Bank Account Options In Georgia: As an Individual Entrepreneur (IE), your business is attached to you as an individual. Thus, income can be received to any bank account that belongs to you.
Though you can accept money to both local and international accounts, it’s normally advisable to have some separation between your business income and personal transactions.
For some, a full business account may be needed, or an online business account (with a service like Wise, formerly TransferWise) may be sufficient. For others, a separate Georgian personal account may be all they need, or they may even continue to receive money to a foreign account.
If you operate a legal entity in Georgia (such as an LLC), then accepting money to any bank account other than a business bank account in the name of your Georgian company, would be considered equivalent to a cash transaction and would need to be reported as cash in your monthly accounts.
But it should be noted that although an online business account can be used for regular business activity, it cannot be used to pay taxes to the Treasury and will not be recognized in the Revenue Service’s system on your company’s info card (mandatory if VAT registered and essential in order for tax refunds to be issued).
Contact our legal advisors in Georgia. and we will help you register a business in Georgia online.