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FAQs on Starting a Business in Georgia
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FAQs on Starting a Business in Georgia

If you deliver your service outside of Georgia your activities are VAT free. However, yes, you still need to pay corporate income tax on the profit generated with your Georgian Company. Some people think that as Georgia has territorial taxation system, if you start your business in Georgia and generate income from outside Georgia you are tax free. But that’s not  a case. Simply explained, territorial taxation system does apply yo Individuals Employed Outside of Georgia. Keep in mind that there are several legal forms that you can chose for starting company and requirements for them are different in terms of taxation. Also, there are some special regimes within the legal forms too. For LLC such as Virtual Zone for IT Companies    or Micro and Small Business Status for Individual Entrepreneurs.

Unfortunately, to have your Bank Cards you need to travel to Georgia. Right now Banks only allow to distribute cards in Person. Remote Services for Opening Bank account with Bank Cards are not available at the moment. What we can do is to open bank account for you and assign personal banker with whom you can easily communicate any time and who will help you to manage your account. You will have to come to activate internet banking and request Bank Cards Though.

Yey! If you deliver your service outside of Georgia your activities are VAT free. 

If you let us k ow in advance and we have enough time to prepare all the supporting documentations we simply need 2 working days to finalize company formation procedure. After that, you will need 2 working days  to finalize bank account opening with banks. In total, company formation will take half an hour of our time, you need to sign some documents in Public Service Hall and That’s It and for Bank Account you need 2 hours approximately to sit and wait until bank officer finalizes the procedure. It’s as simple as this with our assistance.

In Georgia there is no such kind of restrictions. I can 100% assure you that Georgia is open for any  Country Citizen in terms of Registering a Company. Even more, It is as easy to register company in Georgia for foreigners as It is for Georgians.

Honestly Speaking, nobody can assure you with this and give you 100% warranty on successful opening. There are special department in Banks who makes this decision of opening bank accounts. They treat each and every client individually. They study and evaluate upon their scope of knowledge. Therefore, there is no clear and exact guidelines, checklist of documents where we can say – If you comply with this you will be  able to open personal bank account remotely. If we speak of our experience, sometimes we did indeed succeed and successfully opened bank accounts with full package services such as internet banking and bank cards. However, mainly we are able to open bank accounts with restrictions on internet banking and bank cards. To gain access on internet banking and request bank cards you need to travel in Georgia and do It in Person. If you are willing to pay a visit to Georgia, It is pretty simple to open bank account here. All you need is your passport and one hour of your time. What we can safely offer at this point is to open bank account and assign personal banker to you, with whom you can easily communicate and who will help you to manage your account as well as undertake necessary transactions.

Only Legal Requirements you have after forming your Georgian LLC or any other type of legal entity is to meet taxation requirements. You are legally required to keep bookkeeping and doing declarations for tax authorities monthly basis. For more details on our accounting service offer in Georgia refer to go here. For more details on requirements after company establishment you can see my video.

In order to apply for TR you need to meet certain turnover threshold. As for legal stay, for work residence permit It is not specified yet. You can apply for work permit right after you meet company turnover threshold. 

Virtual Office is an Optional Service. Our package for company formation in Georgia includes legal address which is permanent. However, some people still feel like they need to benefit from Virtual Office Services and Business Secretary in Georgia, therefore we do provide this service. 

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