Bank Account

Opening Business Bank Account – Resident of Georgia

If the business bank account application is made by a company / individual entrepreneur whose shareholder (Each holder of 20% or more) is a Resident of Georgia, there will be no problems opening a bank account, including the case of opening a bank account via power of attorney.

However, in order for all services to be enabled, the presence of the company’s director(s) at the bank may be necessary.

The requirements for opening a bank account are straightforward:

• The bank’s account opening application form
• Certificate of Public Registry registration (Acquired on place electronically, no paperback needed)
• Sample signatures for all authorized individuals in the firm, as well as copies of their ID cards
• A document signed by the company’s shareholders who own more than 25% of the stock, as well as copies of their identification documents
• Additional documentation may be required for US citizens.
• For a branch, the standard document must additionally include a certified copy issued by the business registration in the foreign company’s home country, as well as an excerpt from the Georgian Public Registry demonstrating that the branch is registered in the Georgia.

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Opening Business Bank Account – non-Resident of Georgia

In Georgia, opening a bank account for a firm owned by a non-resident is a complicated process. As of 2023, most banks automatically reject the application, while some begin the process of verifying the firm, but tell the applicant of the denial within 1 or 2 days. There are, however, exceptions.

**Note: Please keep in mind that while opening an IE in Georgia, our full package service includes the setting up of a bank account as well.

If a corporation is held by a physical person or people who visit the bank in person, the odds of success are quite high, and the whole process may take as little as 1 day. In order for the application to be approved and the account not to be cancelled in the future, the firm must follow Georgian Presence standards and conduct lawful transactions. The verification procedure can take up to a month or more at times, and there is no certainty that the application will be successful.

• Georgian Presence – Either the company has to have Georgian clients, or has to adhere to at least two of the following requirements: (1) Have employees in Georgia (2) Have an office in Georgia (3) Have counterparties (contractors) in Georgia
• No-Transit Account Policy – This is one of the main questions a bank will ask regarding a company – what are the business’s activities? The bank wants to ensure that the business you pursue is not involved in any illegal activity and that it adheres to anti-money laundering standards. They will want information such as the website, contracts with counterparties, contracts with clients, and documentation pertaining to the company’s existence in Georgia.

If the application is filed on the basis of a power of attorney and/or the company’s owner is a foreign legal entity, the odds of creating a bank account decrease, the process takes considerably longer, and even if an account is opened, not all banking services will be activated remotely. As previously stated, the bank may seek a visit from the director in such a circumstance. Opening a business bank account for a non-resident firm is a very risky procedure for the bank, and in 99 percent of situations, it is rejected, even after submitting the extensive list of documentation.

There is a danger of cancelling any sort of bank account regardless of residence (though non-residents are at a relatively greater risk) if a suspicious transaction occurs and no respective evidence of validity of transaction is given.