Opening Personal or Business Bank Accounts in Georgia

 

Opening a personal or business bank account in Georgia is a straightforward process, whether you’re visiting in person or managing it remotely. With a reliable, efficient, and foreigner-friendly banking system, Georgia has become an attractive destination for individuals and entrepreneurs alike. Our team is experienced in helping foreign clients navigate the process of preparing and submitting the necessary documents to open personal and corporate bank accounts in Georgia.

 Opening Personal Bank Accounts

There are two ways to open a personal bank account:

1. In-Person Account Opening
   You can visit Georgia in person to open your bank account. Only your passport is required – no additional documents are needed.
2. Remote Account Opening (via Power of Attorney)
   You can also open an account remotely by granting us a Power of Attorney (POA). For this process, we require:

• A notarized and apostilled (or legalized) Power of Attorney
• A notarized and apostilled (or legalized) copy of your passport

Once we receive the original documents and submit them to the bank, the bank will make a decision regarding the account opening within 3 to 5 business days.

 

Opening Business Bank Accounts

Business bank accounts can also be opened in two ways:

1. In-Person Account Opening
   If the client is present in Georgia:

• After company registration, we will submit the necessary documents to the bank.
• Once the account is opened, you can receive a Visa or MasterCard within 2 business days.

2. Remote Account Opening (via Power of Attorney)
   If the client is not in Georgia:

• After the company is registered, the company director must issue a notarized and apostilled (or legalized) Power of Attorney authorizing us to open the bank account.
• Once we receive the original POA, we will submit the application for the business bank account.

Important Notes

• A POA is valid for 12 months. After expiration, the bank account may be temporarily blocked. To reactivate the account, you must either:
  • Provide a new POA, or
  • Visit the bank in person (which will permanently activate the account).
• Internet banking must be activated in person. A POA is not valid for this step. The client must also visit the bank to collect their bank card.
• The bank may request additional information or documents at its discretion. Clients must comply with such requests.
• In rare cases, banks may refuse to open an account based on internal compliance checks (e.g., AML/legal departments), and they are not obligated to provide a reason for the refusal.

Final Notes

This information serves as a general guideline. Each case is unique and requires individual planning. We recommend seeking tailored advice based on your specific situation.

For further information or advice, please contact Archil Mchedlidze