Opening a bank account in Georgia is an important step for individual entrepreneurs (IEs) seeking to manage their finances effectively and expand their businesses. In this article, we will review the best banks for IEs in Georgia, the account opening process, the use of payment systems, and the potential challenges entrepreneurs may face.
Georgia has rightfully become one of the top destinations for freelancers from Russia and Belarus who are looking to open an IE abroad in order to work with foreign clients. The country offers some of the most favorable tax conditions for small businesses, and it is also possible to open an IE remotely without traveling to Georgia. Today, we will go over the best banks for opening an IE account, options for opening an account outside of Georgia, as well as possible difficulties entrepreneurs may encounter.
List of the Best Banks for IEs in Georgia
Georgia offers a variety of banking institutions providing services to individual entrepreneurs. Below is a list of the ten most popular banks:
- Bank of Georgia (BoG)
- TBC Bank
- Liberty Bank
- Credo Bank
- Basisbank
- Cartu Bank
- ProCredit Bank
- Silk Road Bank
- Ziraat Bank Georgia
- Isbank Georgia
Among them, the most in demand among IEs are Bank of Georgia, TBC Bank, Liberty Bank, and Credo Bank.
Account Opening Process for IEs at Bank of Georgia, SOLO, TBC, Liberty, and Credo
The procedure for opening an account for individual entrepreneurs in Georgian banks involves several steps. While the basic requirements are similar, the documentation, processing times, and fees can vary significantly. Below is a detailed overview for each bank.
Bank of Georgia (BoG)
- Documents:
- International passport
- IE registration certificate
- Client contract (optional)
- Income statement for the past 3–12 months
- Procedure:
- Submit an application online via internet banking
- Enter the passport number in the “personal number” field
- Additional documents may be requested individually after submission
- Fees:
- Account maintenance – 10 GEL/month
- KYC application review fee – 50 GEL
- Processing time: 3–5 business days
SOLO (premium service of BoG)
- Requirements: Minimum monthly income of $2000
- Services:
- Personal manager
- Exclusive events
- Loyalty programs and extra perks
- Fees: From 500 GEL annually (depends on package)
TBC Bank
- Documents:
- International passport
- IE registration certificate
- Contract or employment agreement
- Bank statement for the last 6–12 months
- Procedure:
- Complete the KYC form
- Pay the application review fee – 50 GEL
- Submit documents for verification
- Fees:
- Annual account maintenance – 110 GEL
- Card issuance fee charged separately (varies individually)
- Processing time: Up to 3 business days
Liberty Bank
- Documents:
- International passport
- IE registration certificate
- Bank statement for the last 6–12 months
- Lease agreement (if required)
- Procedure:
- Complete the application form
- Application processing fee – 10 GEL
- In some cases, KYC form required (extra 50 GEL)
- Fees: 25 GEL/month + additional fees for some operations (discussed individually)
- Processing time: 2–5 business days
Credo Bank
- Documents:
- International passport
- Proof of income (e.g. tax certificate, employment contract, IE registration)
- Bank statement for the last 6–12 months
- Procedure: Submit documents directly at the branch; usually no KYC form required
- Fees: From 2 GEL/month (lowest in the market)
- Processing time: A few business days
Banks for IEs in Georgia: Comparison of Fees and Conditions
| Bank | Monthly Fee (GEL) | KYC Fee (GEL) | Processing Time (days) |
|---|---|---|---|
| BoG | 10 | 50 | 3–5 |
| SOLO | from 42 (500/year) | 50 | Individual |
| TBC | ~9.2 (110/year) | 50 | Up to 3 |
| Liberty | 25 | 10–50 | 2–5 |
| Credo | 2 | None | 2–4 |
Final Recommendations
- BoG: Best for standard business needs with moderate costs.
- SOLO: For clients who value exclusivity and privileges.
- TBC: Suitable for active business operations and large transactions.
- Liberty: A middle-ground option.
- Credo: The most economical choice for entrepreneurs with basic requirements.
One of the key advantages of doing business in Georgia is the flexibility in using bank accounts for individual entrepreneurs. Unlike in many other countries, where opening a dedicated business account in a local bank is strictly required, in Georgia, an IE can operate without necessarily opening a Georgian bank account. Entrepreneurs often use international fintech solutions (neobanks), which is especially convenient for working with foreign partners. Moreover, in some cases even personal accounts, including those opened outside Georgia, are successfully used for transactions — making Georgia’s business environment particularly attractive for non-residents and freelancers.
Using Wise and Payoneer Payment Systems for Individual Entrepreneurs in Georgia
Individual entrepreneurs (IEs) in Georgia actively use international payment systems such as Wise and Payoneer to conveniently receive and send funds. These platforms offer a wide range of features suitable for both private users and businesses, while the Georgian tax authorities do not restrict their use.
Wise
Registration:
- To create an account, identity and place of residence must be verified.
- Standard documents are required: international passport, ID card, or driver’s license.
- For Russian citizens, additional documents may be requested, such as:
- A second international passport
- National ID card
- Driver’s license issued outside Russia (in practice, in Georgia, business accounts in Wise are often associated with a moped license).
Advantages:
- Low fees for international transfers (usually 0.35%–1% of the amount).
- Exchange rates close to the market rate.
- Ability to open a multi-currency account and hold funds in over 50 currencies.
- Instant transfers between Wise users.
Specifics:
- Registration can be more complicated for users from Russia and other sanctioned countries.
- The Wise app is available on all major platforms and supports integration with accounting services.
- The platform provides local account details for several currencies, including EUR (IBAN), USD (US ACH), GBP (Sort Code), and others.
Payoneer
Registration:
- Available for individuals, individual entrepreneurs, and legal entities.
- For IEs, the standard set of documents is required: registration certificate, ID verification, and bank statement.
- For companies (LLC or N(N)LE), additional requirements may apply:
- A corporate bank account in the country of registration.
- A personal bank account of the founder located outside Russia, Belarus, or other sanctioned countries.
Advantages:
- Ability to receive payments from international clients through Payoneer’s global network.
- Issuance of corporate MasterCard cards for convenient access to funds.
- Integration with popular platforms such as Amazon, Upwork, Fiverr, Etsy, and others.
- Option to withdraw funds to local bank accounts in more than 150 countries.
Specifics:
- No commission for transfers between Payoneer users.
- Withdrawals to a bank account are subject to a fixed fee (usually 1–2% of the amount).
- Supports invoicing clients and integration with e-commerce platforms.
General Notes and Recommendations
The Georgian tax service is tolerant of the use of Wise and Payoneer. Income received through these platforms is reported in the usual way, and taxes can be paid by bank card on the tax authority’s website.
Opening a bank account in a Georgian financial institution is not required to use these systems.
When choosing a payment platform, it is recommended to consider the following factors:
- Commission rates and exchange rates.
- Integration options with business platforms in use.
- Availability of additional services such as corporate cards and multi-currency accounts.
Key Pitfalls in Opening a Bank Account in Georgia
- Income verification requirements:
Large banks such as BoG, TBC, and Liberty may require proof of stable income for the past 6–12 months. If the entrepreneur cannot provide statements from foreign or Georgian accounts, the likelihood of rejection increases. - Increased scrutiny of Russian citizens:
Since 2022, banks have strengthened checks for Russian nationals due to the international situation. Document requirements for proving solvency and business legitimacy have become stricter. - Account opening refusals:
Non-resident entrepreneurs are often refused, especially in large banks. This is due to internal bank policies aimed at minimizing risks. - High KYC (Know Your Customer) requirements:
Banks may require a significant volume of documents, including detailed contracts with foreign clients, to ensure transparency of income. - Lack of proof of residence:
If the applicant does not have a permanent residence in Georgia, this can become a serious obstacle to opening an account.
(A separate large article on hidden risks for IEs in Georgia has also been published.)
Alternative Solutions
- Opening an account in Credo Bank:
Credo Bank is less strict in checks compared to larger banks. Entrepreneurs can open an account with a minimal set of documents, especially if income is confirmed by statements from other banks. - Using Wise and Payoneer:
These payment systems are suitable for international transactions. Wise provides multi-currency accounts, while Payoneer offers access to a global payments network. Both options are especially convenient for remote entrepreneurs. - Personal account in BoG or TBC:
If opening a business account is not possible, one may try opening a personal account. This is easier but comes with limitations on transactions. - Alternative jurisdictions:
Armenia and Kyrgyzstan are popular destinations for business registration and account opening. These countries offer more lenient conditions for non-residents as well as relatively simple KYC procedures. - Consulting with local agents:
We have been working in Georgia for 5 years and are familiar with bank requirements, which allows us to minimize the risk of refusals. We can also close bank accounts in Georgia remotely.
Recommendations and Conclusion
To successfully open a bank account in Georgia and manage your business effectively, follow these guidelines:
- Prepare a complete set of documents: Make sure all papers, including statements from foreign accounts and contracts, are ready in advance. Purchase a Georgian SIM card beforehand and activate roaming immediately, since roaming does not turn on automatically after crossing the border.
- Choose banks for IEs based on business specifics: If you work with foreign clients and have a history with non-Russian and non-Belarusian contractors, you can try applying to top banks (BoG, TBC).
- Seek professional assistance: We help with account opening in Georgian banks and minimize the risk of rejection.
- Consider alternative options: There are friendlier jurisdictions for Russians and Belarusians. Currently, when opening an IE in Kyrgyzstan or Armenia, no banking difficulties are encountered.
Georgia remains one of the most attractive countries for IEs thanks to low taxes, access to international payment systems, and simplified business registration. However, it is important to keep in mind the challenges related to banking services and prepare all necessary documents in advance.
