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FAQ

We collected answers to the most frequently asked questions about registration and the conduct of business in Georgia

Registration and doing business

Yes. The country’s law “On Entrepreneurs” states that non-residents of Georgia have equal rights with residents at the opening and doing business

Limited liability company, individual entrepreneur, joint-stock company, limited partnership, cooperative, company branch, with joint and several liability.

No, all procedures can be completed remotely by proxy, by sending the entire package of documents in advance, certified by a notary by courier service. (For a list of documents and the sequence of actions you can read by clicking on the link)

From 3 working days from the date of submission of documents.
Georgia has concluded free trade agreements with such countries as: all countries of the European Union and the CIS, Turkey, China, Hong Kong, USA, Canada, Japan.

Taxes

If you are a resident of one of the 52 countries with which Georgia has signed an agreement on avoidance of double taxation, then you do not need to pay tax twice. Among these countries: Ukraine, Poland, Romania, Azerbaijan, Kazakhstan, Uzbekistan, Belarus, Moldova. The complete list can be found at the link.

Yes, until 2023 Georgia does not plan to sign an agreement on the automatic exchange of CRS tax information.
There are 8 types of basic mandatory payments in total:

  • value added tax – 18%;
  • on the profit of the organization – 15%;
  • for dividends – 5%;
  • income tax – 20%;
  • import tax – 0% or 5% or 12%;
  • withholding tax – from 10 to 15%;
  • on property – up to 1%;
  • excise tax is not a fixed amount.

To study the issue of taxation in Georgia in more detail, follow the link.

Accounting in Georgia is carried out through electronic databases, the interface of which is completely in Georgian. The base is based on the Georgian chart of accounts, only some of which have been translated into English.

To start keeping accounting, you, first of all, will need to enter all the data on transactions on the current account or cash register in the electronic program, reflect all processes in acts and invoices in the form of appropriate postings. Even for currency conversion, competent accountants are required to enter entries into the accounting database. On the basis of electronic accounting data, declarations are formed monthly.

The main types of declarations:

  • Income tax declaration;
  • Income declaration;
  • Property;
  • Value Added Tax;
  • Pension;

You can read more about filling out the declaration at the link.

Ltd

Almost any citizen of any country, individual entrepreneur or organization can be the founder of an LLC in Georgia.
There are no authorized capital requirements in Georgia.
You may be refused registration of LLC if:

  • Not the entire set of documents was submitted for registration;
  • The documents contain errors, inaccuracies, contradictions, or they are not drawn up in accordance with the norms;
  • Violations were committed when paying state duty: incorrect details are indicated or the receipt was paid by an unidentified person;
  • Problems encountered while verifying the legal address;
  • There may be other reasons for refusal provided for by the legislation of Georgia.

Banks

Yes, it is possible. Banks of Georgia actively use digital technologies and are absolutely calm about converting cryptocurrencies into fiat from exchanges and exchangers.

Yes, in Georgia you can open a personal multicurrency bank account for a non-resident.

Come personally to the branch of the selected bank, you will need a passport and 20-30 minutes.
Alternatively, non-residents can open an account in a Georgian bank remotely in an accelerated mode.
To open a bank account in Georgia, you will need:

  • International passport;
  • Address data registered in any country;
  • Email address and phone number;
  • Information about the estimated turnover per year on the bank account.

 

IE

Any capable citizens of any country who have reached the age of majority can open an IE, except for: state and municipal employees, employees of the security agencies and prosecutors, lawyers and judges, military personnel.

Residence permit

Yes, it is possible if your organization has reached a turnover of GEL 50,000 per year.

If you are a citizen of one of the 95 countries that can travel to Georgia without a visa, you can spend up to 1 full year in Georgia, including work in Georgia, without any additional permits.

However, many people still want to get a residence permit in order to protect themselves from possible future changes in legislation in order to receive additional protection while traveling (technically, this is the decision of the border guard, whether to allow you to enter the country or not if you do not have a permit. residence) or to confirm resident status for tax reasons.

If you spend 183 days or more in Georgia during 1 tax year, then you will automatically become a tax resident. It is generally best to sort out your tax obligations and options before you arrive in order to minimize taxes. You can read more about tax residency here.

Most people tend to apply for a working residence permit. For this, you need a workplace. Please note, you could not register a company, hire yourself and go straight to the House of Justice to pick up a residence permit. You will need to demonstrate the legitimacy of your workplace, which means that you will need to stay at work for a certain amount of time (minimum 6 months) and, if it is your own business, show an annual turnover of at least GEL 50,000.

But to speed up obtaining a permit, you can always go back to the option of obtaining a residence permit by investment, which requires you to purchase real estate in Georgia worth 300,000 lari or more (approximately $ 87,000). With this amount, you will buy a decent apartment in a good area, which can then be rented out. By purchasing a property, you automatically receive the right to obtain a residence permit along with all family members. Other options are available, such as study, family reunification. Check out our article on how to obtain a residence permit.

Other questions

Yes, a large number and different price categories. In some coworking spaces, you can rent seats for the entire team and book a meeting room at any time convenient for you. The complete list can be found here.

There are three mobile operators in Georgia: Silknet (formerly Geocell), MagtiCom, and Beeline. All three have shops all over Tbilisi and in any other major city. The prices are almost the same. To purchase and activate, you need to have your passport with you.
Be careful when shopping and do not take a “travel package” if you plan to stay in Georgia for more than a month. All three operators have them, and while it’s very profitable, it’s worth noting that most of these SIM cards expire from a week to a month.
Since more than 98% of the settlements in Georgia have mobile coverage, there will be no problems with the network coverage. Especially if you live in Tbilisi, where all three operators will provide you with 4G coverage in all parts of the city.

Most cafes in Tbilisi provide an opportunity to connect to high-speed Internet for free. Therefore, choose the closest establishment to your home or to the area you like best.
Here are some sites:

home.ge

ss.ge

place.ge

There are also many Facebook groups where you can find an apartment from a landlord, not an agency.

There is always a good exchange rate at Tbilisi and Kutaisi airports, sometimes even higher than in the city. But even arriving in a city with currency exchange in Georgia, there will be no problems, exchange offices can be found on all major streets of cities. As for the type of currency, it is best to take dollars or euros with you. They will definitely be exchanged at any bank branch or exchange office.

If you did not find the answer to your question, fill out the form and get a detailed answer.