Georgia · Guide
Registering a Georgian company takes a day. Opening its bank account is where most remote plans slow down, and sometimes stop.
The banks are open to foreign-owned companies, and some advertise it. What they want is to understand the business, the people behind it and where the money comes from, and since 2022 they also screen every file against Western sanctions. This guide sets out the banks, the file, the route and the reasons accounts are refused.
The banks foreign founders use
Two banks hold most of the market and most foreign-owned accounts. The rest serve narrower needs.
| Bank | Fit for a foreign-owned LLC | Remote steps | Review time reported |
|---|---|---|---|
| Bank of Georgia | Largest bank, international desk in Tbilisi | Partial, in limited cases | 2 to 5 days |
| TBC Bank | Large bank, business app, branch opening for expat-owned companies | Video or app in certain cases | 2 to 5 days |
| ProCredit Bank | Business-focused, conservative | No | 5 to 10 days |
| Credo Bank | Small business lending | No | 3 to 7 days |
| Liberty Bank | Retail network | No | 1 to 3 days, rarely chosen by foreign founders |
Review times come from a 2026 market comparison and assume a complete file. TBC states on its own site that eligible companies with expat individual shareholders or partners can open a multi-currency business account at a branch.
What the bank will ask for
- 1Company documentsRegistry extract, charter, tax number
- 2PeoplePassports of director, shareholders and beneficial owners
- 3BusinessWhat you sell, to whom, from where
- 4MoneySource of funds and expected flows
- 5ScreeningSanctions, adverse media, high-risk sectors
The company file is the easy part.
- Registry extract and charter of the Georgian company.
- Tax identification number, which comes with registration.
- Proof of the legal address.
- Passports of the director and of every shareholder and beneficial owner.
- For a corporate shareholder: its registry extract and statute, apostilled and translated.
The business and money file is what decides.
- A short business description: products, customers, countries, expected monthly volumes.
- Contracts or invoices with real clients, if you have them.
- Source-of-funds evidence: bank statements over three to six months, a prior tax return or payslips.
- Your current bank relationship abroad, which reassures the reviewer if it is clean.
Translate anything that is neither Georgian nor English.
Cost comparison
Is there a cheaper jurisdiction for you?Three questions, then the jurisdictions where your company would cost less, and by how much.
Branch or remote
| Route | When it works | Limits |
|---|---|---|
| Director visits a branch in Tbilisi | Any profile, the most reliable path | One trip, sometimes two |
| Representative with power of attorney | Banks that accept it, standard profiles | The power must expressly cover banking |
| App or video onboarding | Selected profiles, usually after registration and with a tax number | Full checks still apply; not offered to everyone |
A power of attorney drafted for registration only is a common reason a representative cannot proceed. If you plan to stay abroad, have it cover the bank from the start, as noted in how to register a company in Georgia.
Sanctions screening since 2022
On 26 February 2022, the National Bank of Georgia instructed the financial sector to comply with the sanctions imposed by the United States, the United Kingdom and the European Union against Russia and Belarus. It inspects banks for compliance.
Banks applied it in their own terms. TBC Bank told clients in 2023 that it reserves the right to close accounts without prior notice when it finds a transaction that breaches those sanctions.
What this means in practice:
- Nationality alone is not the test in the published rules. Banks look at the people, the counterparties, the goods and the payment routes.
- Files linked to Russia or Belarus get closer review: counterparties, goods, banks used, origin of funds.
- Opening is not the end. Accounts are reviewed again over time, and a single flagged payment can freeze or close one.
- Some sectors are hard everywhere: crypto, gaming, payments, dual-use goods.
Russian and Belarusian founders will find the country-specific detail in the guides for founders from Russia and from Belarus.
Why accounts are refused
- The business cannot be understood from the file: no website, no contracts, vague activity.
- The money cannot be traced to a clear source.
- The structure looks like a shell: no activity in Georgia, no staff, owners abroad, flows passing through.
- A sector the bank avoids.
- A sanctions or adverse media hit on a person or a counterparty.
- Missing or uncertified documents for a corporate shareholder.
- Before registrationGather statements, contracts and business description
- Day 1Company registered, tax number issued
- Week 1Branch visit or representative files the application
- Week 1 to 2Compliance review, questions answered
- Week 2 to 3Account active, cards ordered
Costs to expect
Georgian banks publish tariffs by product, and they change. Expect a monthly account fee, per-transaction charges on international transfers, card fees and possibly an account opening review fee for companies with non-resident owners. Indexed extracts of TBC's tariffs mention a GEL 500 review fee for legal entities with non-resident beneficial owners; we could not confirm it on the bank's pages, so ask before applying.
When a Georgian account is not the answer
A Georgian company does not have to bank only in Georgia. Some founders add a multi-currency account with an electronic money institution abroad, for collecting from international clients.
- It does not replace a local account for paying Georgian taxes, salaries and suppliers smoothly.
- It runs its own checks, often stricter for companies registered outside the EU.
- Read the terms on which countries and sectors it accepts before relying on it.
The bottom line
Georgian banks accept foreign-owned companies, and the main two have processes for them. The account opens in days when the file shows a real business, traceable money and clean counterparties, and it stalls when any of the three is missing. Plan one trip to Tbilisi, write banking into the power of attorney, and prepare the source-of-funds file before you register.
corpsec registers the company and provides the registered office. Bank onboarding is a decision of the bank. See the Georgia formation service, or read what the company costs to set up and run.
Frequently asked questions
Can a non-resident open a business bank account in Georgia?
Yes. Georgian banks accept companies owned by foreigners, and TBC Bank states that eligible companies with expat shareholders can open a multi-currency business account at a branch. Acceptance depends on the bank's review of the business, the people and the source of funds.
Can I open a Georgian business account remotely?
Sometimes. Some banks offer app or video onboarding for selected profiles, and some accept a representative with a power of attorney that covers banking. A branch visit by the director remains the most reliable route.
Which bank is best for a foreign-owned Georgian company?
Bank of Georgia and TBC Bank are the usual choices for foreign founders, both with processes for non-resident owners. The better one is the bank that accepts your profile and sector.
How long does it take to open a business account in Georgia?
Two to five working days at the large banks once the file is complete, longer for complex profiles. Preparing a file the bank will accept usually takes longer than the review.
Can Russian citizens open a business account in Georgia?
Georgian banks apply US, UK and EU sanctions under a central bank instruction of 26 February 2022, and review Russia-linked files closely. Many Russian founders hold accounts, but acceptance and account continuity depend on counterparties, goods and payment routes, not just nationality.
Why was my Georgian bank account application refused?
The usual reasons are an activity the bank cannot understand, funds it cannot trace, a structure with no real activity, a sector it avoids, or a screening hit on a person or counterparty.
Do I need a Georgian bank account for my Georgian company?
It is not a registration requirement, but in practice you need one to pay Georgian taxes and suppliers, receive local payments and keep clean accounts.
Sources
- TBC Bank, Banking for expats: companies with expat individual shareholders or partners can open a multi-currency business account at a TBC Bank branch
- Gegidze, How to open a bank account in Georgia as a non-resident (2026): banks compared, documents, source-of-funds evidence, branch and remote routes, review times
- First Channel (1tv.ge): the National Bank of Georgia instructed the financial sector on 26 February 2022 to comply with US, UK and EU sanctions against Russia and Belarus, and inspects compliance
- Forum Free Russia, 21 April 2023: TBC Bank reserves the right to close accounts without notice when it finds a transaction that breaches sanctions
Bank policy, read on 26 October 2026: TBC Bank's page for expats, on opening a business account at a branch for companies with expat shareholders. Market practice, not official and subject to each bank's risk policy: the comparison of banks, review times, document lists and remote options published by Gegidze. Secondary reporting: the National Bank of Georgia instruction of 26 February 2022 on Western sanctions and TBC's account closure policy. A GEL 500 review fee for accounts of legal entities with non-resident beneficial owners appears in indexed extracts of TBC's tariffs but could not be confirmed on the pages opened; ask the bank. Banks change their onboarding rules without notice; nothing on this page is a promise that an account will be opened. This is not legal or tax advice.