Can be used by: IE & Individuals (natural persons)
(Though, technically, an LLC could use one in a limited way)
An individual entrepreneur can legally accept business income to their regular personal account in Georgia. However, our recommendation, if choosing this method, is to open a second personal account for the business income, so 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 worldwide. Information on how to open one is further below.
On the basis of holding a second personal account:
Pros:
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, GPB.
A separate debit card can be used to pay for expenses and online purchases.
Business income and expenses are kept clear and separate from your personal finances.
Full online banking portal (with most major banks)
Cons:
Receiving income in USD, EUR, GPB via intermediary banks is typically more expensive than with foreign accounts, due to international wire fees.
Though you can have multiple debit cards, they will all be in your name and cannot be in the name of employees.
