Who is required to have a business bank account?
If you are registered as a freelancer in Georgia, you are not obliged to have a separate bank account for receiving income from business activities. You can receive transfers to your personal account, but in case of a request from the Revenue Service, you must be able to distinguish your business transactions from personal funds.
Freelancers can have a foreign bank account, there is no obligation to open a local one. However, if you want to open a bank account in a Georgian bank, the process may differ depending on your residency status. If you have legal residency, the procedure is slightly different. If you do not, and since you will be conducting business activities, you must comply with the specific documentation requirements set by each bank.
Bank Requirements for Freelancers Opening an Account
Once you decide to open a Georgian business bank account you might require to go through the several stages in the bank to finalize opening an account. Generally in the bank you may have a single or multi currency account (receiving money in GEL/USD/EUR/GPB. With a Georgian bank account you might prove legal residency turnover requirements but also documents from Revenue Service.
If you conduct business activities in Georgia (for the bank, this typically means having contractors based in Georgia), the bank may require proof of such activities, such as contracts and the names of your contractors. If you have an office, you may need to provide office details, such as a rental/lease agreement or proof of property ownership. Additionally, the bank may request an estimate of your expected annual income, including the average amount per transaction.
Along with this information, the bank will require you to complete a Know Your Client (KYC) form. Each commercial bank has its own policies, and for non-residents (those without legal residency) the bank will assess whether your business activities comply with its internal policies.
When a freelancer provides services and earns income from abroad (transactions come from non resident companies/individuals) they must specify the countries where they plan to establish contractual relationships. The bank may also request the names of these contractors. If the contractors are companies, the bank might require corporate documents as well. Furthermore, if these companies have complex corporate structures, the bank may ask for details about their beneficial owners and the source of their funds.
Along with these documents, you shall present a valid passport and an extract from the public registry (if you are registered as a freelancer).
This is not an exhaustive list, as the bank may request additional proof to ensure transaction transparency. Additionally, the bank reserves the right to reject your application without providing a justification.
Bank options in Georgia
There are more than 14 licensed commercial banks in Georgia. Two of the largest, listed on the London Stock Exchange, are Bank of Georgia and TBC Bank. Each of these banks offers premium services (such as SOLO and TBC Concept) as well as general services for individuals, including multi-currency accounts, online banking options, and various social and lifestyle offers tailored to different needs.
Frequently Asked Questions
Can I receive a large amount of money in one transaction ?
Answer - It depends on the circumstances. When you file a KYC, you indicate the possible turnover of the company and provide the bank with information about the amount of money you may receive from each client. You also need to provide supporting documents such as invoices, contracts, etc.
When can a bank freeze or close my bank account?
Answer - If the bank detects that your transaction is suspicious—such as lacking clear legal grounds, originating from a sanctioned country under OFAC, or coming from a high-risk country according to FATF guidelines—it may even close your account. In other cases, the bank has the right to block the transaction and request additional documentation.
Can I withdraw cash from a Georgian bank ATM with my foreign debit card if I do not have a bank account there?
Answer - Yes, you can. However, the bank will charge commission fees, and there may be daily withdrawal limits.