Understand the Jurisdictions Setup Requirement Before Proceed Your Georgia Company Registration
When an established business wants to expand into new markets, a business owner will begin to consider the European market. The solution: set up a company in a European country. Georgia is one of them. A Georgia company registration is probably the most simple in notable aspects.
Georgia, the Hook Up Place
Georgia is a country strategically located between Europe and Central Asia. With neighbours such as Russia, many have mistaken it as a constituent of Russia. Historically, it was, but ever since gaining independence, it has emerged as one of the fastest economies today. Its strategic location has made it an excellent link for businesses to market into Europe and Central Asia as well as beyond. Although it is a small country, Georgia compensates with high-quality infrastructure as well as a supportive government.
Georgia, the Business Benefits
Georgia went from unstable politics and recent economic decline to accelerated economic expansion. Among the beneficial reforms are simple business administrative processes, simplified tax procedures and introduction of e-payment system. Georgia imposes only six significant flat tax which are corporate income tax, personal income tax, value-added tax, import tax, property tax and excise duties. The highest tax rate is 20%, and the lowest is zero tax. Depending on the nature of the business, you could be taxed zero or at least 15%. If your company or enterprise operates within a Free Industrial Zone (FIZ), you could even apply for zero per cent on corporate income, import and property tax.
Georgia Company Registration
Georgia has championed starting a business comparable to New Zealand. Georgia ranks seventh in the world for ease of doing business by the World Bank. It also ranks 1st in the region and leading the way for other countries’ business regulation. European countries are also known for high standards and low paid-up capital for starting a company. The similar applies when registering for a Georgian company.
The first and foremost step is to identify which company structure suits your business nature. In Georgia, there are several options to choose from;
- Joint Stock Company,
- Limited Liability Company,
- General Partnership,
- Limited Partnership,
- Cooperative And
- Individual Enterprise.
Any Georgia company registration must be registered with the Public Registry of the Ministry of Justice Georgia. All regulations of company registration apply to both foreign and local business owners. Georgia company registration can be done in three significant steps.
Step One: Pay the registration fee. There are two options for this. You may pay GEL 100 at any Georgian bank, and it takes one day to complete. Or you can pay GEL 200 at any Georgian bank and have it done immediately.
Step Two: Register the company desired with the Entrepreneurial Register. This process takes one day to complete provided you have the required documents ready. Documents needed for this step is the application for registration and registration fee proof of payment. You will receive an identification number as well as the certificate of state and tax registration.
Step Three: Open a corporate bank account. This process takes a day to complete, and it may cost you between GEL10 to GEL100. You can open it at any Georgian bank. The best is open it at the same bank as you paid the registration fee. Opening a corporate bank account requires the following documents:
- Tax administration resolution on company registration
- The company charter
- The state and tax registration certificate
- The directors signature sample
- Copies of identification documentation of authorised person representing the company.
Kickstart Your Georgian Company
As you can see, the process has been simplified. Then again, the documentation can be complicated as time is restricted. If you have such issues or need a second opinion, get in touch with us, and we will gladly assist.