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FAQ

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

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.

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.

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.

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.

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

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

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

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.

 

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.

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.

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.
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.

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