Today, more and more entrepreneurs and individuals are considering where to open a current account for business operations or personal financial management. This is especially relevant for Belarusian companies working in international markets, as well as for individuals who prioritize not only convenience but also the security of their funds. In recent years, Georgia has become one of the most attractive destinations for opening bank accounts, thanks to its favorable tax policies, relatively simple account opening procedures, and advantageous service terms.
At the same time, opening an account in a bank in the Republic of Belarus (RB) still remains a familiar and often logical choice for residents of the country. However, strict foreign exchange controls and certain risks in the context of international sanctions are prompting many to reconsider their preferences.
In this article, we will examine the key differences between accounts in Belarusian banks and Georgian financial institutions, compare their advantages and disadvantages, and analyze the nuances of services, tax regimes, and currency control. This analysis will help you make an informed decision and choose the optimal option for your business or personal needs.
Currency Control in Belarus for Opening a Bank Account and Required Documents
In Belarus, currency control remains an essential part of the financial system. Banks monitor clients and transactions for compliance with currency regulations and enforce Know Your Customer (KYC) and anti-money laundering (AML) policies.
When opening an account in a Belarusian bank, banks require documents confirming the client’s identity or legal status, and may also request information about business reputation or sources of funds. Let’s review the typical documents required for individuals and legal entities.
Documents for Individuals
To open a bank account, individuals typically need the following documents and information:
- A Belarusian or foreign passport (with a notarized translation into Russian if required).
- Identification number (for Belarusian citizens — usually stated in the passport).
- Account opening application form completed at the bank.
- When opening a foreign currency account, the bank may request proof of the origin of funds (income certificate, tax declaration, or employment contract).
The bank conducts client identification, verifying that the person matches their documents. This is typically done in person at a bank branch, but in some cases can be arranged through a representative with a notarized power of attorney.
Documents for Legal Entities
Legal entities — both Belarusian companies and foreign firms — must provide a more extensive set of documents:
- Company charter documents (charter, decision or protocol on incorporation).
- Certificate of state registration.
- Document confirming the appointment of a director or other authorized person (order, power of attorney).
- Passport or other identification document of the director or authorized person.
- Account opening application and customer questionnaire containing company, business, and beneficiary information.
- Signature specimen card or digital signature.
Banks may also request financial statements, reputation information, and documents confirming the source of funds (e.g., contracts, accounting records).
Each bank develops its own procedure for opening accounts for non-resident organizations.
Banking Services in Belarus: General Overview
When opening a bank account in Belarus, key factors for individuals and businesses include service fees and the range of available services. Belarusian banks offer a variety of service packages, each with its own features and pricing.
Service Packages, Online Banking, and Multi-currency Accounts
Most Belarusian banks offer several service plans differing by monthly fees, the number of free transactions, transfer fees, online banking access, and other features. For example, a basic plan might include a current account and online banking access, while premium plans could offer multi-currency operations, priority service, or a personal manager.
Online banking is widespread in Belarus, allowing clients to manage accounts remotely — including initiating payments, currency exchange, viewing statements, and managing corporate limits. For legal entities, multi-currency accounts are especially popular, enabling settlements in various currencies (USD, EUR, Russian ruble) without the need for separate accounts for each.
Information Security and Interaction with State Authorities
Belarusian banks are required to strictly comply with financial security regulations and monitor all transactions for legality. They devote significant attention to protecting clients’ personal data and financial information. All online banking systems are certified and secured with multi-level authorization and encryption.
Banks closely cooperate with government authorities, including tax services, financial monitoring agencies, and law enforcement. This means any large or suspicious transaction may be subject to additional scrutiny or even temporarily blocked for investigation. This is particularly relevant for foreign currency transactions, where banks may request supporting documents for the source of funds.
As such, clients should understand in advance that opening an account in Belarus involves operating in a transparent financial system with substantial state oversight. For businesses, this can be a positive factor in terms of legal protection but requires readiness for additional reporting and strict currency control compliance.
Opening a Bank Account in Georgia
Opening a bank account in Georgia has become a popular option for foreign individuals and companies due to the country’s liberal banking policies and the absence of strict residency requirements. Unlike many countries, Georgian banks are open to working with both residents and non-residents, including foreign nationals and international companies.
No Residency Requirements
Georgian banks do not require clients to have a residence permit or permanent registration in the country. Foreigners can open accounts under the same terms as citizens, often even remotely through a representative or by visiting a branch in person. This makes Georgia’s banking system attractive for businesses and individuals seeking to simplify international settlements, diversify assets, or store funds in foreign currencies.
No Local Address or Visa Needed
When opening an account, banks do not require clients to provide a local address or have a long-term stay visa. A passport is sufficient, and sometimes additional documents to verify identity or income source (such as an income certificate or recommendation letter) may be requested. This streamlined approach is especially convenient for freelancers, IT specialists, business owners, and investors who need quick, hassle-free access to banking services.
Thanks to this simplified account opening process, Georgian banks actively work with international clients and offer a wide range of services: multi-currency accounts, international transfers, Visa and MasterCard bank cards, internet banking, and even remote account management via authorized representatives or specialized intermediary companies.
Documents Required for Opening a Bank Account in Georgia
Here are the general conditions for individuals and legal entities opening accounts in Georgian banks.
Documents and Requirements for Individuals
When a foreign national (non-resident) opens an account in a Georgian bank, typically required are:
- International passport — the primary identification document. At an in-person visit, this is usually the only mandatory document.
- KYC form — a standard application and signature specimen, completed at the branch or online.
- Proof of income — a recent bank statement or employment certificate. Not always mandatory but may be requested for large transactions.
- Recommendation letter — from a previous bank, particularly if the client lacks a banking history. Not obligatory everywhere but can speed up the process.
- Local phone number — a Georgian phone number is required for internet banking and SMS verification (including for remote access setup).
For remote account opening, a notarized power of attorney is also required, sometimes with an apostille.
Documents and Information for Legal Entities
Georgian banks open accounts for non-resident companies under the following conditions:
- Charter documents — articles of incorporation, registration certificates, and company registry extract from the country of incorporation.
- Beneficiary certificate — a document confirming ownership structure, especially for holding or offshore companies.
- Passports of directors and owners — copies of passports of all key figures: directors, beneficiaries with over 25%, and authorized company representatives.
- Resolution or order appointing the director or account-signing authority. Often requires an original or notarized copy.
- Signature specimen — notarized signature samples of those authorized to manage the account.
- Proof of funds origin and business activity — contracts, agreements, statements, or explanatory letters.
- Recommendation letter from your current bank — especially important for companies without a prior relationship with Georgian banks.
- Local company phone number — a pre-activated Georgian number is needed for internet banking and SMS services.
- Power of attorney (POA) — if an agent is opening and managing the account, a notarized, apostilled POA is required.
Key Features of Opening a Bank Account in Georgia
The KYC process for non-residents is strictly regulated and can involve a personal meeting or online verification via a representative.
If quick account setup is needed, leading banks (Bank of Georgia, TBC Bank) require all documents to be submitted in advance. Missing paperwork can delay or restrict account opening.
If all requirements are met, the process typically takes 2 to 5 business days.
Costs and Banking Services for Opening a Bank Account in Georgia
Leading Georgian banks offer a wide selection of bank cards and service packages for both individuals and businesses.
Types of Bank Cards:
- Debit cards — the most popular option for personal clients, issued in local currency (lari) and major foreign currencies (USD, EUR). Support contactless payments, online purchases, and ATM withdrawals.
- Multi-currency cards — allow holding and transacting in multiple currencies without additional conversions.
- Virtual cards — for secure online payments. Can be opened quickly and used immediately.
- Corporate cards — for businesses, with options for setting limits, expense controls, and integration with accounting systems.
Pricing Plans:
- Basic packages — typically for individuals, with minimal or no monthly fees. Include standard online banking, a mobile app, and one or more debit cards.
- Premium packages — offer expanded services like priority customer service, higher limits, additional cards, and multi-currency support.
- Corporate plans — for legal entities, including bulk payment options, extended reporting, dedicated account managers, and API integration.
Bank Account Service Fees in Georgia
Services for Individuals:
Most banks offer free or conditionally free maintenance for basic accounts. For example, monthly fees may range from 0 to 10 GEL.
Additional services such as multi-currency cards or premium subscriptions may cost from 10 to 20 GEL (approximately up to 3.20 EUR) per month.
Issuance and maintenance of virtual cards are often free or charged a nominal fee.
Services for Legal Entities:
Corporate accounts are usually subject to a monthly fee ranging from 15 to 30 GEL (approximately 4.80 to 9.60 EUR). The fee amount depends on the service package and the number of transactions.
Corporate client packages typically include internet banking services, the ability to make mass payments, dedicated account manager support, and enhanced reporting.
Banks often offer discounts or free maintenance provided a minimum account balance is maintained.
Transaction Fees:
- International Transfers (SWIFT): Outgoing transfers usually cost around 20–30 USD/EUR plus potential correspondent bank fees. Incoming transfers are generally free.
- Domestic Transfers: Free within the same bank; 0 to 5 GEL for interbank transfers.
- Cash Withdrawals: Free from the bank’s own ATMs and partner networks, with up to a 1% fee at third-party ATMs.
Risks and Restrictions When Opening Bank Accounts in Georgia
For citizens of Belarus and Russia, there are certain risks and restrictions associated with opening and using bank accounts in Georgia that are important to consider.
Account Freezing for Transit Operations:
One of the key risks is the possible freezing of an account if the bank detects that it is being used for transit operations — meaning the rapid and repeated transfer of funds that are not genuinely connected to the client’s actual business activities. Georgian banks closely monitor such transactions to prevent money laundering, terrorist financing, and other illegal activities.
If an account is primarily used for transit transfers without clear economic logic, the bank has the right to freeze funds and demand additional documentation proving the legality of the operations. Unfreezing the account typically requires providing detailed documents explaining the source and purpose of the funds.
Restrictions on “Luxury Purchases” for Citizens of Belarus and Russia:
Due to international sanctions and enhanced controls, Georgian banks carefully monitor the spending of clients from Belarus and Russia. Virtually all banks impose restrictions on large purchases of luxury goods, such as jewelry, expensive cars, high-end real estate, and other premium goods and services.
Such transactions require additional documentation confirming the legality of income and the source of funds. In the absence of sufficient proof, the bank may refuse to process the transaction or freeze the account pending clarification.
Comparative Analysis of Bank Accounts in Belarus and Georgia by Key Criteria
Let’s compare the procedures and operation of bank accounts in Belarus and Georgia based on several key parameters.
Legal Framework:
In Belarus, the banking system operates within the CIS legislative framework, including anti-money laundering (AML) and currency control requirements, which involve stricter restrictions and reporting for foreign currency transactions.
In Georgia, the National Bank of Georgia (NBG) operates its own AML system while participating in international agreements like CRS, ensuring transparency and higher international standards, while still allowing for more flexible and globally oriented banking operations.
Documentation for Individuals:
In Belarus, opening an account requires a domestic passport and, for operations involving foreign banks or currencies, often a notarized translation of documents.
In Georgia, a foreign passport is usually sufficient, sometimes with additional income confirmations or recommendation letters, simplifying the process for non-residents.
Documentation for Legal Entities:
In Belarus, non-resident companies must provide an extract from the trade register of their home country, along with founding documents, a completed application form, and a power of attorney for the representative (if not the company director).
In Georgia, the required package includes the Memorandum of Association (MOA), registration certificate, founders’ passports, and typically recommendation letters from other banks, serving as an additional guarantee for the bank and confirming business legitimacy.
Account Opening Process and Timeframes:
In Belarus, opening an account usually takes one day (sometimes longer) and is mainly done offline through a personal visit or by power of attorney.
In Georgia, the timeframe is similar — typically from two to five days — with the possibility of remote application, which is particularly convenient for foreign clients.
Service Costs:
In Belarus, banks offer various service packages including internet banking, with generally lower average maintenance costs.
In Georgia, full-service account maintenance for non-resident organizations with multi-currency support tends to be more expensive — around 400–780 EUR per year, including additional services.
Currency Control:
Belarus applies strict CIS-wide currency control, with mandatory currency conversion and reporting requirements, complicating international transactions.
In Georgia, currency control follows international standards (CRS). While transit operations are prohibited and enhanced KYC procedures are in place, there are no rigid restrictions on currency transactions, making the system more flexible.
Convenience and Remote Access:
In Belarus, account opening and servicing often require personal presence or a power of attorney, which is inconvenient for clients outside the country.
In Georgia, it’s possible to open an account remotely and manage it further through internet banking and power of attorney, greatly improving convenience for non-residents.
Risks and Restrictions:
In Belarus, the main risk lies in strict currency control and compulsory reporting within the CIS, limiting operational freedom.
In Georgia, account freezes may occur if transit operations are suspected, and there are restrictions on major luxury purchases for Belarusian and Russian citizens, due to international sanctions and the current political situation.
Advantages:
Belarus attracts with its fast account opening process and local regulations, which may be simpler for residents.
Georgia offers greater flexibility, multi-currency options, international orientation, and the ability to open accounts without a visa requirement, making it an appealing option for foreign entrepreneurs and individuals engaged in international business.
Conclusion
In conclusion, the choice between a bank account in Belarus and Georgia depends on numerous factors: client goals, business specifics, currency control requirements, and service convenience. Each country offers its own advantages and has certain restrictions that should be carefully considered before making a decision.
Our legal team is ready to provide professional advice on all matters related to opening and managing bank accounts in both Belarus and Georgia. We will help you navigate the nuances of legislation and banking requirements, prepare the necessary documentation package, and represent your interests with banks, ensuring maximum protection and convenience in working with financial institutions.
By contacting us, you’ll receive reliable support at every stage of cooperation with banks in both countries.
How to contact us
For more information or consultation on matters related to bank accounts in Belarus vs Georgia, do not hesitate to contact us. We are here to help and support you.
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