Georgia is one of the most popular destinations for domestic entrepreneurs. This Caucasian country offers unique opportunities for foreign entrepreneurs who wish to obtain a residence permit through business registration. To qualify, you need to have an income of over 50,000 GEL in the past 12 months, making this option accessible to many business owners. A residence permit allows you to live and conduct business in Georgia without the need to leave the country annually to renew your stay permit, significantly simplifying life in the country.
Procedures for Obtaining a Residence Permit
Obtaining a residence permit through business in Georgia involves a procedure that can be undertaken in various ways, depending on the grounds for the request.
Main Steps:
- Choosing the basis for obtaining a Residence Permit. Options include work, study, family reunification, business registration, etc.
- Preparing required documents. Gather all necessary documents.
- Submitting the application and waiting for review. Submit the application and await the decision.
- Receiving the Residence Permit card. If approved, you will receive your residence permit card.
Necessary Documents and Requirements:
- Passport and notarized copy. A valid passport and its notarized copy.
- Supporting documents. Income statement, employment contract, business registration certificate, etc.
- Income verification. Proof that your monthly income exceeds twice the subsistence minimum.
- Notarized copies of birth or marriage certificates. If applicable (for children or family reunification).
- Completed application form. Fill out the form at the House of Justice or online.
- Photo: Taken at the House of Justice.
You can submit your application either in person at the House of Justice or online. After submitting all necessary documents, you will wait for your application to be reviewed. The review process takes between 10 to 30 business days, depending on the chosen tariff. The cost of the review ranges from 300 to 600 GEL.
It is important to note that requirements and procedures can change, so it is recommended to check the latest information on the official website of the Ministry of Justice of Georgia before submitting your application.
Applicant Requirements
Obtaining a residence permit in Georgia for entrepreneurs offers wide opportunities for development and investment in the country. There are specific criteria and minimum investment requirements that entrepreneurs and investors need to meet.
Criteria for Entrepreneurs:
- Income requirement. The entrepreneur must have an income exceeding 50,000 GEL over 12 consecutive months.
- Business registration. The company must be registered with all controlling bodies.
- Proof of business turnover. Provide documentation of the business's financial turnover.
Minimum Investment Requirements:
- Investment residence permit. Investing $300,000 in the economy or purchasing real estate in Georgia equivalent to this amount grants eligibility for a residence permit.
- Family inclusion. Holders of an investment residence permit can include their spouse and children in the application.
Business Activity Requirements:
- Active business operations. The business must be registered and actively operating in Georgia.
- Legal compliance. It is important to comply with all legal requirements and standards established in Georgia for conducting business.
Benefits of Obtaining a Residence Permit through Business
Obtaining a residence permit in Georgia through business registration offers several significant benefits for foreign entrepreneurs and investors:
Ease of Doing Business: Georgia is known for its favorable business climate and simple business registration process. Registering a company takes only a few days, and the tax system is considered one of the lowest in the world in terms of tax burden.
Access to Healthcare and Education Services: Foreign nationals with a residence permit have access to quality medical care and education in Georgia. This includes both public and private medical facilities, as well as a wide range of educational programs for all ages.
Opportunities for Business Expansion and Investment: With a residence permit, foreign entrepreneurs and investors can freely expand their business in Georgia, open new branches, and invest in various economic sectors. This contributes to the country's economic development and the creation of new jobs.
Common Mistakes and How to Avoid Them
Obtaining a residence permit in Georgia can be a significant step for foreign nationals wishing to settle in the country. However, the application process can be complex and requires careful attention to detail.
Common Mistakes When Applying for a Residence Permit:
Incorrect Document Completion. Ensure documents are accurately filled out without errors, and all necessary signatures and seals are in place.
Insufficient Documentation. Verify that you have provided all required documents specified in the application requirements.
Missing Submission Deadlines. Adhere to established submission deadlines to avoid rejection of your application.
Lack of Necessary Grounds. Ensure you have valid grounds for obtaining a residence permit, such as work, admission to an educational institution, marriage to a Georgian citizen, or other legal reasons.
How to Prepare Your Business and Documents for Successful Residence Permit Application:
Choose the Basis for Obtaining a Residence Permit. Determine the basis for your residence permit application, such as business establishment, investment, work, or study.
Prepare Necessary Documents. Collect all relevant documents, such as business registration certificates, employment verification, educational documents, etc.
Document Completion. Ensure all forms are correctly filled out and comply with Georgian legal requirements.
Adherence to Submission Deadlines. Submit documents within the specified deadlines to avoid application rejection.
Collaboration with Qualified Professionals. If you encounter difficulties or have questions while preparing your documents, seek assistance from lawyers or migration law specialists.
By avoiding these common mistakes and following the recommendations, you can increase your chances of successfully obtaining a residence permit in Georgia. However, if you do not want to risk losing time and money, consider reaching out to Jara Accounting. We can assist not only with business registration in Georgia but also provide other legal services and accounting support for your activities in the country.