgia: Open a Bank Account as a Foreigner
- Tinatin Tolordava
- 5 days ago
- 5 min read
Table of contents
Day 4 - Opening a bank account in Georgia
Day 1 showed you why Georgia’s 1% tax is a golden opportunity.
Day 2 guided you through the big choice: Individual Entrepreneur Georgia, LLC Georgia, or the Georgia Virtual Zone.
Day 3 gave you the key, your Georgia Taxpayer Identification Number (TIN), without which nothing moves.
Now Day 4 is about money.
More precisely, where that money lands.
Until you open a bank account in Georgia, your business is just a registration certificate.
You cannot receive client payments. You cannot file for the SBS Georgia small business status 1% tax up to 500,000 GEL official Revenue Service regime. You cannot apply for VAT or claim a Georgia VAT refund.
Today is about picking the best bank in Georgia for foreigners, preparing your documents, and making sure your account does not get stuck in compliance limbo.
Why Opening a Bank Account in Georgia is Step 4
A Georgia business bank account is not optional. It is mandatory if you want to:
Receive payments from clients abroad
File monthly Georgia 1% tax declarations with the Revenue Service
Apply for VAT registration and claim a Georgia VAT refund
Run payroll if you hire employees or use Georgia EOR services
Build credibility with clients who expect official Georgian invoices
Without a bank account, you cannot move money in or out of your business. Even if you already open company in Georgia or register business in Georgia, you are stuck until the account is active.
Personal vs Business Accounts
Not every entrepreneur in Georgia needs the same type of account.
Freelancers registered as Individual Entrepreneur Georgia under the SBS Georgia 1% tax program often use a personal account tied to their TIN. It is fast, affordable, and usually enough for consultants, designers, or digital nomads on the Georgia digital nomad visa.
An LLC in Georgia, on the other hand, must have a corporate bank account. It is the company, not the founder, that interacts with the bank. Documents like the registration certificate and the TIN are mandatory here.
If you run a Georgia Virtual Zone company, the expectation is clear: a proper Georgia corporate bank account where all your foreign IT transactions flow. The Revenue Service and your clients both want this level of transparency.
The Documents Banks Expect
Banks in Georgia do not drown you in paperwork, but they do want to see the essentials.
Passport or residence card
Business registration certificate (for LLCs)
Georgia taxpayer identification number (TIN)
Proof of address (sometimes requested for non-residents)
Power of attorney if a representative applies for you
Translations when required, done through Georgian translation services
Forget one, and you will be sent home. Worse, the account may never get activated.
Which Bank Fits Your Business
Foreigners usually choose between a few leading banks. Each has its strengths.
TBC Bank is often the first stop for freelancers. The online banking platform is modern, the mobile app is clean, and multi-currency accounts (GEL, USD, EUR) are standard. If you are a one-person operation under SBS Georgia, this bank fits well.
Bank of Georgia is more corporate. It is the safest choice for an LLC in Georgia or a Georgia Virtual Zone company. Compliance checks are strict, but once you are approved, clients and investors see your setup as credible.
Liberty Bank can be easier for some foreigners, especially those without a deep local presence. Its footprint is smaller, but approvals sometimes move faster.
There are also smaller banks that specialize in IT and crypto. For companies navigating Georgia crypto tax, these banks can be more open-minded than the big two.
The best bank in Georgia for foreigners depends entirely on your model. A freelancer has different needs than a SaaS startup. Choosing wrong is what causes delays, freezes, and wasted weeks.
The Friction Foreigners Face
Opening a bank account in Georgia is easier than in many countries, but it is not without problems.
Compliance officers may freeze accounts if documents do not line up with your business activity.
Without your Georgia tax ID number, no bank will move forward. Some ask for proof of address even if you are here on a Georgia digital nomad visa. Others reject applications from IT or blockchain businesses unless contracts clearly describe services.
These are not roadblocks, just speed bumps. But they are why many entrepreneurs who try to register business in Georgia alone end up waiting far longer than expected.
How to Match Bank to Business
Think of it this way:
If you are solo and lean, the freelancer route under SBS Georgia is easiest with a bank like TBC that handles online payments smoothly.
If you are building a company, an LLC in Georgia looks more credible when paired with a corporate account at Bank of Georgia.
If you are scaling tech, the Georgia Virtual Zone pairs best with banks that understand IT contracts and foreign revenue.
If VAT matters, choose a bank with clean reporting systems. This makes it easier when you file with the Georgia Revenue Service and apply for a Georgia VAT refund.
Life After Banking
Once you have your account, your business finally works. Clients can transfer money. You can issue invoices that are legally recognized.
You can file for the Georgia 1% tax each month. You can run payroll, either directly or through Georgia EOR. You can apply for VAT and get your refunds on time.
Without the account, you are frozen. With it, you are live.
Table: Bank Account Impact in Georgia
With a Georgian Bank Account | Without a Georgian Bank Account |
Can receive client payments legally | Cannot accept payments through Georgian system |
Eligible to file Georgia 1% tax declarations | No way to declare or pay turnover tax |
Can apply for VAT and claim a Georgia VAT refund | Locked out of VAT system |
Can hire staff and pay through payroll or Georgia EOR | Cannot run proper payroll |
Builds trust with international clients | Clients may refuse contracts |
Full compliance with the Georgia Revenue Service | Risk of penalties or audits |
Day 4 Action Step
As soon as you have your Georgia taxpayer identification number, open your account.
Bring the right documents.
Choose the best bank in Georgia for foreigners for your case.
Do not pick a bank just because someone said it was “easy.”
The right bank saves you money. The wrong bank costs you time.
What’s Next: Day 5 - Tax Filing Deadlines
You now have your structure, your TIN, and your bank account. Congratulations. But now comes the routine. Georgia does not wait until year end. The Georgia Revenue Service expects monthly declarations.
On Day 5, we will show you how to file your Georgia 1% tax every month, how to meet the deadlines, and how to avoid slipping into the 20 percent trap when you miss a filing.
Ready to skip the stress?
We help you register business in Georgia, open the right bank account, secure your SBS Georgia 1% tax, and stay compliant from day one.
