From July the 1st, aliens seeking to Obtain Work Residence Permit based on their Business Activities will face do meet bit changed requirements. In order to apply for this kind of TR you will additionally need to meet below requirements:
Changes in Minimum Revenue Requirement for Work Residence Permit in Georgia
Prove that your company monthly Revenue is at least 5 times more than Georgian Subsistence Minimum for working age Okay now, do not feel overwhelmed. Let’s take a look at that very minimum. As per national statistics office of Georgia, Subsistence Minimum for May 2019 was 190 GEL. Accordingly, your monthly revenue shall be at least 950 GEL. Well, this make thing little bit more complicated, but still, there is no need to freak out. 950 GEL, in my opinion, is not an unbearable requirement.
Changes in Minimum Turnover Requirement for Work Residence Permit Applicants
According to recent amendments, annual turnover of a company should exceed 50 000 GEL in order to be eligible for Temporary Residence Permit in Georgia for work purposes. In accounting world, turnover is defined as the annual net sales volume. Turnover differs from profit. Turnover and profit are beginning and ending points of income statement. Profit is turnover reduced by all kind of operational expenses.
Changes in Temporary Residence Permit on a basis of Real Estate
Alien owning Real Estate Property with Market Value not less than 100 000 USD equivalent to GEL can claim Temporary Residence in Georgia.
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Be aware that resent changes also apply on other two types of residence permits: Investment Residence and Permanent Residence Permits. Check out Changes in Investment Residence Permit here. Complete Extract of the law.
