Accounts for sole traders
To open an account as an individual entrepreneur, you first need the status itself, that is, registration in the Registry of Entrepreneurs. The Public Registry fee is GEL 26 for registration within 1 working day or GEL 75 for same-day registration. The procedure and documents are covered on our individual entrepreneur registration page. Once registered, an individual entrepreneur can apply for small business status.
What the bank checks when opening an account
A Georgian bank must comply with the Law of Georgia on Facilitating the Prevention of Money Laundering and the Financing of Terrorism. Under this law the bank must:
- identify and verify the client using a reliable and independent source
- identify and verify the beneficial owner
- establish the purpose and intended nature of the business relationship
- monitor the business relationship over time
If the bank cannot apply these measures, the law prohibits it from establishing the business relationship. So after a refusal it is worth finding out which of these checks the bank could not complete from the documents provided. We prepare the package so that these questions are answered upfront.
Is the money in the account insured?
Deposits in Georgian banks are insured by the Deposit Insurance Agency. According to the Agency, the system covers resident and non-resident individuals and legal entities in all licensed commercial banks and microbanks in Georgia. Current and card accounts, term deposits and demand deposits are covered.
| Item | Rule |
|---|---|
| Current limit | GEL 50,000 per depositor per bank |
| Limit from 1 January 2027 | GEL 100,000 |
| Several accounts in one bank | added together within one limit |
| Accounts in different banks | insured separately in each bank |
| Deposit currency | does not affect the limit |
| Start of payouts | no later than 20 days after the insurance case |
| Time to claim | 3 years after the insurance case |
The insurance case occurs when the National Bank of Georgia officially announces the liquidation of a bank. Payouts are made by an agent bank chosen by the Agency, in cash or by transfer. Deposits not insured include those of bank administrators, shareholders holding 5% or more and their family members, as well as funds whose disposal is restricted by law. Sources: Deposit Insurance Agency, coverage level and the announcement of the GEL 100,000 limit of 28 September 2026.
Tax on deposit interest
Under Article 131 of the Tax Code of Georgia, interest earned from a licensed financial institution is not taxed at source and is not included in the recipient's gross income. Commercial banks are licensed by the National Bank of Georgia, so interest on a deposit in a Georgian bank is not taxed in Georgia. If you are a tax resident of another country, check how this interest is taxed there. How residency is determined in Georgia itself is covered on our Georgian tax residency page.
FAQ
Is a personal visit required to open an account?
Georgian banks generally require an in-person visit. However, in certain cases the process can be conducted remotely after documents are submitted. We clarify the specific bank's requirements and organise the procedure with minimal involvement from the client.
Are a non-resident's deposits in a Georgian bank insured?
Yes. According to the Deposit Insurance Agency, the system covers deposits of resident and non-resident individuals and legal entities. The current limit is GEL 50,000 per depositor per bank regardless of currency, and from 1 January 2027 it rises to GEL 100,000.
Is interest on a deposit in Georgia taxed?
Not in Georgia. Under Article 131 of the Tax Code, interest paid by a licensed financial institution is not taxed at source and is not included in the recipient's gross income. Tax residents of other countries should check the rules of their own country.
Why did the bank refuse to open an account?
Under the anti-money laundering law, a bank must verify the client's identity and establish the purpose of the business relationship. If this cannot be done from the documents, the bank may not open the account. We find out what information was missing and prepare the package for a new application or another bank.