OPEN YOUR BUSINESS IN GEORGIAN REMOTELY OR IN PERSON
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By contacting PLG Consulting, our clients have support at all stages of registration of an entity – from the moment drafting a list of required documents to be provided by a client, the organization of translations and notarial certifications in the manner prescribed by law, the filing of an application with the National Agency of the State Register through tracking the registration process, assisting in obtaining tax identification number, as well as registration on the portal of the Revenue Service.
Due to the latest events from 03/01/2022 for citizens of the Russian Federation and the Republic of Belarus, the consideration of an application for registration of companies from 1 business day was extended to 30 days. In companies where the founder and/or director is a non-resident, there are difficulties with opening a corporate account without a residence permit!
By contacting us – successful outcome is guaranteed!
Obtaining TRP
ORGANIZATIONAL AND LEGAL FORMS for registering a business:
If you are interested in registering a business in Georgia, then first of all you need to decide on the legal form.
An ordinary private enterprise pays 20% income taxes annually. For this form of P/E there are no restrictions on annual turnover.
A private enterprise holding the status of “small business” pays 1% of revenue, that is, from profit before expenses. The annual turnover of a small business should not exceed GEL 500,000, with a cumulative excess of 1 million GEL over two years, the status is officially removed. The status of a small business is assigned by the tax service.
A private enterprise holding the status of “microbusiness”. In this case, the turnover should be no more than 30,000 GEL per year and there should not be hired employees. In this case, your business will be completely exempt from income tax, but you will need to pay an office rental tax, if any, in the amount of 5%.
A limited liability company is a company is liable to creditors strictly with its assets, while the founders are liable to each other only with their shares in the common capital. One person can be a member of an LLC.
Due to the simplicity of registration, the absence of requirements for the amount of capital, this form of entrepreneurship is the most popular among legal entities in Georgia. The current legislation does not prohibit non-residents from participating in the establishment of limited liability companies.
Taxes for LLC
in Georgia:
VAT – 18%,
arises when the company’s turnover reaches 100,000 GEL;
Income tax – 15%;
Dividend tax – 5%.
It is
important to consider that both income tax and dividend tax arise only when
profits are withdrawn from the company’s turnover – you do not pay taxes while
you send the proceeds to business development.
The NPO status
is given to organizations the key goal of which is not to make a profit and
distribute it among partners. But NGOs can engage in entrepreneurial activities
and all profits received will be taxed according to the generally accepted
taxation system.
Joint stock companies are legal entities whose capital is formed by issuing securities (shares).
The benefits of this form of ownership include:
– the possibility of increasing the capital of the company by additional issue of shares;
-names of beneficiaries are not displayed in the public register;
-shareholders are not liable for the obligations of the company;
-participants of the company can be foreigners.
Keeping in mind the complexity of management, a large amount of reporting, this form of ownership is rational to use only when creating large companies.
There are also
other, less popular forms of formation of legal entities.
Opening a company in Georgia
Prior to business registration in Georgia, you need to analyze future activities from the point of view of the optimal taxation regime and from the point of view of the business ownership structure, how you will distribute liability for obligations, under what conditions transactions will be concluded on behalf of the enterprise and determine the company management structure. We recommend using our tax consulting service, where we will help you answer these and many other questions and make the right call.
SUBMMITTING AN APPLICATION AT THE HOUSE OF JUSTICE
It is possible to submit an application without the owners’ presence or by proxy with the preparation of notarized documents in Georgian.
Submission of applications for opening companies in Georgia takes place at the House of Justice. If the application is submitted personally by the owners, then the employee of the House of Justice checks the applicant’s knowledge of the Georgian language. If the owners do not speak Georgian, an interpreter will be required to submit the application, who will put his/her signature on the application. PLG Consulting will offer you an interpreter services within the framework of our service packages.
PAPERWORK
To apply for
business registration in Georgia, it is necessary to collect and prepare a package
of documents, which depends on the chosen form, personal presence or absence of
the owners of the future legal entity.
-
- Notarized legal address of the P/E location in Georgia
- Passport
- Application
- Receipt of payment of state duty.
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