There are many banks in Georgia that offer banking solutions for companies and individuals. Opening a bank account is mandatory when incorporating a new Georgian company. The account will be used for business transactions, will be available for public reference and is necessary to deposit the share capital of the company.
Our company registration agents in Georgia can give you detailed information about banking in the country and how to open a bank account for corporate purposes.
There are several types of companies in Georgia and the requirements 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.
The documents needed to open a bank account for most types of companies in Georgia in 2024 are:
For a branch, the usual document will also need to include a certified copy issues by the business register in the foreign company’s country and also the excerpt from the Georgian Public Registry proving that the branch is registered in the country. The sole proprietor will also need to provide proof that his/her trade or business sis registered, and provide copied of the personal identification documents.
There are many banks in Georgia and their services and fees for these services differ. Internet and telephone banking are available as well as many other services. Usually, there is a fee for opening a bank account of approximately 10 GEL.
In 2024, the bank rules for opening a corporate bank account have become stricter, and those who want to benefit from this right, must make the minimum proof that they have registered a legal entity here, as well as the proof that the company will carry its operations in Tbilisi and any other part of the country. This means that the investor will have to present a business plan and any other documents showing what the future economic activity will be, as well as its participants (clients, business partners, company employees and others).
The bank account in Georgia follows the IBAN format, which is used at an international level, therefore making bank transfers simple. Besides the simple registration formalities, it is also important to know that the legislation in Georgia allows the set up of a bank account remotely.
An additional advantage of opening a bank account in 2024 is that clients can set up the account in more than just one currency – they can open the account with 3 available currencies – GEL, USD, EUR or even more, depending on the bank of choice. All currencies can be accessed from the same card, issued by the commercial bank selected by the client.
In general, the bank account will provide a variety of services, such as online banking, telephone banking, automatic payments and others.
This is just one of the steps required to open a company in Georgia. If you would like to know more about investing in the country you can contact our company registration agents in Georgia.
Our specialists in company formation in Georgia can provide legal representation in the process of starting a business. In this process, we can also help you set up a corporate bank account in 2024, a mandatory procedure during the incorporation stages of a legal entity.
Our team can represent foreign clients in this procedure through the power of attorney, which is a legal document that states the ways in which a third party (our consultants) can represent another entity (legal entity or a natural person).
Of course, you can also receive legal representation if you want to set up a bank account in Georgia in 2024 as a natural person, as our team can represent foreign individuals as well.
