Incorporating in the tax-free zone of Georgia with remote opening of a corporate account
It is possible to open a company remotely in the Free Industrial Zone of Georgia with a corporate account. You will not be required to visit Georgia personally to get involved in the preparation of documents and communication with managers. We will take care of all the documentation exchange and negotiation procedures, and you will receive a ready instrument which is effective and most importantly – necessary for doing business on an international scale, without leaving home. You will be able to almost immediately notice the actual effectiveness of doing business in the Georgian FIZ, particularly – given the opportunity for tax savings, low cost of banking services, lack of restrictions on international transactions and high confidentiality, which will enhance your business efficiency and have you better prepared for a possible economic crisis.
Attention!!! If you are interested in the possibility of benefiting from tax optimization with minimal time and resources, contact us straightaway, at email@example.com or get in touch via online chat and we will promptly answer your questions.
Incorporating in the FIZ of Georgia or a fast way to tax optimization
The Georgian government’s decision to establish a Free Industrial Zones was a prudent one. Indeed, with companies almost fully exempt from taxation and favorable conditions established for export-oriented businesses, it is not surprising that there is shortage of spaces in some FIZs and the government has allowed the use of storage facilities outside of tax-free zones for doing business. In turn, foreign companies, having established production in FIZ, pay a license fee and provide employment for the local population.
We recommend that you do not to waste time and resources to transfer production to Georgia, but to take the opportunity to remotely set up a company in a Free Economic Zone with a bank account or an account in an international payment system. To this end, let us explore the FEZs concept a little further.
Who is eligible to incorporate a company in the Georgian FIZ
One of the advantages of tax-free zones is virtually full absence of any restrictions. Within the FIZ territory companies created or jointly owned by both foreigners and Georgians in any form can operate on equal footing.
The following entities/individuals can register a company in the FIZ of Georgia:
- Legal entities and/or individuals;
- Residents and/or non-residents.
In other words, foreigners will not encounter any practical difficulties and restrictions when doing business through a company in the Free Industrial Zone of Georgia.
It is best to conduct activities in the form of a limited liability company. This form of economic activity is almost similar in parameters with the relevant organizational structures both in Ukraine and in Russia. It is distinguished by the simplicity of registration and administration, as well as the absence of requirements for authorized capital (you can start from as low as 1 lari).
Incorporating a company in the FIZ of Georgia: tax advantages
The main purpose of registering a company in the tax-free zone of Georgia is to minimize taxation burden. And for the exporters this is absolutely possible. After all, FIZs are primarily targeted to them. When doing business in Georgia through a company registered in a tax-free zone, expenses are reduced due to the following factors:
- export earnings are not subject to corporate income tax (15%);
- dividends and interest paid by enterprises in FIZ are not taxed (5%);
- the purchase of goods and services within the FIZ is not subject to VAT (18%);
- no property tax (up to 1%);
- no tax on imports from other countries (up to 12%);
- no tax on exports to other countries (up to 12%);
- no pension contributions withheld from the salaries of non-residents (2%).
Thanks to the foregoing, the fiscal burden is reduced, and a significant part of the profit is retained. And this is a good reason to think about registering or buying a “turnkey” company in Georgia.
Other benefits of remotely incorporating a company in an FIZ in Georgia
Creating a company in the tax-free zone of Georgia remotely means that the businessman will manage it remotely. And all conditions for the success of such a remote enterprise are provided, namely:
- affordable banking services;
- a developed systems of remote access to accounts (mobile and Internet banking);
- personnel in banks are fluent in Russian and English;
- lack of currency control and freedom of payments in any currency;
- loyal banking compliance;
- lack of requirements to hire specifically Georgian citizens;
- Georgia not among the countries participating in the automatic exchange of financial data.
Such conditions allow foreigners to redirect cash flows to the tax-free zone and effectively manage them without actually transferring production.
How to register a company remotely with a bank account in Georgia
You will need to follow several simple steps in order to establish a company in Georgia to remotely manage your business with the help of Offshore Pro Group professionals:
- Email us at firstname.lastname@example.org by online chat.
- Our manager will contact you to discuss the terms of cooperation.
- Send scanned copies of documents by e-mail.
- Pay the cost of services – 6 000 USD using any method convenient for you.
- Our lawyer will prepare the text of the power of attorney and constituent documents, having previously agreed them with you.
- You send us the notarized power of attorney and a set of documents.
- Our professional team registers the company and opens an account with a Georgian bank.
- A full package of documents, passwords and everything for remote access to a corporate account.
If you are interested in registering a company in Georgia in a tax-free zone with a corporate account remotely, write to us by e-mail: email@example.com and you can rest assured that you will be provided the best professional advice and comprehensive support.
Tags: #FIZ Georgia #Registration of companies in Georgia