Nestled between Turkey, Russia, and Iraq, Georgia has been for years viewed as a post-soviet country struggling to regain its footing. That categorization, however, is far from the truth. Georgia is a shining example of strength and resilience. Its beauty has become less of a well-kept secret due to which expats are quickly catching on and choosing this beautiful country to start a business. If you are one among such many, one thing that is mandatory to do while setting up a business in Georgia is opening a corporate bank account.
Luckily, the process is pretty straight-forward and you’ll have plenty of options for where and how to open your account. This guide will walk you through everything you need to know about opening a Georgia bank account.
Since Georgia has plenty of business entities, the requirements different banks have when trying to open a corporate bank account will largely depend on the particularities of the company. An account needs to be opened for a joint stock company, a limited liability company, general partnership, limited partnership or branch in Georgia. Sole proprietors can also open a bank account for their business that is different from their personal one.
There are total 19 licensed commercial banks in Georgia, with 2 main players holding almost 60% of the total bank’s assets. They are:
Foreign banks include:
To open a Georgia bank account in any of the aforementioned bank or any other bank of your choice, follow these steps:
It will take just 30-40 minutes to open a bank account in Georgia. You must know that apart from the companies, both residents and non-residents can open their bank account in Georgia in foreign currencies like pound, dollar, euro, etc.
The documents needed to open a bank account for most types of companies in Georgia are:
For the branch of a foreign company, the document will also include certified copy issued by the business registrar in the foreign company’s country and also the excerpt from the Georgian Public Registry as a proof that the branch is registered in the country. The sole proprietor will also need to provide proof that his/her trade or business is registered and provide copied of the personal identification documents. The fee to open an account is very nominal and you should expect to see some kind of account maintenance charge, usually about 5 GEL per month.
We at Business Setup Worldwide help you in opening a bank account in Georgia for your company. Our services include:
Contact us today to avail these services.