TOP 3 Banks in Georgia for Individual Entrepreneurs
Based on a client survey from March 1-20, 2024
There are several major banks in Georgia that provide quality services for individual entrepreneurs. Here are the top 3 banks considered the best for individual entrepreneurs:
1. Bank of Georgia
- Description: One of the largest banks in Georgia with a wide network of branches and ATMs. It offers a variety of services for individual entrepreneurs, including accounts, loans, online banking, and consulting services.
- Advantages: Convenient digital solutions, extensive service network, various loan programs for small businesses.
2. TBC Bank
- Description: Another major bank in Georgia, known for its innovations and quality service. TBC Bank offers a wide range of services for individual entrepreneurs, including account management, loans, investment services, and online banking.
- Advantages: High level of digitalization, favorable loan conditions, convenient mobile and internet banking.
3. Liberty Bank
- Description: Liberty Bank is also among the largest banks in Georgia. It focuses on providing services for both individuals and legal entities, including individual entrepreneurs. The bank offers a variety of financial products such as loans, deposits, current accounts, and online services.
- Advantages: Wide range of services, affordable loan conditions, extensive network of branches and ATMs.
In 99% of cases banks open multi-currency accounts - Gel, USD, Euro. Opening an account for individual entrepreneurs involves several steps and requires specific documentation. Hereβs a general guide on how to proceed:
Requirements:
- Valid international passport. If you have a Georgian ID card, use it instead of the passport when applying.
- Registration document of the individual entrepreneur (issued by the National Agency of Public Registry).
- Contract with your client. Having this will speed up the application process.
- Bank statement confirming income for the last 3-12 months. You can provide a statement from any bank outside Georgia.
Additional Documentation:
- Bank application forms (provided by the bank).
- In some cases, the bank may request proof of residence in Georgia (e.g., utility bill or rental agreement).
- Signature samples.
- Possibly a description of business activities or links to your website.
Steps to Open an Account:
Visit the Bank:
- Visit a local branch.
- Some banks offer online applications, but an in-person visit is often required for verification.
Submit Required Documents:
- Provide all the necessary documentation listed above.
Complete Bank Forms:
- Fill out the application forms provided by the bank.
- Provide signature samples as requested.
Verification and Approval:
- The bank will verify your documents and may conduct a background check.
- The bank may contact you to clarify information, so after applying, don't miss any calls and check the email provided in your application.
- This process can take a few days.
Account Activation:
- Once approved, the bank will open the account and provide you with the account details.
- You may receive a debit card and access to online banking.
Tips:
Language Assistance:
- If you do not speak Georgian, it is recommended to bring someone who can help with translation, as not all bank operators speak English.
Bank Fees:
- Be aware of any associated fees for account maintenance, transactions, and other services. Discuss these with the bank representative.
Online Banking:
- Enroll in online banking for easier management of your account and transactions.
Document Verification and Personal Identification:
- To clarify information, the bank may use email, so try to respond accurately and promptly. A bank representative may also call your Georgian phone number to get additional information.
If you need help, hire an assistant to accompany you to the bank branch
Bank of Georgia
400 Gel
- Private + business account
- Assistance support
- Visa Platinum ΠΈ Mastercard World Elite
Open an account remotely
$350
- Private + business account
- Assistance support
- Visa and/or Mastercard