Legal entities and individual entrepreneurs of Georgia registered before 2022 are obliged to undergo the procedure of registration in justice again. This requirement is specified in the Law on Entrepreneurs, which came into force on January 1, 2022.
Companies and individual entrepreneurs need to update their registration data and submit the updated Charter of the organization and the approved form of the memorandum of association.
How does the business or individual entrepreneur re-registration process work?
The updated charter and founder agreement are adopted at the general assembly of the organization. These documents are approved by signing the minutes of the general meeting.
Thus, a package of documents for re-registration of the company is formed:
- updated charter
- founder agreement, completed in accordance with the established format
- minutes of the general assembly
Then these documents are sent to the justice for registration. For individual entrepreneurs there is a different list of documents, the procedure is similar.
What awaits a company or individual entrepreneur if they do not undergo the re-registration procedure?
Legal entities are obliged to update their founding documents, and individual entrepreneurs must update their information within 2 years from the enactment of this law, which means by the end of 2023. If the re-registration is not completed within this period, the judiciary will send a notice demanding that the violation be rectified within a 3-month period. Otherwise, the registration of the legal entity or individual entrepreneur will be canceled, and the company or individual entrepreneur will be liquidated.
How to avoid the annulment of your company's or individual entrepreneur's registration?
To avoid annulment, you must complete the updated registration by December 31, 2023. Jara Accounting can assist you in this process. We will provide legal support at every stage of the procedure:
- We will prepare the necessary documents for individual entrepreneurs or organizations;
- We will provide support when submitting the documents to the justice;
- In case the individual entrepreneur or company founders are located abroad, we can facilitate this process remotely based on power of attorney.
One of the key aspects of Jara Accounting's customer support is our interaction with government authorities in the Georgian language, ewhich allows us to solve the existing problems in the shortest possible time.
If you have any questions about the re-registration of your company, Jara Accounting specialists will offer you a detailed consultation and help you understand the requirements of the Georgian "Entrepreneurs Law."