Opening a Corporate Bank Account in Georgia
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.
How to Open a Bank Account in Georgia?
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:
- Bank of Georgia
- TBC Bank
Foreign banks include:
- VTB Bank
- Hualing Industrial Group
- Dhabi Group
- Ziraat Bank
To open a Georgia bank account in any of the aforementioned bank or any other bank of your choice, follow these steps:
- The first step includes choosing the bank of your choice by listing down all the requirements and then look out for the bank which provides the mentioned requirements
- Next step is to carry your documents to the bank, of which, a copy will be printed for bank purpose
- Unlike international bank, there is no minimum deposit requirement in order to open a bank account in Georgia
- After which you need to submit all the other required documents
- The bank will take a note of it and go through all the details. If everything is well and fine your bank account will be opened and a Certificate of Deposit will also be provided for the further company registration procedure
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.
Documents Required to Open a Corporate Bank Account in Georgia
The documents needed to open a bank account for most types of companies in Georgia are:
- The bank’s application form for opening the bank account
- Proof of registration with the public registry
- Sample signatures for all the company’s authorized persons and copies of their id cards
- A note drafted by the company’s shareholders who hold more than 25% and copies of their id documents
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:
- Assistance with choosing the most appropriate bank for your private or corporate needs
- Assistance with preparing all the required legal forms
- Assistance with preparing all the required documents by the bank for a new bank account
- Escort throughout the entire process, from the start to the final approval
Contact us today to avail these services.