Georgia is upcoming economy same is growing fast at the same time it is attracting investment in terms of FDI from foreign companies. The rapid changes that have taken place in the country’s political and economic environment. With these significant changes, Georgia has become the leader in the region in undertaking transition towards democracy, transparency and an open market. Georgia’s economy is considered to be one the fastest growing economies in the whole of Eastern Europe with the agricultural sector (employs about 53% of the workforce), real estate and hospital and tourism as the leading contributors to the growth of its economy.
Georgia economy is full of rich natural resources in a sense same does have a stock of manganese and copper. Other industries which are the major contributor to its GDP includes aircraft manufacturing, bottled water, wine production, chemicals, electric motors, electric welding equipment, fuel re-export, equipment (automobiles, trucks, tractors), machine tools, machinery for food packing, tower cranes, machinery for food packing, steel, shoes, textiles, and wood products. Georgia’s majorly exporting its product to Turkey, United States, Azerbaijan, Ukraine, and Armenia. Its exports product includes wine, mineral water, ores, vehicles, fruits, and nuts.
Opening a company in Georgia is not a very big issue the country’s business-friendly laws have made it very easy. Once you have registered your company in Georgia, things become easy as the country has very pro-business legislations. In nutshell opening a Georgian company is really not a tedious job.
Procedure to register the Company in Georgia:
Companies are registered in Georgia by the National Agency of Public Registry. The procedure of setting up a company in Georgia is not very lengthy, same takes almost a day at maximum to set up the company. The time to open up a corporate bank account for the company takes less than 10 minutes time. The entire procedure and requirement for setting up a company are as follows:
- Pay the very reasonable registration fee i.e. 100 GEL and get the form. Registration fee can be paid at the Registry or any Georgian bank.
- Fill up the forms and submit them to the Public registry office along with the filled form, a copy of your company’s charter and document that proves that you’ve submitted the registration fee.
- You also need to provide a proof of the legal occupancy of the place where you’ve given your company’s main address. This is one of the requirements you need to fulfill to register the company.
Additional documents may be asked by the respective authority in special cases, normally the above-mentioned document is sufficient for the company’s setup.
Advantages of setting Up Company in Georgia:
There are end numbers of advantages of setting up a company in Georgia. These advantages make Georgia the best place to do business. I am going to discuss some of the advantages one can drive by setting up a company in Georgia:
- With respect to taxation rates in Georgia, there is no employer tax applicable as well no tax would be applicable if company reinvest. Only 20% tax apply in case Company/ Individual withdraw the money;
- An owner need to have a minimal capital to start-up the joint stock company (JSC), but there is no need of minimal capital in case of Limited Liability Capital (LLC) company;
- The registration procedure is also not lengthy and owner can get registration done in 1 day;
- Opening a Corporate bank account is also very easy and less time taking process. Thanks to the well-developed banking system in Georgia the owner can remotely open a bank account. Once the owner has opened a bank account then with the help of reference one can open multiple bank accounts more very simply.
Special Note: – In Kaukapital we understand the owner’s time value; the new company can be opened without moving to Georgia just with the help of a Power of attorney.