Georgia in the Caucasus has earned its reputation as a strategic and historic trading center at the crossroads of trade and commerce between Asia, the West, Russia and the Middle East. Real bridge between these major geo-political groups, Georgia is ideally positioned to access these major markets and now benefits, thanks in particular to the DCFTA signed in 2015 with the EU, from direct access to a market of nearly one billion people. With its innovative and dynamic business culture, Georgia is very open to foreign investment, offering a welcoming environment for investors who intend to incorporate a company in Georgia, in any economic field.
Foreign businessmen who want to open a company in Georgia can select one of the company types that are prescribed under the country’s national legislation. The investors may choose between companies with limited liability, joint stock companies or partnerships. The partnerships that can be set up in Georgia are available as limited partnerships or general partnerships. Also, foreign companies may enter the local market by opening a subsidiary or a branch office and our Business Register Georgia lawyers can provide in-depth assistance on these business structures.
Investing in Georgia?
Foreign investors benefit from the same rules and regulations as domestic investors, whether Georgian or foreign, there is no discrimination! There are no restrictions as to the currency used, there are no obstacles for investors to conduct business activities in the country or abroad. Any investor can establish a company in Georgia.
Witch legal forms to set up a business in Georgia?
Entrepreneurs and companies can set up branches (Branch Office) in Georgia or choose among several legal forms when setting up their business, the LLC (Limited Liability Company) status being the most common. The four other most commonly used legal forms are the Joint Stock Company, Limited Partnership, General Partnership and Individual Enterprise (IE).
Steps to incorporate a company in Georgia
All companies must register with the National Public Registry of the Ministry of Justice of Georgia. To register, a company must provide its articles and by-laws or a shareholders’ agreement in which the founders can provide details of the management and the running of the company. The statutes must be presented to the National Public Registry for registration purposes and maintained on the company’s offices. For foreign companies, documents prepared outside Georgia will be translated, notarized and apostilled. Notarization is a stage of verification by a notary of all the documents of your company, ensuring their total legality. The apostille, for its part, is the certification of these documents by the Georgian government.
3 steps to register
- Pay the registration fee
- Register the company in the Public Register of Companies and register its articles of association in order to obtain a national identification number (and a tax registration certificate), it’s free of charge.
- Opening the bank account of the company in the bank of your choice, in the process, it takes less than 2-3 hour and costs is including in our service fee.
Can a company be opened from abroad without having to travel?
Yes, If the founders are not present when the company is registered, all these operations of opening and registering the company can be delegated via a power of attorney to the legal representative of your choice who will take care of all these administrative formalities. In addition, if a legal representative or the director of the company is not in Georgia to certify his signature sample with a local notary, it is necessary to send a duly authenticated signature sample. The application must be completed with signature samples of the future partners of the company as well as the signature samples of the persons authorized to manage the company and must be certified by a notary public. When registration is complete, the entrepreneur receives the certificate of registration and the founders of the business entity are automatically registered for tax purposes.
Open the bank account connected to the company?
You will also need to open a bank account that will be used for all business activities of the company and where the company’s capital will be deposited. The law in Georgia does not specify a minimum capital for a LLC. The procedure for opening the company’s bank account is very fast 2-3 hour is enough. The opening of a corporate bank account requires that the following documents are submitted to the bank: The company’s certificate of registration in the National Public Register; Copies of CI or passport of each person authorized to represent the company.