Opening a Georgian Bank Account: A Step-by-Step Guide for Foreigners

This guide covers how to open a bank account in Georgia for individuals, individual entrepreneurs (IEs), and LLCs

This guide will walk you through the process of opening a bank account in Georgia for three specific types of entities: individuals, individual entrepreneurs (IEs) including small businesses, and limited liability companies (LLCs).

Table of Contents

1. Individuals

2. Individual Entrepreneurs & Small Businesses

3. Limited Liability Companies (LLCs)

4. Overview of Banks in Georgia

   
   

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Individuals

If you are a foreigner living and working in Georgia without a registered business, a personal bank account is your primary need. The process is simpler than for a company but still requires the right documentation.

Requirements & Documents

• Valid passport and a copy

• Georgian phone number (popular options: Magti and Cellfie)

• Bank application form

• Proof of funds and explanation of income source (e.g., employment contract, recent bank statement from your home country, or freelance contract)

  
  

What to Expect

Visit a bank branch in person to complete an application and KYC (Know Your Customer) questionnaire. Banks can be selective, so be prepared to answer questions honestly about your income source. Account opening typically takes 1-3 business days.

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Individual Entrepreneurs (IEs) & Small Businesses

An Individual Entrepreneur (IE), also known as a sole proprietor, is popular due to Georgia's 1% small business tax status. While registered as a business, your company is tied to you as an individual.

Do You Need a Business Account?

A business bank account is not legally required for an IE - you can use a personal account for business income. However, a separate business account is strongly recommended for clear financial record-keeping and in case of a Revenue Service audit. If a dedicated business account isn't possible, maintain a separate personal account solely for business transactions.

A Georgian bank account also simplifies tax payments to the national treasury. Online card payment is an option, but not all foreign cards work and a 2% transaction fee applies. A local bank account is more reliable and cost-effective.

Requirements & Documents

• Passport

• Georgian phone number (popular options: Magti and Cellfie)

• Bank application form

• IE registration documents from Public Service Hall (find them here using your tax ID if needed)

• Proof of funds and explanation of income source

  
  

Banking with Wise

Wise is a useful tool for IEs with international clients - ideal for receiving payments from abroad quickly with low fees. You don't need to transfer all amounts from Wise to your Georgian bank account.

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Limited Liability Companies (LLCs)

An LLC is a separate legal entity from its owners, meaning its finances must also be separate. An LLC is legally required to have a dedicated business bank account, including LLCs with Virtual Zone Status or International Company status.

Requirements & Documents

• Passport copies for all directors and authorized signatories

• Georgian phone number (popular options: Magti and Cellfie)

• Company registration documents (find them here using your LLC registration number if needed)

• Company charter and business plan

• Bank application form and KYC questionnaire

• Evidence of economic ties: proof your business operates in Georgia (e.g., local office lease, contracts with Georgian clients or employees, proof of ongoing business activities)

What to Expect

The LLC application process is more rigorous and takes longer — typically 1-2 weeks. Banks are strict on KYC/AML (Anti-Money Laundering) checks and may deny applications if not satisfied with your company's presence in Georgia.

Other Banking Options

While a traditional Georgian bank account is required, platforms like Wise Business can complement your banking for managing foreign currency and international transactions. Auditors have classified Wise accounts as foreign bank accounts in previous cases.

An LLC is a separate legal entity from its owners, which means its finances must also be separate. An LLC is legally required to have its own dedicated business bank account. This includes LLCs with special statuses such as Virtual Zone Status and International Company status.

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Overview of Banks in Georgia

While Bank of Georgia and TBC Bank hold over 75% of the market share, it's helpful to know the other major players in the Georgian banking sector. Each bank offers different specialties, from retail services to corporate lending.

• Bank of Georgia The largest bank in the country with a wide range of retail, corporate, and wealth management services. It is generally considered a good option for both individuals and large businesses.

• TBC Bank The second-largest bank, TBC is known for being a technology-driven, innovative bank with a strong focus on digital banking and user experience.

• Liberty Bank A major bank with a focus on serving individuals and providing universal banking services.

• Basisbank A growing bank that offers both retail and business banking services.

• Credo Bank A well-known institution with a strong focus on supporting micro, small, and medium-sized enterprises (SMEs).

• ProCredit Bank Part of an international group, this bank specializes in providing services and lending to small and medium-sized businesses.

• Cartu Bank This bank focuses primarily on corporate banking and business services for companies in Georgia

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Need Help?

Contact EFS Group for guidance on setting up your finances in Georgia.