Opening a company bank account in Georgia
Having a company in Georgia is just half the battle. To open a corporate bank account you need to satisfy certain conditions, and they are not quite as simple as before, when a company didn’t have to carry out any real economic activity to maintain a proper functioning bank account in Georgia.
Local banks now require that more activity take place in the country of registration. If you can satisfy this requirement, you receive very good service with very advanced modern banking solutions.
A local company can open a multi-currency bank account in the Bank of Georgia, TBC Bank, or another local bank. Accounts can also be opened remotely with a power of attorney.
Benefits
Benefits of a company bank account in Georgia
Multi-currency account in USD, EUR, GPB, and CHF
Company Mastercard and Visa cards
It’s possible to open a bank account without visiting Georgia
Advanced Internet banking services
Special rates for foreign currency exchange
Step by step
Steps to open a company bank account In Georgia
Compliance with bank requirements
Opening process
Two days are enough to get you fully functioning internet banking, a DigiPass for transaction authorization, and company debit cards.
You can also open a bank account remotely, for which you must obtain power of attorney and send it to Tbilisi.
Proper comunication with the bank
Banks will have questions regarding your transactions. You must answer quickly, honestly, and concisely. Don’t be surprised if banks ask for documents connected to this or that transaction.
Support
Here’s how we help you
Organize your economic presence in Georgia
The substance may include an office in Tbilisi or another city, local staff, and local clients or counterparties among others.
Open a bank account remotely by power of attorney
Following this, we send you the keys and documents you need to manage your account from anywhere in the world.
Not planning to have economic presence in Georgia? We help you open an account elsewhere
If you require a modern solution, FinTechs are for you
This means that you can open an account with your mobile phone in just a few minutes. In many cases, digital banks are backed by reputable traditional banks, and your money is kept in a brick and mortar bank.
Notes
Important notes on corporate bank accounts
Issues with Power Of Attorney
In order to open an account, to grant access to internet banking, and to hand over DigiPass and debit cards, some banks require that you give full account access to the attorney. The attorney enjoys full control over the account while the power of attorney is valid. This can only be altered by your visiting the bank and requesting that they return control to you. So think twice before granting power of attorney to someone.
Beware of scams
Some banks in Georgia open accounts easily, no questions asked, and a consequence of this has been to attract companies that are less than honest. In these banks, the first transaction to your newly opened account comes with a package of questions that need to be answered concerning the economic presence of your company in Georgia, as described above. In the absence of this presence in Georgia, your account is immediately closed. Lately we have met many honest entrepreneurs who were not properly prepared for this eventuality and have suffered as a result. So be forewarned.