One of the positive impacts of digitization is growing globalization, especially in the realm of business. Companies worldwide are looking at greener pastures to enhance their portfolio and add new markets. The objective behind this is to cushion the business from volatile markets, high taxation, and recessionary trends that may crop up from time to time. Although many emerging economies offer better business opportunities, they are often saddled with poor infrastructure, high levels of corruption, and inconsistent government policies. So, businesses looking to spread their wings and take advantage of the positives offered by digitization are often seen to be hemmed in by uncertainties.
Georgia beckons businesses
To achieve a balance between high growth opportunities, moderate cost of living, robust infrastructure, and business friendly government policies, businesses need not look elsewhere but focus on Georgia, the country with immense possibilities and nestled at the cusp of Europe and Asia. Even though Georgia has had a chequered history, it is now recognized as a modern, democratic republic that offers a red carpet for businesses.
The country boasts of a robust infrastructure comprising railroads, ports, power etc, besides signing favourable trade treaties with its neighbours and powerful global and regional trade blocs. Its pro reform legislation has struck hard on red tapism and made it easy for businesses to open bank accounts, get residence permits, or repatriate profits. By opening a corporate account for offshore companies, businesses can take advantage of the business friendly environment prevailing in Georgia.
Georgia’s high credibility as a favourable business destination stems from the high ratings it has received from various global agencies such as 6th rank in the ease of doing business by the World Bank. Even on parameters such as obtaining permits or opening bank accounts, Georgia has received fulsome praise from the EU, IMF etc.
Signing of trade treaties
A Georgian company can avail a number of benefits such as lower customs and excise duties etc thanks to the various trade facilitation treaties signed by Georgia with its neighbours and other trade blocs like the EU.
Sectors to invest in Georgia
Should you be a business looking for an opportunity to invest in Georgia, take the first step by opening a corporate account for offshore companies. Thereafter, set up companies of the likes of joint stock, cooperative, limited liability, joint venture, limited partnership, and sole proprietorship in a host of areas. These include real estate, IT and ITES, tourism, manufacturing, banking and insurance etc. Moreover, the country has low tax rates that are below the prevailing tax rates in Europe. These rates include 15% corporate tax, 20% income tax, 5% dividends tax, and 1% property tax.
How to open an offshore company in Georgia
Opening an offshore company is a seamless process devoid of any red tape.
- No minimum amount to be kept with the government as license fees.
- A streamlined registration process.
The volatile global business environment has necessitated companies to look for countries with the best business friendly parameters. Georgia, with its low tax regime, favourable trade treaties, capitalist and free market policies, and a stable polity is the best place to be.