Georgian Personal Bank Account: Can be used by: IEs & Individuals (natural persons)
(Though, technically, an LLC could also use one in a limited way)
IEs can legally accept business income to their regular personal account in Georgia. However, our recommendation is that if you choose to use this method, it would be wise to open a second personal account for business income, so that your business transactions are not mixed with personal ones.
For individuals, a Georgian personal bank account works in a similar way to any other personal account. Information on how to open one is detailed below.
The pros and cons of holding a second personal account include:
Much easier to open than a corporate account.
Receive cash payments through pay boxes across Georgia. This avoids the mandatory requirement of having a cash register in order to receive cash.
Receive income in GEL, USD, EUR, or GPB.
A separate debit card can be used to pay for expenses and online purchases.
Business income and expenses are kept clearly separated from your personal finances.
Full online banking portal (with most major banks).
Receiving income in USD, EUR, or GBP via intermediary banks is typically more expensive than with foreign accounts, due to international wiring fees.
Although you can have multiple debit cards, they will all be in your name, and cannot be in the name of any employees.