Home Company Formation Who one can be granted Virtual Zone Status right after setting up an LLC in Georgia?

Who one can be granted Virtual Zone Status right after setting up an LLC in Georgia?

by ads.georgialegalservice
Who one can be granted Virtual Zone Status right after setting up an LLC in Georgia 2021

There are no restrictions on this. No minimum capital, no special proof required for this status. All you are required to have is an active company in Georgia and that’s It. Any foreigner can apply for It. Did you know you can establish a company and claim your tax-free status even without visiting Georgia?

How Easy It is to be granted Virtual Zone TAX-Free It zone status?

I would say, it is pretty much easy. All the applications filed by us were successfully completed. No application has been rejected so far. The Status is granted by the LEPL Financial Analytical Service within 10 working days from submission of the application.
The applicant shall be sent an electronic certificate to confirm that the status is granted.
The Status of the Virtual Zone is permanent.

What are the costs associated with maintaining the Status?

There are no maintenance fees. The status is permanent.

Am I obligated for Tax Reporting if I have a Virtual Zone Company in Georgia?

Well, yes you are! Any business that is setup in Georgia needs to do so. You need to meet Georgian Tax Requirements, However, for service type companies there are some reasonable accounting offers out there.

Should I visit Georgia or Be in Georgia to open and Maintain a Georgian Tax-Free Company?

Neither of It! Opening a company in Georgia is pretty simple. It takes 2 working days only. Process of Company Formation can be completed remotely as well. Setting up a company remotely in Georgia is nothing complicated. However, opening a bank account can be sometimes a tough procedure.

Can I open a Georgian company and have non-Georgian, International Customers?

Yes! However, make sure to collect base documentation for accounting transactions. Base documentation is usually Invoices and Receipts.

What are the after-company setup Requirements in Georgia?

There is no minimum capital requirement.
No Requirement to hire
Not required to operate an office, though you must have a registered address to establish a company
No requirements and expenses at all. The only requirement thing will be to comply with taxation and accounting requirements and cooperate with revenue house
What is the maximum amount of dividends so as not to exceed 5% Dividend tax for virtual zone status in Georgia?
Actually, there is no such limit imposed. Hence, It does not matter how many Invoices you have or dividends you pay out, you still pay 5% on dividend tax.

Do dividends from abroad have to be paid to the LLC in Georgia into my personal account in Georgia?

No, there is not such an obligation. You can transfer dividends to your foreign bank account if you wish.

Declaration of dividends, they are to be made monthly? Do you do it, is it possible to do it from abroad, and what are the steps to make these declarations.
The status of the virtual zone does not remove the obligation of accounting and taxation for your LLC. Actually, the only requirement after company formation in Georgia you have is to meet accounting and taxation requirements. You. need internal bookkeeping in place as well as tax reporting. Our company does offer this support after incorporating your LLC for quite a reasonable price, I would say.

Can I get virtual zone status in Georgia in 2021?

So now it’s 2021 and I have been asked quite a few times, is it still a thing? Can I still get virtual zone status to benefit from simplifies taxation for my IT business as a foreigner? The answer is going to make you happy since I am going to tell you that virtual zone is still a thing in 2021. It works in 2021 still. You can still register your company in Georgia easily in 2021 and claim special taxation and optimize your taxes.

How easy it is to open a virtual zone company in Georgia?

Is it as easy as it was before in 2021 to open LLC in Georgia and claim the virtual zone status? that’s the next thing I have been asked few times. It is still easy. I still have a success rate of 100% of opening virtual zone companies in Georgia for my clients, however, it’s slightly different, a little bit more complicated. If before they would grant the status for IT business without any further due, to basically everyone who would apply, now they may ask you additional document – agreement/contract with your clients. Luckily, your client does not have to be Georgia, neither the contract should be any sophisticated one. Once you reply, they accept any agreement, any simple one, and does not matter where is your client located.

 

Contact our legal advisors in Georgia. and we will help you register a business in Georgia online.

 

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