Open an account in Georgia - COREDO


In recent years, the Georgian authorities have implemented a number of successful reforms in the financial sector, which have contributed to a radical change in the tax system. As a result, the country’s position in various international rankings has improved dramatically and continues to grow. All these processes make the opening of an account in the country by non-residents a very topical issue, especially for the citizens of Russia and the CIS countries.

The banking sector in Georgia is relatively small. There are currently fifteen licensed banks operating in the country. The largest of them is TBC Bank. It has numerous branches, provides a full range of premium services and is considered to be a leader in the banking sector. Other large banks are Bank of Georgia, Silk Road Bank, VTB Bank, TeraBank and BasisBank.


One of the key features of banking policy is the fact that Georgia has not yet become a part of the common data exchange standard, namely CRS. This global standard allows tax authorities and other regulatory agencies to receive comprehensive information about the taxes and financial activities of an organisation or sole proprietors. In other words, Georgian banks do not exchange information under the CRS protocol. It should be noted that Georgia plans to sign the CRS information exchange agreement as early as 2024 (previously it was reported that this would happen in 2023). But the fact that this has not yet happened, in conjunction with a number of other advantages of opening a bank account, make the investment climate in this country even more attractive.

Other advantages of opening a bank account in this country are:

  • existing tax incentives and a favourable tax system;
  • no double taxation, which is ensured by a wide range of agreements;
  • possibility of opening an account for absolutely any company, both European and offshore, as well as personal account for non-residents;
  • there are banks where you can open an account remotely, without visiting the country;
  • no minimum balance and minimum deposit requirements;
  • availability of Russian-speaking managers in many banks, which greatly facilitates communication.


Our specialists are experienced in terms of the legal framework in the financial sector of the country as well as all the regulatory changes. Our specialists are ready to help you quickly prepare the documents required to open an account in the chosen bank and provide you with effective assistance in handling the matter immediately.

The standard set of documents includes director, company owners and other attorneys-in-fact ID cards as well as the original statutes (apostilled). 

The verification process by a bank institution and direct opening of an account usually takes 14 days or more. It depends on the requirements of the chosen bank.

Please contact us if you ever need to open an account in Georgia. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.


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