Business Set up in Republic of Georgia

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COUNTRIESGEORGIADOING BUSINESS – COMPANY FORMATION

WHY TO SET UP A COMPANY IN GEORGIA

Georgia has one of the most competitive markets in its region, which offers numerous incentives for the development of the business environment. Georgia is a newly industrialized country, which has high growth rates of 9-12% since 2000. Due to a continuously reformed economy, it has managed a relatively stable level of growth, especially compared to other similar nations.

The main reason for most of our client to incorporate in Georgia is TAXES, TAXES and TAXES;

  • On 1 January 2017, Georgia moved from a tax regime under which companies were subject to tax on their annual taxable profit system where tax is paid only if corporate profits are distributed (Estonian Model). Otherwise saying corporate tax in Georgia is 0% as far as profits haven’t been distributed! Multiple tax schemes also provide for generous tax exemption on foreign sourced income (read more about tax residency for High-Net-Worth individuals).
  • International trading company (special trade company); international businessmen can register their company as a special trade company in order to benefit from Georgia corporate income tax exemption
  • Financial Licenses available; Georgia companies offering financial services to overseas customers can benefit from full corporate income tax exemption on all income related to the sales of financial services and securities to non-Georgian customers, as long as their foreign sourced income exceed 90% of their total income
  • Georgian international financial companies are attractive for the provision of offshore financial services to worldwide customers
  • Free zones available; Foreigners can form a wholly owned company in one of Georgia’s free trade zones which offers tax advantages, including full exemption from corporate income tax and VAT, and exemptions from property tax
  • Issued share capital required: US$ 1
  • Currency used in business in Georgia is USD

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THE INCORPORATION PROCESS IN GEORGIA

A limited liability company (LLC) in Georgia is a legal entity formed by maximum 50 shareholders and may be incorporated by at least one founder. This is the most popular type of legal entity preferred for incorporation by both local and foreign investors and our team of specialists in company formation in Georgia can offer in-depth assistance regarding the registration of this business form.

The capital of the limited liability company opened in Georgia is divided into shares and the responsibility of each member is limited to the value of his/her shares. The shares are freely transferable and the members may also leave them as inheritance. If a member of the company owns a single share, that share can’t be sold. At the same time, it is important to know that the entity registered as a limited liability company must add in its trading name the particle “LLC”, the abbreviation available for this legal entity.

Another important aspect referring to the limited liability company in Georgia is that this entity can be set up by an individual or by a legal entity. This is the most common business form registered in Georgia due the liability of the shareholders, which is limited to the number of shares they own in the company. Each limited liability company is based on a charter, where all the internal regulations of the company are stipulated.

Other available entity types are JSC, International trading company, International finance company and Free zone Company. Please contact us for more information!

REQUIREMENTS AND SPECIFICATIONS (LLC)

Entity type and suffix: Limited liability company, LLC
Shareholders/Founders: at least 1 person or legal entity, foreign entities accepted
– Documents Copy of I.D. document of a founding partner(s)
Directors: at least 1 natural person, non-resident directors accepted
– Documents Copy of I.D. document of a person to be registered as a director
Share Capital: min. USD 1
Residency: An entity generally is considered a resident of Georgia if it is registered in Georgia
Corporate tax: 0% / 15% Tax is paid only if corporate profits distributed
VAT: Maybe liable to pay a VAT rate of 18% (if annual revenue exceed GEL 100,000 must register for VAT purposes)
Annual financial report: Yes
Registration address: Yes (in Georgia)
A Company bank account: Start account is not required before company registration
Free zone registration: Regular annual registration is due April 1 and costs $50. There is a $25 late fee. Although you can submit a hard copy of your renewal, electronic filing is both faster and more convenient than paper filing.
Other: Available

 

INCORPORATION EXPENSES AND AVAILABLE SERVICES

COMPANY REGISTRATION EXPENSES: from EUR 100 (USD 125)
Pricing: Expenses may vary depending on entity type, document requirements and type of founders

  • Establishment of company
  • Standard M&MA and Minutes of Meeting
  • Company documents
  • Apostille
  • Courier services

ASSISTANCE & CONSULTING BEFORE AND DURING THE INCORPORATION: from EUR 495
Pricing: EUR 99 – 185 /hour depending on tasks (min assignment with the Georgia company set up is 5 hours)

    • Business and tax consultation before incorporation
    • Assistance in registration process
  • Document legalization and recommendation letters
  • Business plan and Due Diligence
  • Bank accounts and payments solution
  • Insurances & Finance

ADMINISTRATION, LEGAL & ACCOUNTING SERVICES: Optional
Pricing: ask quotation from selected services

  • Company address, Virtual office services
  • Qualified contact person
  • Custom M&MA
  • Agreements between founders, partners, directors, contractors and employees
  • Special business licenses
  • Technical directors and UBOs
  • VAT and Tax prepayment
  • Bookkeeping
  • Accounting & Payroll
  • Financial controller
  • Funding
  • IP

COMPANY FORMATION EXPENSES FROM:

REGISTRATION FEES: EUR 100
ASSISTANCE & CONSULTING: EUR 595
ADMINISTRATION, LEGAL & ACCOUNTING: Optional
GEORGIA COMPANY FORMATION FROM: EUR 695

SEND YOUR DETAILS AND BRIEF FOR QUOTATION!

IS GEORGIA FOR YOU? Please send your contact details to schedule a phone meeting or send a brief information package so we can get back to you with tips and quotation. We normally reply to queries within 3 hours!

 

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RENT A FULLY ADMINISTRATED COMPANY IN GEORGIA FOR TRADING, HOLDING & PAYROLL – BANKING, NOMINEE SHAREHOLDERS, DIRECTORS, ACCOUNTING & FINANCE – Click here to read more at https://kickstart.novasigma.com

 


 

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COUNTRIESGEORGIADOING BUSINESS – COMPANY FORMATION

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