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.
A corporate bank account in Georgia
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.
Documents needed to open a bank account in Georgia in 2021
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 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 2021, 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).