A Guide to Opening Business Bank Accounts in Georgia
Georgia’s banking system offers foreign investors and entrepreneurs a seamless process for opening business accounts, making it an attractive destination for managing international finances. Below, we explore the key steps and considerations for opening a business bank account in Georgia.
Types of Banks and Accounts
Georgia has 19 licensed commercial banks, with TBC Bank and Bank of Georgia being the most prominent. These banks offer a variety of business banking options, ranging from basic accounts to specialized services that cater to high-transaction volumes and international activities. Foreign investors can also consider banks like VTB Bank, which provide international services for businesses operating across multiple jurisdictions.
Documents Required for Opening a Business Bank Account in Georgia
To successfully open a business bank account in Georgia, you’ll need to prepare the following documents:
- Application Form: Filled out with your company’s information.
- Proof of Business Registration: A certificate from Georgia’s Public Registry verifying the legal status of your business.
- Authorized Signatories: Sample signatures and identification documents for the individuals authorized to operate the account.
- Shareholder Documentation: Identification documents for shareholders holding more than 25% of the company’s shares.
Foreign branches will need additional certified documents from the business registry in their home country, along with local registration proof.
Account Setup Process and Fees
Setting up a business bank account in Georgia is a quick process, typically taking around 30-40 minutes if all the required documentation is prepared. Generally, there is no minimum deposit requirement, but you can expect monthly account maintenance fees ranging from 5-15 GEL, depending on the services selected.
Key Considerations for Businesses
Multi-Currency Accounts
Georgian banks allow businesses to open multi-currency accounts, enabling them to manage funds in USD, EUR, GBP, and other currencies. This feature is particularly advantageous for businesses engaged in international trade or cross-border transactions.
International Transfers
Georgian banks are equipped to handle international transfers efficiently, providing businesses with reliable and cost-effective methods to move funds globally. Services like Payoneer and Wise can also be used to manage international payments, although they may not always support direct tax payments to Georgian authorities.
Business Banking Solutions
For businesses with more complex banking needs, many Georgian banks offer tailored solutions, including corporate accounts that support high transaction volumes, payroll management, and other specialized financial services. These services are designed to help businesses scale while managing their financial operations efficiently.
How We Can Assist
At Georgia Business and Residential Law, we specialize in guiding foreign investors through the process of opening business bank accounts in Georgia. Our experienced team ensures that all legal and financial requirements are met, making the process seamless and efficient. Contact Georgia Business and Residential Law today to find out how we can help you streamline your banking needs and ensure compliance with local regulations.