Bank Accounts in Georgia (Country) – For Business Owners: Do you need a Georgian business bank account as a business owner in Georgia? The answer is, it depends. In this article I’ll cover:
Legal requirements: Who needs a business bank account?
Individual Entrepreneurs are allowed to accept business income to any bank account in their name or the name of their business (which, by Georgian law, would include their personal name), whether it be a personal account or a business account. There is no legal requirement to open a dedicated account for your business, or to even open a bank account in Georgia.
That said, there are many reasons why you might want one. I’ll explain those reasons, and your best options, below.
Legal entities, for example, LLC, are also not required to have a business bank account in order to transact. BUT the practicalities of operating without a business bank account will create a significant overhead, requiring your accountant to register every single movement of money to or from a personal bank account as a cash transaction for tax purposes. In addition, all VAT-registered businesses are required to link their local Georgian business bank account directly to the Revenue Service’s online system, or they won’t be able to file the mandatory tax declarations.