Table of Contents of this Post
In order to Start Crypto Business in Georgia, you need to follow some simple steps. In This article, our team of company registration in Georgia will present you with Georgia, the Best Crypto-friendly country, where it is worth starting your cryptocurrency business in Tbilisi Free Zone. Besides, you may wonder what are some of the TOP Reasons to Invest in Bitcoin Business in Georgia, so here we go! you will find several reasons which make it favorable. Another thing is that How to start cryptocurrency trading in Georgia, step-by-step, you will find cryptocurrency exchange companies and wallets opportunities. At the end of the article, there are listed locations of cryptomats in three main cities Batumi, Tbilisi, and Kutaisi in Georgia. Read this article carefully and share your thoughts with us, we want to get your feedback soon :))
Where to Incorporate crypto Business?
Crypto give you freedom to travel and work, work from where you want. That’s the luxury life, indeed. So where to live as a crypto trader, miner, exchanger or whatever business related to crypto do you have. Where to incorporate crypto business and what are the countries that won’t make problems about bitcoin. Some countries are strict enough about crypto sectors, like China and some or more easy going, like El-Salvador, but this is not only thing that you need to be looking for while incorporating your next business. There are list of important aspects to consider before you move to the country for starting a bitcoin business.
Checklist for the Best Country for Crypto Business
These are things that you need to be looking fir when evaluating the country in terms of attractiveness in terms of doing crypto Business:
- Overall safety and security in the country – amongst the bottom human need is to feel secured and safe in the country. We need to avoid unnecessary complications. Check global safety and security rankings, something like Global Peace Index or expat community.
- Country might be safe, so are some African countries where the quality of life is not as we are used to. Make sure quality of life meets your standards. Check the infrastructure and development of the country.
- Okay, now if we found safe and relatively developed country, cost of living is interesting. How much you are going to spend to cover your living expenses? Check cost of living Index, this is especially relevant for miners, who are looking for lower utility costs.
- Another internal factor is easiness of doing Business, how easy it is to do business in that country? How business friendly the legislation is and most importantly the tax rates, how does the tax rate look like? You can check global doing business report annually published by World Bank.
Georgia – The Best country to do Crypto Business?
Now as I mentioned the top criteria to consider before incorporating the bitcoin Business, let’s look at Crypto Business Incorporation Perspective in Georgia, since I am based here. Let’s take a look at global publications and draw the objective outlook here, aiming to answer question: Is Georgia amongst the Best Countries to Incorporate the crypto Business?
- GPI – Global Peace Index Evaluation – 89/163 . Well that’s not the best score the country could get definitely, but living here, as a local, being born here, I can tell you that it’s pretty safe to be here.
- Quality of Infrastructure in Georgia is ranked 67.6/100.
- Easiness of Doing Business and Overall Taxation System – 6th Easiest country to do Business in the World.
- Cost of Living – Amongst 139 countries listed Georgia is 130th Cheapest country to live in.
The bottom line is that, Georgia is still a developing country. Some major improvements in terms of infrastructure has been made and still needs to be made. The culture is western. The country had made its efforts to westernise. It managed to attract investors due to super simple taxation procedure, lack of bureaucracy and the cost of living, price that are pretty law.
The Bitcoin and crypto industry in Georgia is developing significantly year by year. It is actually the prerogative of the country to attract local and international companies to the IT industry. including the cryptocurrency business. Right now you can benefit from the fact that there is no legislation referring to doing crypto business in Georgia.
According to the “Organic Law of Georgia on the National Bank of Georgia”, the issuance, sale, and purchase of cryptographic (virtual) currency, including the buying, selling, mining, exchange, receipt, sending or withdrawal is not under the supervision of the National Bank of Georgia. Hence, no specific license is needed to incorporate and start a crypto business in Georgia.
This means, there is not a single restriction in the law, that will prohibit doing a crypto business. But, what is the crypto business in the first place?
What is Crypto Business?
What defines a cryptocurrency company is, first and foremost, it defines the type of business that uses cryptographic methods to secure virtual operations. There are some benefits, why you should consider Georgia for incorporation. Those who are interested in starting a business in Georgia should know that Georgia ranks 12th to 8th in the Bitcoin-Friendly List in terms of cryptocurrency.
The best place to Start Mining Crypto
Let’s start with the circumstance that those who want to start a business in the field of cryptocurrency, who intend to do business in Georgia, have the opportunity to register their businesses in a free industrial zone. The above-mentioned free industrial zone is located a short distance from Tbilisi and offers a preferential taxation scheme to the companies that join it.
Registering company in a free industrial zone will bring you some benefits as you take advantages with tax exemptions. But there are still some taxes that you can’t avoid, they are:
- Income tax on salaries
- tax for lease
Furthermore, a bitcoin center has been opened in the capital of Georgia, Tbilisi, which is the largest bitcoin data center in the country. Real estate and business registration team in Georgia, can provide you with detailed information if necessary.
More information on the structure of free industrial zones can be found here. We even got a video for you:
TOP Reasons to Invest in Bitcoin Business in Georgia
Perhaps you have an idea why Georgia has become one of the most attractive countries for the Bitcoin business. Yes, the development of the Bitcoin business is directly related to the ease of doing business in Georgia. At the same time, as the World Bank announced, Georgia ranks 5th in the world in terms of ease of starting and doing business. Now let’s look at the benefits that starting a Bitcoin business can bring you in Georgia. these are:
- Suitable investment climate
- relevant taxation bricks
- The lowest possibility of corruption
- competitive labor and energy costs
How to start cryptocurrency trading in Georgia
Since this system is decentralized, it does not matter where you live or where you run your business. Consequently, regardless of your place of residence, you can start trading the cryptocurrency you want. However, you should be aware that this process takes place with cryptocurrency exchanges through the platforms provided by them.
Checklist for incorporating Bitcoin Business:
This checklist is pretty much the same as incorporating an ordinary LLC. If you follow up with us for quite some time, you probably know how you can incorporate this kind of company. If you are new you can read this blog for example. If you got further questions, or need assistance with starting a bitcoin-related business, feel free to contact us. We will assist you to incorporate crypto business.
Watch me talking on Starting a crypto Business
Withdraw Crypto Currency - Cryptomats or Crypto ATMS in Georgia
Some of my dear readers, inboxed me, asking if there is a crypto ATMS in Georiga. They were looking for the possibility to withdraw crypto in fiat currency. So I found out required information for them. As GeorgiaWealth reported there are the following cryptomats in Georgia.
Cryptomats in Batumi:
- Baratashvili St. 41, shop “Mobservise”.
- Tbel-Abuseridze St., “Black Sea Mall”
Cryptomats in Tbilisi:
- Kostava St. 76, shop “Fresh Salads”;
- Tsereteli Av. 116, mall “Didube”;
- 16 km of David Agmashenebeli Lane, “Tbilisi Mall”;
- Shota Rustaveli Av. 2/4, mall “Galleria Tbilisi”;
- International airport Tbilisi;
- Paliashvili St. 81, shop “Coffee and cigarettes”;
- Hizanishvili St. 16, mall “Gldani”;
- Ilya Chavchavadze Av. 37L, mall “Homemart”;
- Alexandr Tvalchrelidze St. 2, mall “East Point”;
- Vazha Pshavela St. 59, shop “Don Chicho”;
Finally, cryptomat in Kutaisi:
- II Tsereteli lane 2а, hotel Bagrati 1003.