How to Open a Business Bank Account in Georgia [2026 Guide]

Opening a business bank account in Georgia requires a registered company - either an LLC, Individual Entrepreneur (IE), or branch office.

The process takes about 30-40 minutes in-person once your company documents are ready.

Unlike personal accounts, business accounts face stricter scrutiny and document requirements, but the overall process remains straightforward compared to most countries.

Quick Summary:

• You must have a Georgia-registered company (LLC or IE) before applying

• TBC Bank and Bank of Georgia are the top choices for foreigners

• Required documents include company registration, TIN, charter, and director ID

• Account opening takes 1-3 days with proper documentation

• Monthly fees range from 5-15 GEL depending on services

Why You Need a Georgian Business Account

If you run an LLC in Georgia, accepting payments into a personal account creates accounting problems. The Revenue Service treats money received in personal accounts as cash transactions, which complicates your monthly reporting. A proper corporate account also connects directly to the Revenue Service system - mandatory if your company is VAT registered and necessary for receiving tax refunds.

Business accounts in Georgia come with multi-currency functionality. You can hold GEL, USD, EUR, and GBP in the same account, which works well for companies handling international transactions. Currency conversion happens through online banking at competitive rates - just contact your bank to request a special exchange rate for larger amounts.

Best Banks for Business Accounts

Both BoG and TBC support international transfers efficiently and integrate with services like Wise and Payoneer for cross-border payments. The choice often comes down to which branch you visit and the staff you work with rather than major differences between the banks themselves.

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Documents Required

For remote opening through a representative, all documents must be:

• Notarized in your home country

• Apostilled (if required)

• Officially translated into Georgian by a local notary

Step-by-Step Process

1. Register your company - LLC registration takes 1-2 business days at the Public Service Hall (same-day with express registration for an additional fee)

2. Gather your documents - Have company registration, TIN, charter, and director ID ready. Original English documents are usually accepted for in-person applications

3. Visit a central branch

   • Tbilisi: Branches along Rustaveli Avenue near Liberty Square, or major shopping mall locations

   • Batumi: Downtown locations near Europe Square

4. Complete the application and KYC - Fill out forms and answer questions about business activities, expected transaction patterns, and source of funds

5. Receive your account credentials - Within 2-3 days you'll have:

   • Functioning internet banking

   • DigiPass for transaction authorization

   • Business debit cards (unnamed cards available same-day at some branches)

Opening an Account Remotely

Remote opening adds complexity but is possible through Power of Attorney (POA).

Process:

• Grant POA to a local representative (lawyer or consulting firm)

• Notarize and apostille POA in your country

• Send original documents to Georgia (scans won't work)

• Local representative handles Georgian translation and notarization (1-2 days)

• Representative submits application and completes KYC on your behalf

Timeline: 2-3 weeks minimum

Note: Bank of Georgia tends to be more accommodating for remote corporate openings than TBC, though requirements shift periodically.

Economic Substance Requirements

Georgian banks now require demonstrable economic presence for corporate accounts. Your company should show genuine business activity in Georgia.

Acceptable forms of substance:

• Office address (physical or virtual)

• Local staff or contractors

• Georgian clients or suppliers

• Regular transactions showing legitimate operations

Banks may verify substance during application or after your first transactions. Companies without demonstrable presence risk having accounts closed.

Common Reasons for Rejection

If rejected: Try a different branch first, then a different bank. Credo Bank and smaller institutions sometimes approve clients that TBC or BoG reject.

Costs and Fees

Currency exchange through online banking offers better rates than branch transactions.

FAQ

Can I open a business bank account in Georgia without a Georgian company?

No. Business accounts are only available for companies registered in Georgia - LLCs, Individual Entrepreneurs, partnerships, or branch offices of foreign companies. You must complete company registration first, which takes 1-2 business days at the Public Service Hall.

How long does it take to open a corporate bank account in Georgia?

The in-person process takes 30-40 minutes if your documents are complete. You'll have full internet banking access and debit cards within 2-3 days. Remote opening through Power of Attorney takes 2-3 weeks including document preparation, shipping, translation, and bank processing.

Which Georgian bank is best for foreign-owned companies?

Bank of Georgia and TBC Bank are the most reliable options. Both offer multi-currency accounts, solid online banking, and English-speaking staff at major branches. BoG tends to be stricter during approval but easier to work with afterward. TBC has more modern digital tools but may request more documentation.

Do I need to visit Georgia in person to open a business account?

Not necessarily. Remote opening is possible through Power of Attorney at Bank of Georgia and some other institutions. However, visiting in person significantly simplifies the process and reduces costs. TBC Bank generally requires in-person visits for business accounts.

What documents do I need for a corporate bank account in Georgia?

You'll need your company registration certificate, Articles of Association (charter), Tax Identification Number, director's passport, and shareholder identification for anyone holding over 25% of the company. A business description explaining your activities is also recommended.

Can a Georgian LLC receive international payments?

Yes. Georgian business accounts use the IBAN format, making international transfers straightforward. Funds typically arrive within 24 hours. Banks also work with Wise, Payoneer, and similar services for cross-border payments, though these platforms cannot be used for direct tax payments to Georgian authorities.

What is the minimum deposit for a business account in Georgia?

There's no official minimum deposit requirement at most Georgian banks. Some branch staff may quote arbitrary minimums of 100-500 GEL, but this is negotiable or simply incorrect. Central branches in major cities follow actual policy.

Why do Georgian banks require economic substance?

Banks want to ensure your company has genuine business activity in Georgia rather than existing only on paper. This includes having a local address, staff, clients, or regular transactions. Companies without demonstrable presence may have accounts closed after opening.

Can I use my Georgian business account for tax payments?

Yes, but only with a traditional bank account connected to the Revenue Service system. Online-only accounts or accounts with Electronic Money Institutions cannot be used for tax payments or receiving tax refunds. VAT-registered companies must have a bank account linked to their Revenue Service profile.

What happens if my business account application is rejected?

Banks are not required to explain rejections. If declined, try a different branch first - sometimes inexperienced staff create unnecessary barriers. If that fails, apply at a different bank. Credo Bank and smaller institutions may approve clients that TBC or Bank of Georgia reject.

Do I need a Georgian residence permit to open a business account?

No residence permit is required - only a registered Georgian company. However, having a residence permit increases your credibility with the bank and may simplify approval. Foreign citizens who spend 183+ days in Georgia become tax residents, which also helps.

Wrapping Up

Opening a business bank account in Georgia is straightforward if you come prepared with the right documents and a registered company. Budget 2-3 days for the in-person process or 2-3 weeks for remote opening. TBC and Bank of Georgia remain the most practical choices for foreign business owners. Make sure your company can demonstrate real economic activity in Georgia to keep your account functioning long-term.