Registration of a Georgian company 2021
Registering a Georgian company in 2021 gives businesspeople an opportunity to increase their own wealth. This is not an offshore state, but there are positive conditions for business. The country is notable for its attractive tax system and favorable terms of company confidentiality.
The advantages of registration
Opening a Georgian company in the field of information technology is relevant in 2021. The government of the country supports the information industry to develop this direction. One of the main advantages for working in the IT field is low taxation. Many programmers and designers become individual entrepreneurs in the country to work on international contracts.
The main reasons for this choice:
- Tax charges on gross income is 1%;
- There is no need to set up an account specifically in a Georgian bank;
- It is possible to open individual entrepreneur remotely for several days;
- It is easy to administrate.
Georgia is attractive to manufacturers who benefit from opening a firm in a tax-free zone. What are the pros of opening a firm in a tax-free zone:
- Lack of fees and duties on exports, on dividends;
- Low reporting requirements;
- Developed communications and infrastructure;
- Low maintenance costs of the company;
- Communal services are cheap.
Registering a company in the Georgian FEZ allows to significantly reduce business costs, due to the absence of tax payments and low administration costs and other expenses.
Peculiarities of opening
Due to the geographical location, legislation, and domestic policies, the most popular directions are agro-industry, financial and business services, as well as trade and information technology. There is a possibility of remote registration of business. The corporate tax rate is 15%.
Before you start a business in this jurisdiction, it is required to get authorization from the National Agency of Public Registry. It is necessary to prepare an application with the name and type of the company, goals and objectives of registration, as well as information about shareholders and share capital. The application must be notarized.
Additionally, it is necessary to prepare Charter and provide details of the appointment of directors, and board members. After that the company can get its ID number and certificate of incorporation, as well as its tax registration number.
Among the most popular legal forms are limited liability companies, general or limited partnerships, joint stock companies, individual entrepreneurs, subsidiaries, branches and international trading companies. Registration is available for residents and non-residents. For more information, contact our specialists at IT-OFFSHORE.