How to Open a Business Bank Account in Georgia 2025

Opening a business bank account in Georgia is straightforward compared to many Western countries. Most banks welcome foreign-owned companies and can open accounts within 1-3 days. This guide covers everything you need to know about Georgian business banking in 2025.

Best Banks for Business in Georgia

Bank of Georgia

The largest bank in Georgia with the most extensive branch network. Known for excellent digital services and English-speaking staff.

Pros:
• Best mobile app in the country
• English interface available
• Wide ATM and branch network
• Strong international transfer capabilities

Cons:
• Slightly higher fees than competitors
• Can be strict with compliance for some countries

Monthly fee: ~15-30 GEL depending on package

TBC Bank

The second-largest bank, popular among tech companies and startups. Known for innovative digital solutions.

Pros:
• Very tech-friendly
• Competitive exchange rates
• Good online banking platform
• Popular among IT companies

Cons:
• Fewer branches in regions
• Customer service can be slow

Monthly fee: ~10-25 GEL depending on package

Liberty Bank

A good alternative with competitive fees, especially for smaller businesses.

Pros:
• Lower fees
• Simpler account opening process
• Good for basic banking needs

Cons:
• Less sophisticated online banking
• Limited English support

Credo Bank / Other Options

Several smaller banks and fintech solutions exist, but for most businesses, Bank of Georgia or TBC Bank are the recommended choices due to their reliability and international capabilities.

Documents Required

For LLC (შპს)

1. Company documents:
• Company registration extract (from Public Service Hall)
• Charter/Articles of Association
• Director appointment document

2. Director's documents:
• Passport (for foreigners) or Georgian ID
• Proof of address (utility bill, bank statement)
• Contact information

3. Beneficial owner information:
• Passport copies of all shareholders owning 25%+
• Proof of address for beneficial owners
• Source of funds documentation (for larger amounts)

4. Business information:
• Description of business activities
• Expected turnover and transaction volumes
• List of main clients/suppliers (countries)

For Individual Entrepreneur (IE)

• Georgian ID or passport with residence permit
• IE registration certificate
• Proof of address
• Business description

Account Opening Process

Step 1: Choose Your Bank

Visit the bank's website or branch to review business account packages. Consider your needs: international transfers, multiple currencies, card requirements.

Step 2: Schedule an Appointment

Most banks allow walk-ins, but scheduling an appointment ensures English-speaking staff availability. You can often start the process online.

Step 3: Submit Documents

Bring all required documents to the branch. The bank officer will review them and may ask questions about your business.

Step 4: Compliance Review

The bank's compliance team reviews your application. This typically takes 1-3 days but can be longer for complex ownership structures or high-risk countries.

Step 5: Account Activation

Once approved, you receive account details and can set up online banking. Business debit cards are usually issued within a week.

Account Features

Multi-Currency Accounts

Georgian banks offer accounts in multiple currencies within one business account:

• GEL (Georgian Lari) — for local transactions
• USD — most popular for international business
• EUR — common for European clients
• GBP, CHF, and others available

International Transfers

SWIFT transfers: Available to almost any country. Fees typically 20-50 GEL per transfer.
SEPA: Some banks offer SEPA for EUR transfers to Europe.
Processing time: 1-3 business days for most destinations.

Online Banking

Both major banks offer comprehensive online banking:

• View balances and transactions
• Make domestic and international transfers
• Currency exchange at live rates
• Download statements for accounting
• Mobile apps for iOS and Android

Business Cards

Visa and Mastercard business debit cards are standard. Credit cards are available but require a credit history or deposit.

Fees to Expect

Fees are approximate and may vary based on account package and negotiation.

Tips for Foreign Business Owners

1. Prepare for Compliance Questions

Banks will ask about your business activities, expected turnover, and source of funds. Be prepared with clear, honest answers. Having contracts or invoices from clients helps.

2. Start with One Bank

Opening accounts at multiple banks simultaneously can raise red flags. Establish a relationship with one bank first.

3. Keep Good Records

Georgian banks report to international authorities. Maintain proper documentation for all transactions, especially large ones.

4. Consider a Local Director

Having a Georgian director or representative can smooth the account opening process and ongoing banking relationship.

5. Be Patient with Large Transfers

First large incoming transfers may be held for verification. Notify your bank in advance if expecting significant payments.

Common Issues and Solutions

Issue: Account application rejected
Solution: Ask for specific reasons. Often it's missing documentation or unclear business description. Try another bank if needed.

Issue: Long verification for transfers
Solution: Provide supporting documents (contracts, invoices) proactively. Build transaction history with smaller amounts first.

Issue: High-risk country flag
Solution: Some nationalities face extra scrutiny. Work with a local consultant who has banking relationships.