Business Accounts at Georgian Banks: More Options Than You Might Think

Why companies need a business account

First, let’s define the terms. A corporate, commercial, or business account is typically understood to be a bank account registered to a legal entity, such as a joint-stock company (JSC) or a limited liability company (LLC). 

Although Georgian law does not formally require a company to open a business account, conducting regular business operations in the country without a dedicated bank account is nearly impossible—the costs involved are simply too high. For example:

• If you decide to use a personal account for the operations of a JSC or LLC, transfers will not be considered the company’s banking transactions. The accounting department will have to record them as cash transactions or settlements with the founder for tax purposes, which will increase administrative costs.
• Payments to employees are even more difficult to manage without a business account, create uncertainty regarding the payer, complicate tax reporting, and significantly increase the risk of fines.
• A company planning to register as a VAT payer will not be able to sync with the Revenue Service’s online system to file mandatory returns without a business account. The system only works with bank accounts owned by the taxpayer—that is, the company itself.
• Without a corporate account, a business cannot accept and process online payments from credit and debit cards, including international ones—a requirement of many payment systems.
• Finally, a corporate account is the easiest way to verify business turnover in order to qualify for preferential tax regimes, meet quotas for hiring foreign employees, and secure legal status for staff or executives through work permits and residence permits.

What options are available to foreigners

There are seventeen commercial banks officially registered in Georgia, and foreigners can open an account at any of them—there are no legal restrictions. All banks support multi-currency business accounts in lari, dollars, euros, and pounds sterling, offer favorable exchange rates, issue personalized cards for company employees, and even allow accounts to be opened remotely—by power of attorney.

However, the fundamental choice can be made in favor of one of three options:

1. A corporate account at a physical Georgian bank. This is the classic type of bank with branches across the country—most of them are on the list of licensed players.
2. A corporate account at a digital Georgian bank (neobank). This is a relatively new type of organization that serves clients primarily online—without physical offices. From a security standpoint, these players are no different from their competitors—they also hold a National Bank license, participate in the deposit insurance system, and comply with all regulations, but they emphasize technological innovation.
3. Not opening a business account in Georgia at all, but using international payment services or foreign banks. For some entrepreneurs, this option could be a lifesaver. We’ll explain why below.

Top Banks for Opening an Account

Best brick-and-mortar bank — BoG

Let’s start our review with Bank of Georgia (or BoG for short)—it is the country’s largest commercial bank, with over 1,300 branches and ATMs throughout Georgia, controlling up to 40% of the local market and holding assets worth ₾39.2 billion. In our experience, it is more reliable than others when opening accounts and provides the most added value for foreigners. But that’s not the only reason it made the list.

Bank of Georgia is objectively considered the best. In 2025, it ranked first in Global Finance’s list of the most advanced banks for corporate clients in Central and Eastern Europe. BoG’s leadership is further confirmed by the analytical firm Gidulyan Company, which in the same year, 2025, ranked it first on the list of the best banks for small and medium-sized businesses—this time on a global scale. In terms of total points, it outperformed such giants as Barclays from the UK, JPMorgan Chase from the US, and Societe Generale from France.

What will you get by opening an account with Bank of Georgia?

• Convenience. The company provides 90% of its business services online, offering open banking APIs, advanced analytics options, fast loan approvals, and a comprehensive ecosystem to support startups and corporations.
• Flexible pricing plans. Annual service fees range from ₾50 to ₾500 ($18–$185) depending on the terms. A free six-month Starter Pack plan is also available, as well as the premium SOLO Business plan for small and medium-sized businesses, priced at ₾900 per year (approximately $335).
• Favorable lending terms. The bank issues unsecured loans of up to ₾80,000 ($30,000). The maximum loan for small and medium-sized businesses is ₾5 million ($1.86 million). The nominal interest rate starts at 9% USD.

Best Digital Bank — Pave

Currently, three organizations have obtained a digital banking license in the country, and each is worth mentioning. Although they are significantly smaller than Bank of Georgia (and other players like TBC and Liberty), they are highly relevant for non-residents.

Moreover, the general public is not yet familiar with them, so they do not have an oversupply of customers, which means they value their audience more and work harder to build a relationship with them.

Perhaps the most interesting on the list is Pave Bank. First, it is exclusively a corporate digital bank. Second, it offers programmable banking, meaning it uses code to automate processes where a simple API is insufficient.

Finally, Pave Bank is a pioneer in combining traditional and crypto payments. For example, a client’s digital asset wallets can be linked to an account via a non-custodial infrastructure. This makes it particularly appealing to international and tech-savvy businesses.

Pave Bank supports multi-currency accounts, sub-accounts, local and international payments, and fees and rates are customized for each client. Opening a account  from $50 to $500 depending on the service package, with monthly maintenance fees ranging from $5 to $100.

Two more digital banks

In addition to Pave, we recommend checking out:

• Paysera Bank — the Georgian branch of the international fintech platform Paysera, particularly popular among online stores. Opening an account here costs between €10 and €100 (depending on the type of company), with a monthly service fee ranging from €5 to €10. There are no fees for collecting online payments in Georgia, but fees apply for payments made via credit and debit cards.
• Hush Bank is another promising digital bank that is currently completing its testing phase and preparing for a full launch. It is also crypto-friendly and offers free business account opening and maintenance, making it one of the most affordable options on the market.

Potential challenges with opening an account

All Georgian banks conduct enhanced due diligence checks on foreigners as part of their compliance procedures, but when it comes to business accounts, the requirements are even stricter.

Typically, in addition to a completed KYC form, organizations are required to provide a certificate of registration, articles of incorporation, tax identification number (TIN), legal address, details about the nature of the business and planned transactions, and information about officers, shareholders, and ultimate beneficial owners (including their passport details).

To rule out risks related to sanctions and money laundering, banks also look closely at the citizenship of the founders, the country of origin of the capital, and the company’s contacts with other jurisdictions. Therefore, you should approach the verification process responsibly, securing the support of competent lawyers in advance.

The requirements described above apply to all banks. However, should you decide to open an account at a physical bank, such as Bank of Georgia, it will likely require proof of so-called “substance,” that is, confirmation of actual business activity in Georgia. To prove its presence in the country, the company must provide:

• A lease or ownership agreement for office space (a registration address alone is not sufficient).
• Contracts with local or international counterparties.
• Employment contracts with staff members.

Bank compliance checks can take up to two weeks or longer, but if the documents are prepared correctly, the account opening process is faster—about three business days. After that, you will receive the necessary access to online banking, be able to deposit capital, and use the account.

How companies can avoid the economic substance requirement in Georgia

The basic option is to contact one of Georgia’s digital banks: Pave, Paysera, or Hush. They are designed for tech-savvy companies and have a more flexible approach to economic presence.

Additionally, if your organization does not plan to open an office or hire employees, or if you have been denied service by local banks, you can operate without a Georgian bank account altogether. There are two alternative options:

• A corporate account with a foreign bank—Georgian law does not prohibit its use. Any jurisdiction without sanctions risks is suitable.
• A corporate account with international payment services. For example, Georgian companies can register with Wise, Payoneer, and several others.

Of course, to open a business account under these alternatives, a company must still go through the basic compliance process and provide key information about itself. But the process will be much simpler.

At the same time, a business can operate in Georgia with a corporate account at a foreign bank or an account with a payment service with almost no restrictions, even if it is the only account. This is particularly relevant for businesses that are focused on the international market and do not require local bank details for their operations.

In lieu of a conclusion: tips for opening an account

• Do not submit documents to open a business account without preparation and verification—banks scrutinize the paperwork very carefully and may reject an applicant due to inaccurate information.
• If you’re applying to a traditional bank, don’t ignore the substance requirements—without a physical presence for your business in Georgia, the likelihood of your application being approved is virtually zero.
• Take the time to find out more about the fees and capabilities of a particular bank to make sure they align with your company’s goals. Also pay attention to communication: Can they provide a manager (or mobile app) in a language you understand—for example, English? Otherwise, resolving disputes will be difficult.
• Don’t get hung up on physical accounts—we recommend that tech-oriented companies explore the offerings of digital banks in Georgia. And if your company’s business model allows it, an account with a foreign bank or an international payment service might be a good fit for you.

If you have any remaining questions or need further consultation on doing business in Georgia, contact the specialists at PB Services using the form below. We also offer outsourced accounting and HR services, assist with obtaining licenses, residence permits, and tax residency, and help you select assets for investment.