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ACCOUNT IN GEORGIAN BANK

Any company that enters the Georgian market needs to open an account with a Georgian bank, to get access to all the necessary tools – Internet banking, acquiring business cards, etc. – to conduct fully-fledged entrepreneurial activities in a fast and reliable manner.

One of the key features of Georgia’s banking policy is that the state is not a member of the global automatic exchange of information system (CRS). This is a unified global standard for reporting financial accounts for tax purposes, which allows regulatory authorities to receive, upon request, complete information about the taxes of a particular entity. Georgia’s non-member status provides an additional opportunity for entrepreneurs and businessmen to protect their assets. The combination of these factors makes the investment climate in Georgia even more attractive.

Non-residents of the country can also open an account with a Georgian bank remotely in an accelerated mode. First of all, you need to decide with which bank want to open a current account.

CHOOSE A BANK

There are 15 licensed banks in Georgia:

TBC Банк
Открытие счета в грузинском банке

TBC Bank is a leader in the Georgian banking system. They provide a full range of premium retail banking services. The cost of these services is several times less than in banks in the EU and CIS countries. TBC Bank’s assets amount to 15.1 billion GEL, and their share in the Georgian banking system is 39.5%.

TBC Bank is the most convenient and loyal bank for foreigners. You can open an account in just an hour. Also, TBC has various remote ways to access an account – mobile banking, internet banking, SMS banking, and payment cards, and Visa and MasterCard. All this makes it easy to manage your finances, regardless of location. Read more about TBC bank here.

Bank of Georgia is in second place. Its assets reached 14.8 billion in a local currency, and income reached 343 million lari, which is only 2% less than TBC Bank’s contribution to total profit. It is the most developed and largest bank in Georgia, as the number of users exceeds the figure for TBC Bank and amounts to 2.4 million users. The company has over 270 branches throughout the state. Read more about Bank of Georgia here.

VTB Bank, Liberty Bank, BasisBank, Cartu Bank, ProCredit Bank, Silk Road Bank, Ziraat Bank, Isbank Georgia, Terabank, Halyk Bank Georgia, Pasha Bank Georgia, FINCA Bank Georgia, Credo Bank – all these banks equally share the third place and the conditions for opening an account for non-residents are practically the same.

All banks in Georgia pay attention to the activities of non-residents because there is supervision by the National Bank. All questionable transactions are subject to additional verification. Therefore, there is a high risk of account closure for companies that engage in dubious activities.

 

PREPARATION OF DOCUMENTS

If you decide to open an account for your company and are not a resident of Georgia, then you will need to provide:

  • Charter and extract from the register of legal entities of Georgia, as well as a document on the appointment of the director;
  • All documents proving the identity of the founders of the company, i.e. notarized copies of foreign passports;
  • Company ownership structure;
  • Additionally, any other documents requested by the bank.

OPPORTUNITIES PROVIDED BY THE BANKS OF GEORGIA

  • Ability to use a modern and convenient system – online banking;
  • Issue of your own corporate bank card;
  • The ability to sign payments via the Digipass app;
  • Instant international money transfers;
  • Deposit any amount with a favorable interest rate;

Even if you are in another country, it will be simple enough to manage the finances of your Georgian company and withdraw cash. Bear in mind the need for reporting and filing declarations, with which we can help you.

You can read more about our accounting service here.

Our company can assist you with your choice of bank and which type of account will best suit your needs. Contact us and we will provide you with the best options within a few hours.

COST OF THE SERVICE OF OPENING AN ACCOUNT IN THE BANK OF GEORGIA

Fill out the form below to get an estimation of the cost of opening an account with a Georgian bank.