Doing business in Georgia is simple – the country has low tax rates, there is no bureaucracy and corruption. This makes Georgia very attractive for business. The system of tax administration and the degree of freedom of the country's economy are recognized as one of the most effective in the world.
According to the latest data of the annual global rating "Doing business" from the World Bank, released at the end of October 2019, Georgia ranked 7th in the world for the ease of doing business. And among the countries of the European region and Central Asia, it managed to reach the 1st place.
"Doing Business" by World Bank is the most authoritative economic research in the world, it is conducted annually in 190 countries of the world and assesses the ease of doing business on 10 indicators. In 2019, only such economic "monsters" as the United States, South Korea, Hong Kong, Denmark, Singapore and New Zealand were ahead of Georgia in this rating.
Business in Georgia: step by step analysis of stages. Answers to frequently asked questions.
According to the report, Georgia ranked 2nd in the world by the index that assesses the ease of registration of enterprises.
Doing Business Georgia 2020;
What is necessary to start a business in Georgia?
According to the law "on entrepreneurs", all rules and regulations on starting and carrying out business activities are the same for both Georgian citizens and foreigners. Accordingly, the Director of the company can be a person with any citizenship.
State and tax registration of companies of any form of ownership is carried out simultaneously in the Public Register of the House of Justice on the one-stop-shop principle. The company's сharter is also stored there in the future, and any person can get information about the company's activities, its participants, etc., if necessary.
In order to get the status of an electronic taxpayer and become registered for VAT, you need to apply separately to the revenue service, which controls taxation in Georgia.
The law does not require entrepreneurs to report the amount of the authorized capital of the enterprise unless you plan to open a bank.
Special permits and licenses for doing business in Georgia are required only for companies whose activities will be related to medicine, security, construction, communications, gambling, energy. The list of all licensed activities is contained in the law "on licenses and permits".
How to make the first step?
Georgia attracts investors from all over the world, but it is most popular among investors from the CIS countries. For example, doing business in Georgia for Russians, Ukrainians, Belarusians, Kazakhs is very simple because of the lack of language barrier, proximity mentality and of course transport accessibility.
However, many people do not dare to start a business in another country, not knowing the local peculiarities of doing business and fearing of possible difficulties. Indeed, there are a number of questions that should be answered by experts in this field who work in Georgia and know all the details of national legislation.
We recommend you to use professional legal support and qualified business advice from specialists of GEOLN.COM.
- We will help you to choose the most appropriate form of ownership of the company, depending on the nuances of your future business activities. This may be an individual entrepreneur, LLC, PLC, a joint liability company , LP, a company branch or a cooperative.
- We will advise on the taxation system of the future company and the subtleties of paying income tax, tax on dividends, VAT. We will talk about the possibility of applying preferential and simplified tax regimes, including for free industrial zones, free warehouse enterprises, and the possibility of tax exemption for some types of international financial companies.
If you are planning to start a business in Georgia, please contact GEOLN.COM. We will become your reliable partner and will be able to protect your interests at all stages of cooperation.
Is it possible to start a business in Georgia without being in the country?
Yes, it is. Experts of GEOLN.COM will be happy to help you realize a unique opportunity to start a business in Georgia remotely. We will act as your trustee and carry out professionally all the necessary steps in full accordance with your interests.
Starting a remote business in Georgia.
You will be required to:
1. Fill in the questionnaire sent by our specialists and send it back by e-mail.
2. Draw up a power of attorney according to the template sent by us, certify it with a notary and legalize the document in your country (apostille).
3. Provide a notarized copy of the passport of the future owner of the company.
After receiving your documents by mail, lawyers of GEOLN.COM will draw up the company's charter and send it to you for approval. You will also need the legal address of the future company and corporate e-mail.
Next, we will start the process of registering your business in Georgia.
- We will arrange translation and notarization of all the papers sent by you.
- We will draw up a project and submit an application for registration of the company to the Public Register.
- In due time we will receive in the house of Justice the ready Certificate of registration of the enterprise.
At this stage, we will send you an invoice for a full payment for services, including our specialists. After making the payment, we will be able to complete the process of remote registration of your company on the territory of Georgia.
- We will issue and receive a tax identification number, as well as a login and password to access the portal of the revenue service https://www.rs.ge
- We will open a company account in any bank of your choice, or we will advise you a bank with the best conditions.
How to find a good business idea in Georgia?
Over the years of working in the Georgian market, we have accumulated a large number of cases in the best areas for doing business in this country. Georgia is one of the most popular and dynamically developing tourist centers in the world. Therefore, it is particularly profitable to start a hotel business here.
Georgia is one of the countries through which the new silk road from Asia to Europe will pass in the future. We wrote about this in the article "Global investment projects in Georgia. What will change the strategic situation of Georgia on the geopolitical scene?»
Even today, this opens up fantastic prospects for international investors. We will help you determine the direction for the business in Georgia, register your company here and become your reliable partners in this country. With any questions please contact our consultants, we will be happy to help you.
the team of GEOLN.COM