from 4 500 USD

Exclusive offer: remote incorporation of your entity in Georgia and a corporate account

In 2019, Georgian banks opened accounts without any hindrances for companies with non-residents among the founders. However, at the moment, the situation has changed dramatically, and now it has become very difficult to independently create a full-fledged company in the country. Georgian banks are no longer accepting documents from newly `established legal entities with foreign participation. However, based on our long years of experience  in the Georgian market, we can provide our customers with an exclusive opportunity to register a company and open a corporate account in a bank of Georgia remotely. 

The advantages of a company in Georgia for doing business on an international scale have been described in detail, on numerous occasions. For example, foreigners who opt for this solution can significantly reduce the fiscal burden and increase the level of confidentiality of cash flows. These opportunities are especially relevant for residents from countries where taxes are higher than in Georgia. And this list includes almost all countries of the region, and Europe too, in particular: Russia, Ukraine, Azerbaijan, Armenia, Kazakhstan as all of them in the Paying Taxes 2020 rating are much behind Georgia (14th in ranking).

The cost of an exclusive service offered, namely – registration of a company in Georgia with a corporate account remotely without a personal presence starts from 4.5 thousand USD . The price is subject to modification depending on the number and type of founders, as well as the provision of preferential tax status of the company.

What advantages does a company in Georgia provide to non-residents

Georgian jurisdiction attracts foreign businessmen due to the excellent environment for doing business, namely:

The best taxation system in the region

The Georgian tax system ranks 14th in the Paying Taxes 2020 rating and it should be noted that none of the countries in the region can boasts similar or near high rates. The advantages of the tax system of Georgia are, in particular:

  • use of the “Estonian model” since 2017 – reinvested profits are not taxed;
  • minimal intervention of fiscal authorities in business – the interaction of companies and private entrepreneurs with the Revenue Service in majority of cases is conducted remotely through the personal account of the taxpayer;
  • there are no sudden tax audits, and there is low levels of corruption and bureaucracy.

Tax optimization opportunities

There are several tax regimes in Georgia that attract the attention of foreign businesses:

  • “Small business” – suitable for entrepreneurs with annual revenues of up to GEL 500,000. Taxation – only 1% of the turnover. Suitable for almost all types of activities, except for those where licensing is needed;
  • Free Industrial Zone Entity – this status is designed for medium and large exporting companies, as it provides exemption from taxes on revenue received from foreign counterparties, as well as dividends;
  • Virtual Zone Entity” – this option is the best solution for representatives of the IT sector, receiving periodic payments from foreign customers.

Learn more about how to register a company in the tax-free zone of Georgia with a corporate account remotely 

Highest level of confidentiality

Georgia does not participate  nor does it plan to participate in the Common Reporting Standard (standard for the automatic exchange of financial and tax information). Therefore, data on cash transactions that are processed by means of accounts with local banks will not be available to fiscal agencies from other states, which significantly increases the level of business security.

Attention!!! Opening a corporate account with a Georgian bank is used to protect against the risks of automatic exchange of tax information.

Banking system

When it comes to the advantages of the Georgian banking system, it is attractive for non-residents due to:

  • low fees;
  • high interest rates on deposits;
  • lack of currency regulation;
  • a wide range of available banking services, including: the wide variety of online banking instruments and the ability to draw a mortgage;
  • high speed international transactions.

Attention!!! The Deposit Guarantee Fund in Georgia was established only in 2018 and therefore, as of June 2020, deposits and account balances within 5,000 GEL are guaranteed by state. However, in the future, this amount will be periodically reviewed upward. 

Lack of restrictions for starting a business

Foreigners may set up almost any business activity in Georgia and there are no obstacles in registering a company for non-residents. They may establish a legal entity in any form (LLC is the most popular form of incorporation in the country). Plus to all over in Georgia do not have the requirements:

  • to the size of the authorized capital – it may even be 1 lari and this will be legal;
  • to the managers of a future company – the founder of a legal entity may also combine the position of director and others;
  • to the number of employees of the company – there may be only 1 person (director), and it is not necessary that this be a Georgian;
  • for hiring Georgian workers;
  • for seal – in Georgia, legislation allows for activities without a seal.

In addition, in Georgia, foreigners can register a company remotely using a notarized power of attorney. The procedure is almost identical and will take practically the same amount of time as would be in case of the businessman’s personal presence for establishing a legal entity.

Attention!!! Contributions to the Pension Fund (2% by the employer and 2% by the employee) are withheld only by Georgians and holders of a temporary residence permit in Georgia. Therefore, it will be possible to save additional costs if you avoid hiring residents of the country. 

Advantageous geographic location

Georgia is located only 5 hours from almost all countries of Europe, the CIS countries and major cities of Russia, the countries of the Caspian region, as well as Turkey, Iran, Israel, and northwestern China. This small country is a sea gate for the Caspian countries, and Georgian sea ports are actively used by US manufacturers to supply their products to the Caucasus region. In fact, Georgia is the basic transport hub for transportation between Western countries, the USA and the countries of the Caucasus and Central Asia. In practice, by using the Georgian railways, it takes only 2 days for cargo transportation between the countries of the Caucasus region, to Turkey, the European regions of Russia, and northwest Iran.

In addition, Georgia is a strategic participant in the Chinese project for the revival of the New Silk Road trade route.

Therefore, Georgia is remarkably interesting for businesspeople who want to enter the market of the countries of Central Asia, the Persian Gulf and the Caucasus.

Active international politics

Georgian jurisdiction is also very appealing for manufacturing companies wishing to get duty-free import access for their products to the markets of countries of CIS, EU, EFTA, Great Britain, Ukraine, Turkey, China, Hong Kong. From the countries of the region, only Georgia has concluded free trade agreements with all of the above states. And Georgian companies certified “Made in Georgia” receive preferential terms for the supply of products to the United States, Canada and Japan.

In addition, Georgia has double taxation avoidance agreements with 56 countries.

Important features for a company in Georgia

In addition to the corporate account, a legal entity with non-resident founders will also need:

  • confirmation of the legal address – without this document, the House of Justice will not accept the application for registration;
  • accounting support – timely reporting (even in case of zero turnover) and payment of taxes will help to avoid tax sanctions and fines;
  • knowledge of the legislation and the Georgian language – all business communication with regulatory authorities, banks, as well as information in the personal account of the taxpayer, preparation of reports and payment orders for paying taxes is conducted in Georgian. Although many Georgians have a good command of the Russian language, it is unrealistic to effectively handle the management of a legal entity without knowledge of the Georgian language.

We would be happy to relieve many of the above drawbacks, with the help of our professional    accountants and lawyers, who are native speakers of the Georgian language, and can provide high quality support for the company.

And we can also assist you in setting up substance (economic presence). But nevertheless, we recommend conducting factual operations in Georgian jurisdiction so that local banks do not have suspicions or grounds for rejecting to provide services.

Step-by-step instruction

If you decide to register a company in Georgia with a corporate account in a local bank (there is also the opportunity to open an account in one of the payment systems or in a foreign bank), then the first thing you need to do is contact us at info@offshore-pro.info, after which: 

  1. Having reviewed your request, our consultant will get back to you for consultation and to discuss the details of cooperation.
  2. If you agree to our terms, we conclude a contract and you pay the cost of services in any convenient way, based on invoice.
  3. Our lawyer prepares the text of the power of attorney, constituent documents and coordinates with you every step along the way.
  4. You certify the power of attorney by notary and together with a notarized copy of your passport send to us in Georgia by international mail.
  5. After receiving the documents, our lawyer registers the legal entity and puts it on record with the Revenue Service.
  6. A corporate account is opened with a bank in Georgia.
  7. We send you all the key constituents of your legal entity, as well as tools for managing a bank account (payment card, passwords, password generator) to you by international mail.

The entire procedure takes up to 14 days to complete (after we receive the documents).

Regarding documents, if the founder is only an individual, then we need only a foreign passport. If the founder is a legal entity, we will be needing all the constituent documents, passports of the founders and directors.

Attention!!! In practice, it is easier and faster to open a corporate account in a Georgian bank, if there is only an individual among the founders of the company. 

If you are interested in the opportunity of a first-class solution for doing business that allows you to optimize the fiscal burden and provide a higher level of business security, write to us by e-mail: info@offshore-pro.info

What is the most popular form of business in Georgia?

According to Sakstat data, as of 01.04.2020 in Georgia, the most popular legal form of doing business is a limited liability company – 80,002 operating LLCs, which makes up 43.33% of all business entities.

What is the most popular form of business in Georgia?

According to Sakstat data, as of 01.04.2020 in Georgia, the most popular legal form of doing business is a limited liability company – 80,002 operating LLCs, which makes up 43.33% of all business entities.

What is the minimum number of founders in Georgia?

To set up a company in Georgia, it is sufficient to have at least 1 founder who should not necessarily be a citizen of Georgia. A citizen of any country can set up a company in Georgia.

How long does it take to register a company in Georgia?

Your entity in Georgia, even involving foreign founders, will be registered in 1-2 days, while the rest of the time will be dedicated to opening a corporate account.


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