Starting a business in Georgia

Georgia regularly takes the leading places in the ease of business registration. Special interest company registration in Georgia represents IT technologies and trading companies.

Strengths and weaknesses of business registration in Georgia

The advantages for businessmen are obvious:

1. lack of automatic exchange between tax structures within CRS technology;
2. non-residents may act as beneficiaries and managers of Georgian companies;
3. possibility of remote registration;
4. flexible taxation system;
5. exclusion of the requirement for the minimum amount of authorized capital;
6. provision of tax benefits and privileges.
7. The negative points are:
8. compliance with substance, which provides for the availability of business premises and at least one officially employed employee;
9. the complexity of connecting trade acquiring.

Peculiarities of business registration in Georgia

There are two options for business registration:

1. in person in Tbilisi;
2. by proxy through remote channels.
3. The remote business registration format includes the following stages:
4. registration of a power of attorney by the founder and its legalization by affixing an apostille;
5. sending the document to Georgia;
6. preparation of a package of documents by an authorized organization for transfer to the House of Justice;
7. LLC registration.

Face-to-face registration includes:

1. preparation of documents for the House of Justice;
2. provision of the package;
3. visiting a restaurant.

The deadlines for processing the request are as follows:

1. in the case of a personal visit of the founder - 1 working day;
2. in remote format - up to 14 days.

To register the organization, you will only need a scanned copy of the passport and an e-mail.

Settlement and cash service in Georgian banks

It is possible to issue RKO in Georgian and foreign banks. Among domestic organizations, quality service and a flexible pricing policy are provided by:

1. Bank of Georgia;
2. Terabank;
3. tuberculosis;
4. Silk Road Bank.

We recommend paying attention to the following payment systems: Paysera and Transferwise when making trade acquisitions. When concluding the contract, the specifics of the business should be taken into account.

Accounting and tax accounting

The reporting deadline is the 14th of the month following the reporting month. When working with foreign counterparties, we recommend registering as a VAT payer.

The tax system in Georgia is based on the Estonian scenario, which provides for the collection of income tax after its distribution.

For the field of IT technology, upon confirmation of the status of the virtual zone, the profit tax rate is 0%. It also minimizes tax deductions through company registration https://taxters.com/services/ in the free industrial zone: Tbilisi, Poti, Kutaisi.