Company Bank Account in Georgia

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Opening a company bank account in Georgia

Having a company in Georgia is just half the battle. Very few companies can operate without a proper bank account. 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 of having a company bank account in Georgia

  • A multi-currency account is available in USD, EUR, GPB, and CHF among others
    You will be offered one account in many different currencies. The USD and EUR are most commonly used currencies.
  • Company Mastercard and Visa cards
    A TBC or Bank of Georgia account comes with a corporate debit card that can be prepaid or linked directly to one of your accounts in different currencies
  • It is possible to open a bank account without visiting Georgia
    There aren’t many countries like Georgia where you can open an account remotely with a power of attorney.
  • Advanced Internet banking services
    Almost all banks have their own apps or web portals for business clients. In fact, TBC and Bank of Georgia have been named the banks with the best business internet banking.
  • Special rates for foreign currency exchange
    Online banking brings with it a very attractive rate for currency exchange. Just write to the bank to receive a special rate.

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Steps For opening a company bank account In Georgia

Compliance with bank requirements

Georgian banks will request proof of economic substance in Georgia. So to facilitate the opening process and ensure the longevity of your bank account, you first need to build up an economic presence in Georgia.

Opening process

If you are coming to Georgia in person, you will need to go bring your company documents and passport to the bank. The opening process is quite straightforward, and two days are enough to get you fully functioning internet banking, a DigiPass for transaction authorization, and company debit cards. As mentioned before, 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

Once your account is up and running, you need to build a good relationship with the bank, something achieved through good communication. 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. Opening an account in a bank is easier than keeping it open.

Here’s how we help you

Organize your economic presence in Georgia

To open and keep a corporate bank account functioning in Georgia, your company needs to have a real presence in Georgia. We can help you understand what needs to be done and do it. 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

We draft and send you the power of attorney documents and explain how to have it certified anywhere in the world. Once you’ve sent the document to us, we open an account for you in the bank best suited to your needs. 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

Having a bank account in a Georgian bank has become costly for some. To keep costs down, use Georgian banks for internal transactions (paying taxes, paying local counterparties, etc.). In most cases, however, a corporate bank account is needed for international wire transfers. It is fully legal for a Georgian company to possess a foreign bank account outside of Georgia and we can help you open a corporate bank account in many other jurisdictions.

If you require a modern solution, FinTechs are for you

If your business model allows you to open a bank account in an Electronic Money Institution, your banking options increase exponentially. Little effort is required to open a multi-currency account in a Digital Bank; in many cases it’s completely free. No personal visit is required. 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.

FAQ – Frequently Asked Questions

How Much Time Will I Need To Open A Corporate Bank Account In Tbilisi?

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.

I Am Not Planning On Possessing Economic Presence In Georgia: What Are My Options?

You can look to other jurisdictions for banking. First, choose the right country for you. Then get approval to open an account, prepare the necessary documents, and submit them to the bank to get access to your bank account.

Where Can I Open An Account?

The list of countries changes from time to time. There are banks in western and eastern Europe, in the Caucasus, in Asia. The bank accounts that we offer are opened remotely. All of them come with internet banking and debit cards.

Which EMI-S Work With Georgian Companies?

This list is also subject to change. Some of the usual suspects include Wise, Paysera, Payoneer, and similar FinTechs. The complete list is quite large, and we can help you pick the one best suited to your needs.

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