Open a Bank Account in Georgia

Opening a bank account in Georgia is an important step for both local and foreign citizens. In the modern world of financial relationships, a bank account is an essential instrument for carrying out everyday financial operations. MB Legal offers professional assistance in this process to ensure the security and effective management of your finances.

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Advantages to Open a Bank Account in Georgia?

Opening a bank account in Georgia offers many advantages for both personal and business purposes. The country’s banking system is characterized by stability, security, and flexibility, making it attractive to both local and international clients. Having a bank account in Georgia will allow you to receive salaries or other income officially. Additionally, you will benefit from the following advantages:

  • foreign

    No restrictions on international transfers

  • stable-banking

    A stable banking system

  • fees

    No or minimal fees for opening and maintaining a bank account

  • currencies

    Supporting major foreign currencies

  • new-market

    Modern online and mobile banking services

  • fast-easy

    The process is fast and easy

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Types of Bank Accounts in Georgia

Georgian banks offer various types of accounts tailored to different client needs:

  • Personal Bank Accounts

    • Current or settlement account (for receiving money from others and financing everyday needs, such as utility payments, payments at commercial outlets, or transfers to others as well as to your own accounts)
      • Card current accounts (funds can be managed without visiting the bank)
      • Current accounts without cards (can be managed remotely via internet banking or mobile banking)
    • Deposit or savings account (for saving, storing money, and receiving additional interest benefits)
  • Business Bank Accounts

    • Corporate account – standard account for legal entities, designed for company financial operations and available in various business packages offered by banks.
      • International trade services are provided within the framework of corporate accounts, including currency operations, letters of credit, guarantees, and more.
      • Small and medium business services are provided within the framework of corporate accounts, including special accounts and services for individual entrepreneurs.
    • Special accounts – various types of special accounts tailored to specific business needs. These may include escrow accounts, deposit accounts, and other types of accounts for specific operations.

Each type of account offers different advantages, and MB Legal will help you select the option that best suits your needs.

Secure your finances with MB Legal! Open a bank account in Georgia with our expert guidance.

Instructions for Opening an Account in Georgia

Opening a bank account in Georgia involves several important stages. With MB Legal’s assistance, opening a bank account in Georgia is possible through the following simplified process:

  • Initial consultation – we discuss your needs and goals to select a bank and banking service tailored to your needs

    1
  • Document preparation – we help you collect and properly prepare all necessary documents

    2
  • Submission to the bank – we ensure complete submission of documents to the selected bank

    3
  • Process monitoring – we monitor the bank’s application review process

    4
  • Additional services – we offer assistance with other relocation-related issues in Georgia

    5
  • Account activation – we help you successfully activate and use your account

    6

Documents to open a bank account in Georgia

For personal bank account

  • Account opening application (we will help you fill it out)
  • Identity document (Georgian citizen’s ID card, residence permit, international passport, or other official document)
  • Self-declaration about the purposes of using banking services in Georgia and expected operations
  • For foreign citizens, residence permit or other document confirming economic interests in Georgia

For the company’s bank account

  • Bank account opening application
  • Company registration documentation
  • Director’s passport (with notarized translation if necessary)
  • Self-declaration about the purposes of using banking services in Georgia and expected operations
  • For foreign companies, documentation confirming economic interests in Georgia

Legal and Practical Issues When Opening a Bank Account in Georgia

  • Legal Requirements:

    • Residency status – Georgian banks serve both residents and non-residents. However, for non-residents, additional documentation is typically required, which is a standard procedure.
    • Identification documents – all banks require the submission of official identification documents.
    • KYC (Know Your Customer) procedures – Georgian banks are legally obligated to collect certain information about clients, which includes KYC procedures.
  • Common Challenges:

    • Language barrier – despite banks providing English-language services and improving them, the language barrier can still be a problem, especially when understanding complex banking terminology.
    • Additional documentation requirements – non-residents typically need to submit additional documents, such as confirmation of income source, business registration documents, and others.
    • Compliance procedures – banks, especially for international clients, conduct detailed verification, which can be a lengthy and multifaceted process.

MB Legal will professionally guide you through these challenges and ensure that the bank account opening process is efficient and problem-free.

How MB Legal Helps You Open a Bank Account in Georgia

MB Legal is your trusted partner in the process of opening a bank account in Georgia. Our service includes:

  • Security services

    Comprehensive consultation – detailed information about all options and possibilities

  • File security

    Document preparation – we help you collect and properly prepare all necessary documents

  • Banking4

    Communication with banks – we interact with banks on your behalf to eliminate possible language or cultural barriers

  • Banking3

    Process management – we control the entire bank account opening process from start to finish

  • Telecom3

    Additional legal services – we offer assistance with other establishment-related issues in Georgia

Our experienced lawyers possess specialized knowledge in the banking sector and ensure that your bank account opening is carried out efficiently and in full compliance with the legislation.

F.A.Q. Your top 3 questions answered

  • 1. How long does it take to open a bank account in Georgia?

    In Georgia, opening a bank account after submitting all necessary documents typically takes from 3 to 10 business days. With MB Legal’s assistance, this process proceeds as efficiently as possible.

  • 2. Can I open an account if I am not a Georgian citizen?

    Yes, Georgian banks serve both residents and non-residents. However, foreign citizens may need additional documentation and information, which MB Legal will professionally help you prepare.

  • 3. Which banks do you work with?

    We closely collaborate with Georgia’s leading commercial banks. Based on your business specifics and transaction volumes, we will offer you the best banking solutions tailored to your needs.

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Open a bank account in Georgia

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