The Ultimate Guide to Banking in Georgia for Foreigners

If you've moved to Georgia or have any type of business, you've likely realized that opening a bank account is a crucial step for setting up your business finances.

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

   
   

Individuals

If you are a foreigner living and working in Georgia but do not have 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.

Key Requirements & Documents

• A valid passport (and a copy).

• A Georgian phone number. Popular options are Magti and Cellfie.

• The application form provided by the bank.

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

  
  

What to Expect

You will need to visit a bank branch (Find list of banks below) in person to fill out an application and a KYC (Know Your Customer) questionnaire. While many believe this process is easy, banks can be selective. Be prepared to answer questions honestly about where your money comes from.

Individual Entrepreneurs (IEs) & Small Businesses

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

Business Bank Account Necessity

A business bank account is not legally required for an IE. You are allowed to use a personal account for business income. However, it is a highly recommended best practice for clear financial record-keeping and in case of an audit from the Revenue Service Office. If a separate business account isn't possible, you should still have a separate personal account dedicated solely to business transactions.

Having a Georgian bank account simplifies tax payments to the national treasury. While online card payment is an option, not all foreign cards work, and a 2% transaction fee applies. This makes a local bank account a more reliable and cost-effective method for meeting your tax obligations.

Key Requirements for Opening a Bank Account

• Your passport.

• Your Georgian phone number. Popular options are Magti and Cellfie.

• The application form provided by the bank.

• Your IE registration documents from the Public Service Hall. If you don't have them, you can find it here with your tax ID.

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

  
  

Banking with Wise

Wise is a powerful tool for IEs, especially those with international clients. It’s ideal for receiving payments from abroad quickly and with low fees. You don't need to transfer all amounts from Wise to your Georgian bank account.

Get a fee-free transfer on your first transaction up to £500 when you register with the link below. Use our exclusive Wise link for registration.

Limited Liability Companies (LLCs)

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.

Key Requirements & Documents

• Passport copies for all company directors and authorized signatories.

• Your Georgian phone number. Popular options are Magti and Cellfie.

• The company's official registration documents.  If you don't have them, you can find it here with your LLC registration number.

• The company's charter and a clear business plan.

• The application form and KYC.

• Evidence of Economic Ties: This is the most challenging requirement for a non-resident-owned LLC. Banks will often look for proof that your business is a real operating entity in Georgia. This can include a local office lease agreement, contracts with Georgian clients or employees, or proof of ongoing business activities within Georgia.

  
  

What to Expect

The application process for an LLC is more rigorous and can take longer than for an individual or IE. Banks are strict on their KYC/AML (Anti-Money Laundering) checks and may deny your application if they are not satisfied with your company's "substance" in the country.

Other Banking Options for Georgian LLCs

While a traditional Georgian bank account is a requirement for an LLC, international financial technology platforms can serve as a valuable complementary tool for managing foreign currency and international transactions.

Wise Business account is one of the most commonly used options for receiving international payments under an LLC name. It is not a local Georgian institution, but auditors have classified Wise accounts as foreign bank accounts in previous cases we've participated in.

Get a fee-free transfer on your first transaction up to £500 when you register with the link below.   Use our exclusive Wise link for registration.

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.

  
  

In conclusion, understanding the banking landscape in Georgia is essential for individuals, individual entrepreneurs, and limited liability companies. Each entity type has specific requirements and options available to them. By following the guidelines outlined in this article, you can navigate the process of opening a bank account effectively and efficiently.