How to Open a Corporate Bank Account in Georgia: Step-by-Step Guide
- Tinatin Tolordava
- May 31
- 10 min read
Table of contents
Why Entrepreneurs Choose to Open a Business Bank Account in Georgia
If you're opening a company in Georgia, there's one thing you absolutely need before you can start invoicing clients, paying employees, or even applying for IT tax status: a business bank account. And not just any bank account, one that works for international payments, meets local compliance standards, and doesn’t surprise you with hidden fees.
Whether you're setting up an LLC or working as an individual entrepreneur, figuring out how to open a business bank account in Georgia is one of your first real steps into “doing business here.”
It sounds simple, and in many ways, it is. But there’s a reason so many foreigners get stuck at this stage. Different banks ask for different documents. Some require an in-person interview. Some don’t speak English. Others reject applications without giving a clear reason. So let’s break it down properly, what you actually need, where to go, what to expect, and how to avoid delays.
Georgia is often described as one of the most business-friendly countries in the region, and banking is part of that reputation. You don’t need Georgian citizenship or residency to open a business bank account here. You don’t even need to be physically in the country. What you do need is a legally registered company, a clear business purpose, and someone who knows how to navigate the system if you’re not doing it yourself.
And here’s where Gegidze usually comes in. We’ve opened hundreds of corporate accounts for clients, some who’ve never stepped foot in Georgia and others who wanted everything ready before they landed. But even if you're going solo, we’ll walk you through it below.
What You Need to Open a Business Bank Account in Georgia
Let’s start with the obvious: why do so many international founders choose Georgia in the first place? Besides the clean tax structure, affordable cost of living, and fast incorporation process, Georgian banks are surprisingly modern.
You get multi-currency accounts (GEL, USD, EUR), SWIFT transfers, a sleek mobile app, and often a real human who answers your email. The system works. But like anywhere, it works better when you know how to play it.
So who qualifies to open a business bank account in Georgia? Anyone with a Georgian-registered company. That includes LLCs, joint-stock companies, and registered individual entrepreneurs (IE).
You can be a foreigner. You can own 100% of your business. You don’t need a local partner. And if you’re not in Georgia, a trusted representative with Power of Attorney can open the account for you.
Still, banks do ask questions. And they’re serious about compliance. They’ll want to understand what your business does, who your clients are, how much money you expect to move, and why you’ve chosen Georgia.
This isn’t to intimidate you, it’s to prevent fraud and meet the National Bank of Georgia’s AML (Anti-Money Laundering) regulations. So have your answers ready. Vague is not a strategy that works here.
Most banks will require:
Your company’s registration documents (in Georgian, from the NAPR)
Your company’s taxpayer ID (TIN)
A clear description of your business model and services
Passport copy of the director (and shareholders, sometimes)
Power of Attorney, if someone else is handling the setup
Company charter and ownership structure
Contact details, and if possible, a Georgian mobile number
Once you have these documents, you can schedule a visit or in some cases, start online. Bank of Georgia and TBC Bank are the two biggest players, and each has its pros and cons.
Bank of Georgia is slightly more conservative in compliance but offers great international support. TBC Bank is more digital-friendly and often faster for new accounts. There’s also Pasha Bank if you’re moving large amounts or need corporate support for fintech or trading businesses.
Comparing Banks When You Open a Business Bank Account in Georgia
So, which bank should you go with? The honest answer is: it depends on your needs.
If you're planning to deal mainly with international clients, both Bank of Georgia and TBC offer multi-currency accounts, but their SWIFT speeds and service quality differ.
Want the cleanest mobile banking experience? TBC probably wins. Need someone who can explain compliance in English and help you navigate local rules? Bank of Georgia has a better international support desk.
There are also smaller banks like Basisbank, Liberty Bank, and even Ziraat Bank Georgia for those looking for Turkish connections. But these come with trade-offs, less automation, slower apps, and limited English support.
One of the most overlooked parts of opening a bank account is actually preparing your explanation. Banks want to understand your business logic. Even if your business is simple (consulting, web dev, remote services), you need to be specific. Who are your clients? What markets do you serve? Why is Georgia your base? The more transparent and clear your answers are, the easier and faster the approval process.
A few key things banks care about when reviewing your application:
Nature of your business activity
Source of your income and client country
Expected monthly turnover
Reason for choosing Georgia
Proof that your company setup is real and not just a mailbox
Even if you have the documents, banks can reject your application if your answers don’t sound credible. This is why many entrepreneurs work with local experts to prep the file. Gegidze helps clients with pre-approval documents, risk assessment, and even translating your business description into compliance-friendly Georgian.
Can You Open a Business Bank Account in Georgia Remotely?
Short answer: yes. Longer answer: only with the right support.
While some banks have started offering limited remote onboarding, the reality is that full business account openings usually still require an in-person signature or a local power of attorney. That means you either fly in for the meeting, or you authorize someone (like your accountant or legal rep) to do it on your behalf.
Gegidze does this for clients every week. We handle the POA, schedule the bank meetings, prep your documents, and send you the final contract once the account is open. That’s it. No need for you to wait in line or fumble with Georgian-language forms.
Once your business bank account is open, you can manage almost everything online.
Georgian banks have some of the best apps in the region, and business internet banking is straightforward. You can pay suppliers, send invoices, check tax obligations, and monitor your balance in real time.
Here’s a quick breakdown of what remote setup might look like:
You sign and notarize a Power of Attorney from abroad
Send your documents (passport, company registry, etc.)
We handle the bank application, in-person visits, and onboarding
Account is opened, login credentials delivered securely
You’re ready to invoice and receive payments in Georgia
Georgia’s tax benefits are attractive, but you can’t access them without a functioning business bank account. That’s why it’s one of the very first things we recommend setting up right after you register your company.
Timeline and Costs When You Open a Business Bank Account in Georgia
So how long does it actually take? If your documents are clean and your company is already registered, you can open a business bank account in Georgia within 2 to 5 business days. Sometimes even faster.
If you’re in Tbilisi and working with a professional team like Gegidze, it’s common to get everything signed and activated within 48 hours.
If you’re doing it remotely, give it a bit more time, mainly for document translation, POA legalization, and internal bank processing. The timeline depends more on your preparedness than on the bank itself.
As for costs, here’s what to expect:
Account opening fee: usually 0 to 100 GEL (Bank of Georgia and TBC often waive it for new clients)
Monthly service fee: 10 to 20 GEL, depending on the type of account
Currency exchange markup: banks apply their own spreads for USD/EUR conversion
SWIFT transfer fees: around 25 to 50 GEL per transaction
Corporate cards: optional, around 20 to 30 GEL to issue
These fees are reasonable compared to Western banks, and most clients find Georgian banks cost-effective. But if you're planning large transactions or frequent international payments, compare rates carefully.
Banks also offer optional extras like payroll tools, business loan options, and even online payment gateways. If you’re launching a product or ecommerce store, it’s worth asking what’s available before choosing a bank.
Tax Compliance After Opening Your Corporate Account
Opening a bank account is just the start. Once you’re operating, you’ll need to stay compliant with Georgian tax law. And that means keeping clean records, submitting declarations on time, and separating business and personal spending.
Declare your VAT and income tax monthly (yes, monthly)
File annual profit tax declarations (even if you’re reinvesting)
If you qualify for 1% small business tax, keep your turnover below 500,000 GEL
All incoming payments should match issued invoices
Pay salary and dividends through your business account, not informally
If you're not careful, you could lose access to Georgia’s low tax status. For example, using a personal card for business expenses can raise red flags during audits. The Revenue Service can also freeze your account if your tax filings don’t match your banking activity. We’ve seen it happen. And we’ve helped fix it.
That’s why most entrepreneurs work with a local accountant or choose a full-service agency like Gegidze, where bookkeeping, tax filing, and compliance all come bundled. It’s not just about avoiding mistakes it’s about keeping your business safe.
Common Mistakes When You Open a Business Bank Account in Georgia
Mistake #1: Thinking the process is fully digital. While some personal accounts can be opened online, business bank accounts in Georgia still require human involvement. You’ll need to submit documents, attend (or delegate) a compliance interview, and often follow up in person or via your local rep.
Mistake #2: Using vague language. Telling the bank you “do marketing” or “sell services” is not enough. Be precise. Do you work with EU-based clients? Do you charge in USD? Are you an agency or a freelancer? Do you sell products or consulting hours? The more they understand, the less they hesitate.
Mistake #3: Assuming your business model is automatically acceptable. Some industries are considered high risk (crypto, gaming, financial advisory, etc.). If you’re operating in one of these sectors, prepare additional documentation like source of funds, client contracts, or business references.
Mistake #4: Opening the account too late. If you already started operations and don’t have a corporate account, you’re already creating compliance issues. Georgian tax authorities expect every business to manage transactions through a registered account. Late setup means retroactive corrections, which can be expensive.
Mistake #5: Mixing personal and business money. You might be tempted to receive payments on your personal account “just for now.” Don’t. Banks monitor incoming activity, and irregular payments could trigger unwanted scrutiny or result in account freezing. Stick to the corporate account from day one.
Can You Open Multiple Business Bank Accounts in Georgia?
Yes. Many companies operate with two or even three accounts one for local GEL transactions, one in USD or EUR for international clients, and sometimes a third for tax payments or savings. Georgian banks make it easy to add new accounts under the same business ID once the initial account is open.
You can also apply for a business debit or credit card for each account, manage all of them under one dashboard, and set limits per card or user if you’re running a team.
If you're operating as a corporation in Georgia with multiple revenue streams, separating accounts can help with cash flow tracking and tax planning. It’s also helpful if you’re receiving large sums or working with foreign investors who want full transparency.
Does the Bank You Choose Affect Your Tax or Business Status?
Not directly. Your bank won’t determine your tax rate but they will help you stay compliant. For instance, Bank of Georgia and TBC Bank Georgia both integrate easily with the Revenue Service’s online tax portal, making declarations smoother. They also notify you when you receive tax-related debits (like income tax or pension deductions).
Some banks offer integrations with accounting software, while others let you download transaction reports in formats ready for upload. These small tools matter when you’re handling monthly filings. The more digital your bank, the fewer manual headaches you’ll deal with.
Gegidze always recommends choosing a bank that fits your future not just your setup week. If you plan to hire employees, process international invoices, or apply for business loans in Georgia, look beyond the opening fee and check the actual features.
Summary: What You Really Need to Know to Open a Business Bank Account in Georgia
If you’re still asking yourself whether it’s worth opening a business bank account in Georgia, here’s the answer: yes, absolutely but only if you do it right.
You’ll need to:
Register your company (LLC or IE)
Get your TIN and tax setup
Prepare your documents
Choose the right bank based on your business model
Submit your application and complete the compliance process
Activate your online access and stay compliant
It’s not difficult, but it does require attention to detail. The biggest delays happen when founders underestimate the importance of preparation. The easiest setups are the ones where documents are correct, expectations are clear, and someone local handles the back-and-forth.
That’s exactly what Gegidze helps with: LLC registration, tax registration, IT status, virtual zone status, and yes, business banking. We’ve seen every excuse, every rejection, and every workaround. So if you’d rather spend your time building the business than fighting paperwork, we’ve got you covered.
Ready to open your business bank account in Georgia?
Reach out to Gegidze for a fast, compliant setup. We’ll handle the bank, the bureaucracy, and the fine print so you can focus on your business.
Frequently asked questions (FAQ)
Can foreigners open a business bank account in Georgia without residency?
Yes. You don’t need to be a resident or citizen to open a business bank account in Georgia. As long as you have a registered company (LLC or IE) and the required documents, you’re eligible. Most foreigners either visit in person or authorize a local representative with Power of Attorney to open the account.
