COREDO > Corporate Services > Bank Account for Individuals > Opening a Bank Account in Georgia

Opening a Bank Account in Georgia

Banking System of Georgia

Georgia is a modern financial jurisdiction with a developed banking system and favourable conditions for international clients. The country’s banks offer convenient solutions for corporate and personal accounts, international transfers, and non-resident banking services.

Since 2016, COREDO has been assisting clients with opening bank accounts in Georgia, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following main types of accounts are available in Georgia, which COREDO assists in opening:

A corporate bank account

is intended for legal entities — companies registered in Georgia (LLCs, branches of foreign companies, sole proprietors). This account is used for conducting commercial activities, receiving payments and carrying out settlements with counterparties.

A payment institution account

is suitable for fintech companies and organisations that require settlement operations without full banking services. This type of account offers more flexible terms while maintaining core payment functions.

A personal bank account

is intended for individuals — both residents and non-residents of Georgia. It allows for personal financial operations, including transfers, fund storage and obtaining debit cards.

Client Requirements

Georgian banks apply strict KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures when opening accounts. Georgia’s AML legislation is aligned with FATF recommendations.

For legal entities, confirmation of the company’s registration in the Georgian register of legal entities is required, along with information on the ultimate beneficial owners (UBO), a description of the company’s commercial activities and sources of income. Banks verify shareholders holding a stake of 25% or more and may request statements from existing bank accounts for a period of 6 to 12 months.

For individuals, a valid passport or identity document is required, along with documents confirming the source of funds and source of wealth. For substantial amounts, banks may request additional supporting documents — contracts, invoices or income certificates.

It is important to note that all documents not in Georgian must be translated into Georgian and notarised.

Account Opening Process and Timelines

The process of opening a bank account in Georgia with COREDO’s assistance includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, assess compliance with bank requirements and select the optimal bank taking into account the specifics of the business. At this stage, potential risks are identified and the list of required documents is determined.

01

Document preparation.

COREDO assists in collecting and preparing the complete set of documents in accordance with the requirements of the selected bank, including translation and notarisation.

02

Submitting the application to the bank.

COREDO represents the client’s interests before the bank, ensures document submission and accompanies the application review process.

03

Verification and account opening.

The bank reviews the submitted documents and conducts KYC verification of the client. The verification and actual account opening process typically takes from 14 business days.

04

Activation and setup.

After the account is opened, COREDO assists with setting up online banking and connecting the necessary services.

05

With the client’s personal presence, the opening procedure at the bank takes approximately 30–40 minutes after all documents have been prepared. For remote opening, one should plan for 2–3 weeks, with the only method of opening an account without personal presence being a notarised power of attorney for a representative.

COREDO Service Costs

Legal Entities

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The cost depends on the type of account being opened — a bank corporate account or a payment institution account. Stage 1 is a mandatory preliminary stage for both types of clients.

Required Documents

To open a corporate account in a Georgian bank, the following documents are typically required: an extract from the Georgian register of legal entities, the company’s incorporation documents (articles of association), the certificate of registration and tax identification number (TIN), passports of directors and shareholders holding a stake of 25% or more, a description of the company’s business activities, documents confirming the source of funds (bank statements for 6–12 months), and if necessary — a notarised power of attorney for a representative.

To open a personal account, an individual will need: a valid passport or identity document, documents on the origin of funds (income certificates, employment contracts or other confirmations), and a Georgian phone number for connecting SMS notifications and online banking.

All documents in foreign languages are subject to official translation into Georgian and notarisation. COREDO provides full assistance in the preparation, translation and legalisation of documents.

COREDO Advantages

COREDO has been providing comprehensive support for opening bank accounts in Georgia since 2016. Key advantages of working with us include in-depth knowledge of Georgian banking legislation and current KYC/AML requirements, established business contacts with Georgian banks, complete “turnkey” document preparation — from collection to notarisation and translation, as well as individual bank selection based on the client’s profile and needs.

COREDO’s headquarters is located in Prague, while the company provides account opening services in banks across more than 19 jurisdictions, including Georgia, and ensures support at all stages — from preliminary analysis to account activation.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017 and has headed the legal team since July 2020. Specialises in corporate law, bank account opening and regulatory compliance.

Daniil Saprykin

Head of Customer Success at COREDO. Coordinates client interaction at all stages of the account opening process and ensures a high level of client service.

Frequently Asked Questions

Can a non-resident open a corporate bank account in Georgia?

Yes, non-residents can open a corporate account in Georgia. However, this typically requires registration of a company in the Georgian register of legal entities. Banks impose additional requirements on non-residents, including confirmation of economic substance in Georgia. COREDO assists in preparing all necessary documents and supporting the process.

Is it possible to open an account in a Georgian bank remotely?

Remote account opening is possible through a notarised power of attorney for a representative in Georgia. However, for some banks, the personal presence of the director may be mandatory for activating the full range of services. The remote opening process typically takes 2–3 weeks.

Which Georgian banks are most in demand among corporate clients?

The two largest banks in Georgia — TBC Bank and Bank of Georgia — are the leaders of the banking sector and together control more than 70% of assets. Both banks provide a full range of services for corporate clients, including advanced online banking. The choice of a specific bank depends on the client’s profile and business specifics, and COREDO specialists assist with the optimal selection.

How long does document verification take in a Georgian bank?

The document verification and KYC review process in a Georgian bank typically takes from 14 business days. The timeframe depends on the chosen bank, the complexity of the client’s corporate structure and the completeness of the submitted document package. Preliminary document preparation with COREDO helps minimise delays.

What currencies are available for bank accounts in Georgia?

Georgian banks offer multi-currency accounts supporting major international currencies — the Georgian lari (GEL), euro (EUR), US dollar (USD) and others. The high level of digitalisation of Georgia’s banking sector ensures convenient management of multi-currency accounts through online banking.

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COREDO specialists are ready to help you open a bank account in Georgia. Contact us for an individual consultation and assessment of your situation.