Georgia, the ex-soviet republic is home to almost 4 million people and the figure is still growing as large numbers of people are flocking to the country for various purposes – trade and tourism, setting up businesses, etc. Georgia is surrounded by Russia, Turkey, Azerbaijan, and Armenia and has become an important country situated at the cusp of Europe and Asia. The strategic location and the pursuance of business-friendly policies have made any investment in Georgia immensely attractive for the global business community.
The country is a favourable place to set up businesses for a number of reasons. If you look at the geographic position of Georgia, you will find that it has some natural qualities. Georgia is located between Europe and Asia which is strategically an ideal place for business. You may want to settle there, set up a business, or do both at the same time, there is no limitation. Coming to the benefits of investing in Georgia, you get tons of advantages.
Let us take a look at the advantages of setting up a business in Georgia
- Strategic Location – The country is located at a place of high economic activity that acts as a hub between Europe and Asia. Georgia has good trading relations with many other countries like the USA, EU, China, Turkey, and more. If you plan to set up a business, your investment in Georgia is likely to reap favourable results.
- Low Taxes – Before setting up a business in a foreign land, one of the main considerations should be the taxes. Thankfully, Georgia is a game changer when it comes to taxes. Most of the taxes are considerably low in the country and that makes the place more preferable for establishing a business. The Georgian government charges only 15% corporate profit tax and 20% personal income tax. Adding to that, if you plan to settle in Georgia, you will be paying only 1% property tax.
- Easy Banking – Opening a bank account is extremely easy in Georgia. The country welcomes all foreigners to open bank accounts with its banks. You might think of the necessity to open a bank account in Georgia but that is the primary step to setting up a business. You can diversify your finances as soon as your bank account is ready. Opening a bank account is also very easy as you will only need a valid passport and no other document.
- Free Trade – Georgia is like the entrepreneurs’ paradise. It has good trade relations with many neighbouring countries and prominent trade blocks like the EU. The notable trade treaties play significant roles in lowering import and export cost in and out of Georgia. To add to this, the government does not take any control over the circulation of foreign capital which is a great feature if you are thinking huge investments in Georgia.
Conclusion – Georgia is a great place to invest in setting up a business. One can derive a plethora of benefits from the country. The market for every business is growing really fast and you need to choose a place where there is healthy competition in business and enough benefits. Therefore, consider the aforementioned points and start planning big.