Stripe in Georgia and Armenia: How to Accept Payments

A Georgian sole proprietorship with a 1% tax rate or an Armenian bank account looks like a convenient base for an online business, but Stripe doesn't work with either directly. Here's which company to set up for your account, how to get through verification without a freeze, and how to get the money into your account in Tbilisi or Yerevan afterwards.

Step 01Why Stripe won't open an account for a Georgian or Armenian sole proprietorship

The short answer: neither Georgia nor Armenia is on the list of countries where Stripe opens business accounts. At the time of writing, the nearby options are EU countries, the UK and the UAE, with India and Indonesia listed as "Preview". The Caucasus isn't there.

Stripe's help article on opening an account in another country spells out the requirements plainly. You need a legal entity registered in the country you select at sign-up, a real address (not a P.O. box), a bank account in that country, a phone number and a tax ID. Your passport, on the other hand, can be from any country.

This is where the most common mistake comes from. Someone with a Georgian sole proprietorship picks "United States" or "Germany" in the form, enters someone else's address and a Wise account. The account gets created and the first payments go through. Then Stripe asks for the company's documents, and there's nothing to show.

There's a telling question on Habr Q&A from a SaaS owner with a Georgian sole proprietorship: they contacted support at several payment providers and never got a clear answer. The thread has no replies either. That's the typical situation: there's no legitimate direct route through a sole proprietorship, so you need a company in a supported country.

Step 02Choose where to set up your company

There are three workable options. I'll compare them on what actually matters: money, timing and risk.

A US LLC

The most popular route for anyone selling in the US. You can form the company remotely, and Stripe in the US charges the standard 2.9% + 30 cents per payment on a US card, plus 1.5% for international cards and 1% for currency conversion (figures from the pricing page). In the US, funds from Stripe become available in about 2 business days.

You can also go through Stripe Atlas: according to third-party reviews from 2026, it costs a one-time $500, plus $100 a year for a registered agent from the second year on. Double-check the price on the official Atlas page before you pay. The downsides of an LLC: you need a US bank account, annual IRS filings (including Form 5472) and state fees.

A company in the EU or the UK

A good fit if most of your customers are in Europe: payments in euros and pounds without extra conversion. For citizens of Georgia and Armenia, the most accessible way into the EU is Estonian e-Residency. The state fee for an e-Residency card in 2026 is €150, rising to €165 from January 1, 2027. After that, you can set up a company (OÜ) online.

The downsides: in the EU you usually need an accountant and monthly or annual reporting, which means ongoing costs. Registering a company in the UK is quick, but Stripe will still require a UK address and an account with a sort code. Per Stripe, first payouts in the EU and the UK arrive after 7 calendar days, and after 3 business days from then on.

A ready-made Stripe account

It's fast: you have an account right away. But legally it belongs to another person or someone else's company, and in any review Stripe will deal with them, not you. Even services that sell company formation openly advise against this route because of the risk of losing all your money. I agree: it's fine for a short test at most, not for a business with real revenue.

Timing depends on the country and the registration agent: remote formation usually takes anywhere from a few days to two weeks, and the bank account is typically the longest wait. If you'd rather not deal with choosing a state, agents and banks yourself, you can have the MakeItEarn team prepare the company and the account for you - we do this regularly with clients from the CIS.

Step 03Get your documents, address and bank ready

Verification is when Stripe checks everything you've entered against your documents. Mistakes here are the costliest, so prepare your paperwork in advance.

• Company documents: certificate of incorporation, tax ID (in the US, that's the EIN), owner details.
• The owner's passport. Georgian, Armenian, Russian - Stripe accepts ID from any country, as long as the name matches the account details letter for letter.
• An address in the company's country where mail actually arrives. A P.O. Box won't do.
• A phone number you'll always have access to: login codes will be sent there.
• A website with a clear description of your products or services, prices, contact details, a refund policy and terms of service.
• A bank account in the company's country and in your payout currency.

There's a catch with the account. Stripe's help article on opening an account in another country says virtual accounts aren't accepted. Yet the payouts documentation lists Wise and Revolut among supported options, with the caveat that non-standard accounts have a higher rate of failed payouts. In practice, a proper business account at a bank in the company's country is the safer bet. If you plan to use a virtual one, check with Stripe support before connecting it.

The account must support both credits and debits: Stripe will debit it if your balance goes negative because of refunds.

Step 04Get through the first weeks without a freeze

Stripe scrutinizes new accounts the most. Your first payout after your first successful payment usually arrives in 7-14 days, depending on the country, industry and risk level. That's normal, so don't message support on day three.

What lowers the risk of a freeze:

1. Log in from one device and a stable IP. Sudden changes in login country can trigger a review.
2. Don't start with large amounts. A sharp jump in volume during the first week looks suspicious.
3. Your business description in Stripe should match what your website sells.
4. Respond to document requests quickly and in full.
5. Before launch, test payments in test mode, not with a real card on your own account. We cover how to do this in our article on Stripe test payments.

For more on why accounts get blocked and what to do when Stripe requests documents, see our guide on how to keep your Stripe account from being frozen. Nobody can give you guarantees, but most freezes happen because of mismatched details, and that's something you control.

Step 05Withdraw money to your account in Georgia or Armenia

For a standard account, Stripe doesn't send payouts directly to a Georgian or Armenian personal account: the money goes to the company's account in its own country. It's a two-step process.

1. Stripe pays out to the company's business account: in the US via routing and account number, in the EU via IBAN, in the UK via sort code and account number.
2. From the business account, you transfer the money to yourself in Georgia or Armenia, for example by SWIFT transfer in dollars or euros.

To keep your local bank from blocking the incoming transfer, the payment needs a clear purpose: profit distribution to the owner, dividends or payment under a contract. Keep the company's statements and documents, as your bank in Tbilisi or Yerevan may ask for them.

Factor in the fees too: outgoing SWIFT, the intermediary bank, the incoming payment and conversion into lari or dram. Rates vary from bank to bank, so compare them in advance.

Step 06Pre-launch checklist

Go through this list before you click Activate payments in Stripe.

• The company's country is chosen based on your customer market and is on Stripe's list.
• The company is registered and the tax ID has been issued.
• You have a real address in the company's country, not a P.O. Box.
• A business account is open in the company's country, in your payout currency.
• Your passport and account details match letter for letter.
• The website is ready: products, prices, contact details, refund policy and terms.
• A test payment has been completed.
• You've allowed 7-14 days for the first payout.
• It's clear how the money will reach your account in Georgia or Armenia and what taxes you'll pay.

If even one item isn't ticked off, it's better to delay your launch by a week than to spend months getting money out of a frozen account.