The limited liability company is the most common form of business entity in Georgia. This is because limited liability companies have a less complicated organizational and management structure than the joint stock company and because of certain characteristics that are peculiar to limited liability companies. In contrast to other types of companies, the formalities required to establish and operate a limited liability company are much less complicated and expensive.
Attractive characteristics of a Limited Liability Company are:
- It can be established by a single founder;
- A founder can be a natural person or a legal entity;
- There are no restrictions regarding the number of directors; it can be managed by a single;
- Director or jointly by several directors;
- There are no requirements regarding authorized and paid-up capital.
Through our Company Formation Georgia lawyers, we are enabling the opening of a Limited Liability Company (LLC) in Georgia with the following services:
- Setting up the shareholders’ agreement
- Registration of the LLC in the local commercial register (company founding Georgia)
- Application of the local tax code
- Account Opening in Georgia
- Company headquarters in Georgia
A share capital is not payable for most business projects in Georgia.
An annual renewal of the company registration is not required; it is sufficient to register once in the commercial register.
Shareholders can be both natural and legal persons. A maximum of 50 shareholders are possible. There is no need for a local partner or trustee, foreigners can hold 100% of the company shares.
The last step before starting the actual economic activity is opening a bank account. The registration with the National Agency of the Public Registry lasts 1-2 days.
The most significant advantage of this type of company is that the members do not bear personal liability for the activities of the company.