Georgia in the Caucasus has earned its reputation as a strategic and historic trading centre at the crossroads of trade and commerce between Asia, the West, Russia and the Middle East. Real bridge between these major geo-political groups, Georgia is ideally positioned to access these major markets and now benefits, thanks in particular to the DCFTA signed in 2015 with the EU, from direct access to a market of nearly one billion people. With its innovative and dynamic business culture, Georgia is very open to foreign investment, offering a welcoming environment for investors who intend to incorporate a company in Georgia, in any economic field.
Investing in Georgia
FDI in Georgia increased by USD 403.30 million in Q1 2017. Foreign investors benefit from the same rules and regulations as domestic investors, whether Georgian or foreign, there is no discrimination! There are no restrictions alto the currency used, there are no obstacles for investors to conduct business activities in the country or abroad. Any investor can establish a company in Georgia.
Legal forms to set up a business in Georgia
Entrepreneurs and companies can set up branches (Branch Office) in Georgia or choose among several legal forms when setting up their business, the LLC (Limited Liability Company) status being the most common. The four most commonly used legal forms are the Joint Stock Company, Limited Partnership, General Partnership and Individual Enterprise (IE).
Starting a business in Georgia is a simple process. Incorporation procedures are limited, efficient, easy, and encourage the creation of new businesses. Very traditionally, you have to provide the articles of the company, information relating to shareholders, the purpose of the activity, etc. The registration process can be completed in 1 day. All companies must register with the National Public Registry of the Ministry of Justice of Georgia. To register, a company must provide its articles and by-laws or a shareholders’ agreement in which the founders can provide details of the management and the running of the company. The statutes must be presented to the National Public Registry for registration purposes and maintained on the company’s offices. For foreign companies, documents prepared outside Georgia will be translated, notarised and apostilled.
Notarisation is a stage of verification by a notary of all the documents of your company, ensuring their total legality. The apostille, for its part, is the certification of these documents by the Georgian government.
Steps to register
1. Pay the registration fee
2. Register the company in the Public Register of Companies and register its articles of association in order to obtain a national identification number (and a tax registration certificate), it’s free of charge.
3. Opening the bank account of the company in the bank of your choice, in the process, it takes less than an hour and costs between 10 and 30 € depending on the chosen bank.
Can a company be opened from abroad without having to travel?
Yes If the founders are not present when the company is registered, all these operations of opening and registering the company can be delegated via a power of attorney to the legal representative of your choice who will take care of all these administrative formalities. In addition, if a legal representative or the director of the company is not in Georgia to certify his signature sample with a local notary, it is necessary to send a duly authenticated signature sample. The application must be completed with signature samples of the future partners of the company as well as the signature samples of the persons authorised to manage the company and must be certified by a notary public.
When registration is complete, the entrepreneur receives the certificate of registration and the founders of the business entity are automatically registered for tax purposes.
Bank Account Opening
You will also need to open a bank account that will be used for all business activities of the company and where the company’s capital will be deposited. The law in Georgia does not specify a minimum capital for a LLC. The procedure for opening the company’s bank account is very fast. 1 hour is enough.
The opening of a corporate bank account requires that the following documents are submitted to the bank:
– The company’s certificate of registration in the National Public Register
– The statutes of the company
– The tax registration certificate
– Sample of the certified signature of the officer(s) responsible for the management of the business
– Copies of CI or passport of each person authorized to represent the company.
– If the founders-associates are not present when the company is registered, all the registration and bank account opening operations can be carried out by the legal representative of their choice via a power of attorney
How we can help you
If you are considering forming a business or you need expert help with company registration in Georgia, LegalGenius™ is ready to assist you with its skilled team of lawyers, consultants and tax experts. We are committed to making the process as stress-free and streamlined as possible for you, and we will take care of all your document preparation and administrative tasks regarding the registration forms, payment of government fees, local address registration, banking support, etc., whilst always keeping your exact objectives and unique vision in mind throughout the process.
Please use our Company Formation Wizard if you would like to set up your registered company in Georgia or if you would like to know the costs involved prior to proceeding with our exceptional services. For other queries and special requests for complex or customised company formation services, please contact us at email@example.com