Home Crypto Bank Account Standard Georgian Business (Corporate) Bank Account

Standard Georgian Business (Corporate) Bank Account

by ads.georgialegalservice
Standard Georgian Business (Corporate) Bank Account 2022

Standard Georgian Business (Corporate) Bank Account: Can be used for banking by: Legal Entities & IE

This type of account is held at one of the physical banks in Georgia. Bank of Georgia and TBC are the most popular options.


Pros:

PoS terminal – to accept in-person card payments, and in some cases, some terminals will log cash payments (logging cash payments with a cash register is a legal requirement in most cases).

Cards for employees – named cards for your staff to make business purchases.

Receive income in GEL. Also in USD, EUR, or GPB (conditions apply).

This is the only account type listed in this article that can be used for proof of business turnover for a work residence permit application. (However, other options do exist for demonstrating turnover proof.)

Can connect directly to your LLC Revenue Service account (Mandatory if VAT registered. Required for any tax refunds). Note: For IE’s, you can connect a personal account to the RS instead, so long as the IE company name matches the name on the personal account.

One of the few options for accepting credit card payments online (in practice, very few companies, especially those accepting international cards, can use this service successfully, though we hope that will change in the coming years).


Cons:

Often difficult for foreigners to open. Especially if all your business transactions will originate from abroad and/or in currencies other than GEL.

Receiving income in USD, EUR, or GPB via intermediary banks is typically more expensive than with foreign accounts, due to international wiring fees.

Must visit a bank branch in person for certain things.

For the above reasons, it should be clear that the main reason to get a corporate account is if you accept or make payments by card and/or have employees/operations physically occurring in Georgia. Also, if you need to connect your bank account to the Revenue Service (mandatory for LLCs with VAT registration), this is currently your only option.

Contact our legal advisors in Georgia. and we will help you register a business in Georgia online.

 

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