Genome sets up sole proprietor accounts for Ukrainians to receive income

Earlier this year, Genome introduced a special initiative for Ukrainians – they can now start personal wallets within our platform for free and get discounts for many of our services. Since then, our team figured we needed to establish more features for Ukrainian people to use Genome more efficiently. 

Thus, we now offer sole proprietor accounts, using which Ukraine-registered individual entrepreneurs can receive income in euros. These accounts are free and as easy to open as the regular ones. Most importantly, you can access your account anytime – whether from Ukraine or abroad. You will be able to transfer money and make payments using Genome’s physical and virtual Visa cards.

To get the sole proprietor account, you first need to start a personal wallet:

1. Sign up to Genome using your email or phone number;

2. Fill in the personal details about yourself;

3. Complete the verification process – you will need a document to confirm your identity and record a quick video selfie. 

For more information, you can check out our detailed tutorial.

After accessing your personal wallet, you can start a sole proprietor account. 

Log in, go to the Personal accounts tab and click the “+” button. It will allow you to open a new account for a sole proprietor. Before doing so, choose the currency – EUR, USD, or GBP. Please note that you can only receive funds in euros.

To receive money, you will need to provide the sender with account details. Here’s how you can find them:

1. Go to the Top up menu from your dashboard;
2. Choose the sole proprietor account and click the Account details button;
3. Copy the account details and send them to your financial department;
4. Note that you will need to sign an Additional Agreement due to the change of bank account details.

Regarding money transfers:

There are a couple of things you need to take into account when sending money:

• You can transfer money from your sole proprietor account to other banks using SEPA transfers. Make sure your bank supports SEPA transfers and works within the SEPA zone;
• You can use Genome instant transfers to send funds from your sole proprietor account to other Genome wallets and between all your Genome accounts.
• When receiving funds to your sole proprietor account, save the EUR to the hryvnia exchange rate of the National Bank of Ukraine. You will require this information for financial statements. Visit this page to learn more about the taxing process.
• You can not make donations using your sole proprietor account.

How to make card payments:

Genome allows users to order virtual and physical debit cards for online and on-the-go payments. All the cards are Apple Pay and Google Pay compatible. 

You can use the virtual cards instantly after you order them – pay online or with your phone at stores. 

As for physical cards, for now, we deliver them to all the EU countries. With them, you can pay at any place that accepts Visa cards. 

You can use the card that is linked to the sole proprietor account to pay for everyday expenses.

You can link the card directly to your sole proprietor account:

1. Go to the Cards menu and choose the card type you want to order;

2. Link the card to your sole proprietor account;

3. Verify the cardholder details;