Company registration in Georgia
One of the most common ways to invest in Georgia and obtain residence in Georgia is through company registration in Georgia. Georgia has experienced the fastest economic growth in the region in recent years, and the World Bank ranks Georgia sixth in the world for the best investment opportunities.
On the other hand, this country is ranked third in the world for the ease of starting a business and 12th in terms of free trade. Georgia has attracted the attention of investors and global businesses due to its international political and commercial relations, proper socioeconomic security, and the Georgian people’s good behavior toward foreigners, resulting in an increase in company registration in Georgia.
Benefits of Company Registration in Georgia
Registering a company in Georgia, a favorable country for investment, has numerous advantages, which we will discuss below:
- Global Market Access : Company registration in Georgia provides access to global markets. Georgia, located at the crossroads of Europe and Asia, provides excellent opportunities for international business expansion.
- Advanced Financial System : Georgia’s advanced financial system makes it an attractive location for establishing a business. With a thriving economy, modern banking facilities, and sophisticated financial tools, businesses can effectively manage their finances and engage in international trade.
- Simple Company Registration Process : Georgia’s company registration process is simple and hassle-free. Entrepreneurs can complete the registration process in one business day, making it ideal for small and medium-sized businesses.
- Favorable Tax Environment : Georgia boasts a favorable tax system. Low taxes in the country encourage entrepreneurs to start their businesses and reap financial rewards.
Overall, company registration in Georgia, a country that values commercial and investment growth, provides numerous benefits and facilities that promote business development.
Obtaining Residency by Registering a Company in Georgia
Company registration is one viable way to obtain residency in Georgia. As an entrepreneur, this opportunity not only allows you to start a profitable business but also gives you permanent residency in the country. Experienced experts at SisnoGroup can provide comprehensive and specialized consultancy services to help you successfully navigate this process.
IF YOU NEED ADVICE , FILL OUT THE FORM BELOW !
We will contact you as soon as possible
Conditions for company registration in Georgia
To carry out economic activities in Georgia, company registration is required, and more than 90% of economic activities are done with company registration in Tbilisi, Georgia since most of the population of this country is located in the capitol city of Georgia. You can see company registration licenses anywhere in the country; even in small shops in the city and all of these laws also count towards Conditions for company registration in Tbilisi. In the process of company registration in Georgia, 100% business ownership is possible for foreigners, and you do not need native (Georgian) people to join your business. The most popular type of company in Georgia is the limited liability company, and at the end a short explanation will be given about other types of companies.
Documents for company registration in Georgia of limited liability type
1.The presence of shareholders along with the original passport
2.Official translation of shareholders’ passports into Georgian
3.Preparation of the company’s official articles of association in Georgian and English.
Procedures of Company Registration in Georgia
After a free consultation at the Sisno Group office, you can work with your lawyer to prepare the company’s articles of association and chart, as well as fill out the necessary forms. Shareholders must send their passports to official translation offices for translation into Georgian. Then, bring the prepared documents to the Public Utilities Office, accompanied by a lawyer, and sign the documents and submit the request after receiving the appointment. Finally, you will have to pay government fees for company registration in Georgia.
After obtaining a company registration license in Georgia, you can register the subject of the company’s activities using special codes approved by the tax department. Then go to the Tax Office to get the company’s tax code. Experts will accompany you at this stage as well, and the process will take less than half a day. The next step is to coordinate a tax consultation meeting. To learn more about taxes, schedule a free consultation with a certified Georgian accountant. Following this meeting, you can hire a professional accountant and receive your tax machine.
The fee of company registration in Georgia
For Company formation in Tbilisi Georgia’s cost, you will only need to pay $480 on the same working day and $400 on the next working day, which covers the entire process, including government fees. Please keep in mind that registering a company in Georgia is not difficult, but there are some important steps to take. To avoid financial fraud and gain confidence, it is best not to trust people looking to profit. Sisno Group’s legal department, employing experienced lawyers in legal affairs, handles all aspects of company registration, including the following:
1.Advice on starting a business and company registration in Georgia
2.Company registration in the public service department
3.Introducing an accountant to receive free tax advice
4.Drafting of the official constitution
5.Registering at the Tax Office and receiving a tax code
6.Payment of all government expenses
7.Advice and assistance in receiving the apparatus tax machine
Minimum Capital Requirement for Company Registration in Georgia
As previously mentioned, company formation in Tbilisi Georgia is a straightforward process that applies to both local and foreign entrepreneurs. It can usually be completed within one business day. The minimum capital required to start a business varies depending on the type of business and its structure. For example, the minimum capital requirements for a Limited Liability Company (LLC) may differ from those for a Joint-Stock Company (JSC).
In most cases, Georgia has a lower minimum capital requirement for registering a company than other countries. It’s important to note that the minimum capital requirement may change depending on the current conditions and regulations in place during the company registration process. Before beginning the registration process, it is recommended that you consult with a local legal expert or a business consultant who specializes in this area. They will provide you with accurate information about the specific regulations and minimum capital requirements for registering a company in Georgia.
Types of company registration in Georgia
Company registration in Georgia with limited liability or LLC (Limited Liability Company)
If you are looking for company registration in Georgia, you should be aware that more than 95% of the companies in the country are limited liability. To register this type of company, you must have at least one shareholder, who may also serve as the company’s CEO. Because the difference between the types of companies is in financing and how to respond to obligations, limited liability company registration in Georgia is the most common type of company registration in the country. In this type of company, the CEO can only use the assets of the shareholders to meet an obligation or debt, and the shareholders are not required to pay with their personal assets.
Company registration in Georgia as an individual entrepreneur or IE (Individual Entrepreneur)
If you register as an individual entrepreneur or IE in Georgia, you will not be required to pay any fees or sign any contracts before transferring to another person. For example, if you are an accountant who performs official accounting functions for one or more companies while earning a salary, you will be classified as a personal entrepreneur. However, if you want to delegate some of your work and grant them rights, you must first register the company.
Company registration in Georgia with limited partnership or LP (Limited Partnership)
To register a company in Georgia as a limited partnership, or LP, shareholders are divided into two categories: full shareholders and limited shareholders. To register, a company must have at least one full shareholder. In this type of company, the full shareholders are liable for the company’s obligations, as well as the company’s assets, from their personal assets. However, limited shareholders are only liable for obligations arising from their company assets. The difference between these two types of shareholders lies in how they deal with obligations.
Company registration in Georgia as JSC (Joint Stock Company)
In Georgia, registering a joint-stock company, or JSC, which is a large joint-stock company with high capital and traded on the stock exchange, is extremely difficult, particularly for a start-up. Shareholders in this type of company are only liable for the company’s assets, not their own personal assets.
Company registration in Georgia as a general partnership or GP (General Partnership)
In Georgia, you can register a company as a general partnership, abbreviated as GP. In this type of company, shareholders are responsible for the company’s obligations, just like in a limited liability company (LLC), but in addition to the company’s assets, personal assets must be pledged to meet the obligations.
Company registration in Georgia of a cooperative group
People who share common goals and interests form cooperative groups and work together. For example, a group of people owns land and wants to find a developer who will build a portion of it for them while keeping the rest for themselves. This type of company registration is known as a cooperative group.
Setting Up Business in Georgia
Starting a business in Georgia, a country blessed with a strategic geographical location and favorable investment regulations, appeals to entrepreneurs and investors alike, and there are numerous great business opportunities in Georgia, Tbilisi. Below, we will go over the main steps and key considerations for starting a business in Georgia:
- Conduct thorough research on the local market, customer needs, competitors, and regulations to establish a strong foundation for success. Developing a comprehensive business plan that includes a SWOT analysis and solid marketing strategies is an important first step.
- Choosing a Company Type: Georgia offers various company types for starting a business, including Limited Liability Company (LLC) and Joint-Stock Company (JSC). Choosing the most appropriate company type based on the nature of the business activities and goals is critical.
- Company Registration: In Georgia, registering a company is a simple process handled by a local lawyer or firm. This stage entails choosing a unique company name, preparing the necessary documents, and meeting the applicable fee requirements. It is critical to ensure that the desired company name is not already in use in Georgia. Furthermore, it is critical to identify the company’s managers and shareholders, as well as prepare all necessary documentation.
- Understanding Georgia’s tax and financial regulations is essential for business owners. This includes aspects such as income tax, profit tax, share tax, and value-added tax, which must be strictly followed.
- Workforce Acquisition: Finding a skilled and dedicated workforce in Georgia is a significant challenge for new businesses. Selecting and training suitable employees, as well as cultivating a positive work environment, can help your company grow and advance significantly.
FAQ about company registration in Georgia
No, you only have to pay taxes when your company starts operating.
No, if you haven’t found an address for yourself yet, you can use ready-made or so-called legal addresses that are provided to you for a very small amount, and after you determine your location, you can Change your address.
No, not at all.
No, in this country of Georgia, the principle of uniqueness is based on the company registration code in Georgia, and it does not matter if several companies are registered with the same name.
Yes, but note that obtaining residence through company registration in Georgia is not immediate and the application can be submitted after some time when the company has been active in terms of business and paid its taxes.