Georgia is a strategically located country, acting as the crossroads between Europe and Asia. The country has become a logistical transit hub between the two major economies, showing stable economic growth up until the Covid-19 pandemic, with strong signs of recovery post-outbreak. Apart from its strategic location, Georgia maintains strong foreign relations, developing bilateral ties with the European Union (EU), United States, and major eastern economies like China. Free trade agreements such as the Association Agreement and a Deep Comprehensive Free Trade Area with the EU incentivize foreign investors to register a company in Georgia. In this article, Tetra Consultants presents the 5 best businesses to start in Georgia in 2024.
#1 Real Estate Business
The real estate business is one of the best businesses to start in Georgia in 2023 due to various factors. Real estate in Tbilisi, the capital, is affordable, and property taxes do not exceed 1% of the property value. The business environment is open, with no restrictions on foreign ownership. Investors can enter this industry by purchasing real estate, becoming a building contractor, or acting as a real estate agent. The sharing economy, through platforms like Airbnb, also offers opportunities for investors.
#2 Tourism and Hospitality Businesses
The tourism and hospitality sector is another top business opportunity in Georgia. In 2019, the country received a record 9.3 million international visitors. Georgia’s natural beauty, diverse landscapes, and rich culture make it an attractive destination. The government has simplified visa requirements, improved infrastructure, and offered tax incentives for tour operators. Investment in tourism infrastructure, such as hotels and leisure facilities, is needed to rejuvenate the sector, especially post-pandemic.
#3 Self-Storage Business
Starting a self-storage business is a great opportunity in Georgia, where there is a product gap in this area. With millions of international tourists visiting annually, the demand for storage solutions is high. Offering flexible payment methods and capitalizing on increased tourism can make this business successful.
#4 Food Services Business
Opening a food and beverage (F&B) service specializing in authentic Georgian cuisine is a promising business with relatively low capital requirements. If you own a hotel or real estate property, offering food services to tourists can enhance your business.
#5 Agriculture Business
The agriculture industry in Georgia benefits from fertile soil and a favorable climate. The country produces high-value agricultural products like grapes and wine and exports them to major economies, including the EU, Russia, and China. Starting an agriculture business allows investors to tap into established trade routes to reach both western and eastern markets.
Conclusion
Engage Tetra Consultants for a smooth and hassle-free process in starting a business in Georgia. Our team provides a comprehensive service package, including planning, registration, documentation, licensing, bank account opening, and ensuring compliance with government regulations. Contact us to learn more about company registration in Georgia. Our experienced team will respond within 24 hours.
