How to open a cryptocurrency company in Georgia in 2022

After Georgia created a free industrial zone in Tbilisi in 2015, the cryptocurrency industry began to grow rapidly. Georgia created a free industrial zone in Tbilisi, the cryptocurrency industry began to develop rapidly. To interest local and international investors in the IT industry, opening a cryptocurrency company in Georgia has developed many attractive incentives.

Cryptocurrency companies in Georgia

A cryptocurrency company in Georgia offers many benefits:

• cryptocurrency trading without restrictions;
• no income tax on profits from the sale of cryptocurrency;
• inexpensive electricity makes mining profitable;
• the official currency is the lari, but there are no bans on payments with tokens;
• cryptomats allow users to cash out virtual money at any time;
• it is possible to trade tokens at the local crypto exchange.

Registering a cryptocompany in Georgia

Opening a cryptocompany consists of 2 steps:

• Company registration;
• Obtaining a cryptolicense.

How to register a crypto business

In order to get the benefits, the registration should be made in the free industrial zone (FIZ) - in Tbilisi, Poti, Kutaisi. Organizations that are registered here are exempt from income and dividend taxes, and foreigners can own the company.

There are several steps to open a company in Georgia:

• Determine the line of work - trade tokens, provide storage services, engage in exchanges, etc;
• Determine the legal structure - to work with cryptocurrency it is necessary to be registered as LLC or JSC;
• Select and register a unique name in the Supreme Court;
• Registration - each form has its own peculiarities. For example, for LLC, it is necessary to appoint a registered agent in Georgia, to prepare an operating agreement to establish the basic rules of work;
• Selection of the place of registration (FEZ zone);
• Opening a bank account;
• Obtaining cryptolicense.

How to get a cryptolicense

All Georgian businesses related to the financial sector are required to obtain a license for the following:

• issuing ICOs for sale;
• changing electronic money;
• investing third-party money in digital currency.

The license is valid only on the territory of the country. It allows you to change, transfer cryptocurrency, and make other transactions.

Requirements

To apply for a cryptolicense in Georgia 2022, you need to meet a number of conditions:

• Report to the National Bank the details of all owners. They can be non-residents, but they must be "clean". No criminal record, no scams, and no fraudulent transactions;
• Provide proof of solvency of the company - the authorized capital of 250 thousand lari.
• Keep accounting books and auditing;
• Develop a business plan, which will include a list of services and ways to protect  the company against hackers;
• Open a legal office in Georgia.
• If the company plans to work with virtual wallets and engage in exchange, it is necessary to report to the National Bank about all the changes, such as change of ownership, suspension of work, and liquidation.

The application is considered within a month. After reviewing the documents, the National Bank may ask for additional certificates, that must be presented, otherwise the regulator will not give a license.

How to register a cryptocompany in Georgia

To get a quick registration of a cryptocompany in Georgia 2022, contact IT-OFFSHORE experts.