Yes, opening a bank account in Georgia is a simple process regardless of where you’re a resident. The process of opening an account takes about 30 minutes; all you’ll need to do is visit a bank, show your documents, fill out a form or two and you’re all set. If your Georgian isn’t good, however, you may want to bring a translator. While English is fairly commonly spoken in the country, it’s not a good idea to expect it.
Watch my VLOG About Having an Offshore Bank Account in Georgia
Can you Open a bank account in Georgia Remotely or online?
While it’s not possible for an individual to open a bank account from abroad (even online), you can still do so by retaining a local lawyer in Georgia and granting them power of attorney. This is a pretty common practice, so you won’t have any trouble finding a firm willing to work with you to get your account open… Or… Contact Us!
What Banking Fees are Involved?
While withdrawals from your own bank’s ATMs typically won’t come with any fees (at least up to a certain number, usually 10), withdrawals from other banks will cost you. Standard ATM fees for transactions from a different bank can run from GEL 5-16.
Foreign ATM fees, on the other hand, can be exorbitant. More often you’ll pay a straight fee of $1-$5, plus 1-4% of the transaction.
While checking accounts usually come with a pretty nominal fee structure, you should expect to see some kind of account maintenance charge, usually about 1-2 GEL per month.
Most banks charge high fees for international transfers, and tend to inflate the exchange rate without disclosing it. If you’re making international transfers often, it’s a good idea to use other services to ensure you’re always getting the mid-market rate and to cut back on charges.
What Bank Should I chose to open a Bank Account in Georgia?
List Of Documentations needed for NON-RESIDENT COMMECIAL AND NON-COMMERCIAL LEGAL ENTITIES OF PRIVATE LAW:
Bank of Georgia:
- Application form for opening the account;
- ID of the client’s representative;
- Signature sample of the client’s representative;
- An extract from a relevant register; or, in the case of absence of such, another document, which defines the legal status of the non-resident entity according to the law of the country of origin of the non-resident entity;
Find the list of documents required for opening an account(s) for non-resident legal entities
1. Charter – verified by the notary and apostilled, translated in Georgian and notarized.
2. Excerpt from their state trade registry issued within last 6 month, and in case of its non-existence, other documents, determining status of non-resident legal person. The document shall be verified by Apostle, translated in Georgian and notarized.
3. Certificate of Incorporation. The document shall be verified by Apostle, translated in Georgian and notarized.
4. Document containing information on managing entity of the client, which shall be verified by signature of client’s authorized representative and date – in case if, based on documentation required for opening bank account the managing organ is determined, it is not necessary to submit additional documentation on information regarding the managing entity.
5. Passport Copies of all persons authorized for representations and having right to dispose the accounts. The document shall be notarized copy, legalized or apostilled document, translated in Georgian and notarized (term of the Apostled document is 6 months after issuance of the document and in case of legalization 6 months after legalization of the document). In case such persons are in branch, it is possible to take copies by the relevant responsible employee of the bank and verify those documents. The notary should attest that the notary met the passport holder in person.
6. Passports copies of the Shareholders.
7. If the company is a joint stock company, in this case we will need a registry of shares issued by an independent registrar or by the company. If the company itself manages to register the shareholders, then the law or link must be presented where the country’s legislation allows the registry of the shares made by the company. Note: Date of the Notarization and Apostle should be less than 6 months from the account opening date. Country of Notarization and Apostle should be the same as the country of company registration