Georgia company registration
To register company in Georgia is hassle-free, if you know how. With Tetra Consultants at the wheel, you will be able to dedicate your time and resources into other more important business channels.
With our lean-and-mean mentality, you can rely on our team of experts to provide you a seamless experience throughout the whole process of Georgia business incorporation. Our ultimate goal is for your Georgia business to be operationally ready within 5 weeks.
Our service package includes everything you will require to set up business in Georgia:
- Company registration with National Agency of the Public Registry
- Local company secretary and registered address
- Opening local or international corporate bank account
- License applications (if required)
- Annual accounting and tax services
How long does it take to register Georgia company and open corporate bank account?
- To register company in Georgia takes around 5 business days after receiving all required due diligence documents of directors, shareholders and beneficial owners. Tetra Consultants will register the business without requiring you to travel to Georgia.
- If you are keen to know more about the process, Tetra Consultants has prepared a step by step guide of all steps required for Georgia business incorporation.
- After the business is registered with National Agency of Public Registry, Tetra Consultants will open a multi-currency corporate bank account for the newly-established business.
- Depending on the intended business activity, Tetra Consultants will systematically secure banking solutions with either a reputable local bank or international bank. Within 4 weeks, you can expect to receive the corporate bank account numbers and internet banking access.
- Consequently, you can expect to start operations and issue invoices with your Georgia business within 5 weeks upon engaging Tetra Consultants.
- For our international clients who are in the financial services industry, the business may require to apply for financial licenses before you can legally begin operations.
What types of companies are there?
Georgia is strategically located between the borders of Europe and Asia. Coupled with the fact that the country has signed multiple Free Trade Agreements (FTAs) with the EU and China, many investors are choosing Georgia. By registering a Georgia business, you will be able to enjoy access to the European and Chinese markets.
Georgia offers different types of business entities for you to choose from. This includes Limited Liability Company (LLC), partnerships, free zone companies and branch offices. Each business entity caters to different types of business activities.
Prior to Georgia business incorporation, Tetra Consultants will fully understand our client’s business model before recommending the most suitable business entity. Some considerations we take into account include the type of business activity, tax obligations as well as potential personal liability.
Limited Liability Company (LLC)
- Limited liability company is the most common business entity for foreign investors who are planning to register business in Georgia. Unlike other business entities, the limited liability company structure is a straightforward and fully independent legal entity.
- As such, shareholders are not personally liable for any business’s debt and liability is limited to share capital. Hence, for most business activities, Tetra Consultants will recommend you to set up a limited liability company.
- According to the National Agency of the Public Registry, a tax resident limited liability company has minimal requirements. The requirements include:
-
- 1 shareholder of any nationality
-
- 1 director of any nationality
-
- Local registered office address
-
- No requirement for paid-up share capital
-
- Company’s capital has to divided into shares which cannot be offered to the general public
-
- Business can be set up by natural persons or by other legal entities
- If you are looking to register a Georgia business in the financial industry, you will be required to register a limited liability company. Depending on the license you require, you will be subject to a higher capital requirement.
- This list of LLC companies in Georgia includes MagtiCom and Rustavi Steel.
Partnership
- An alternative business entity to choose when setting up business in Georgia is Partnership. There are two types of Partnerships in Georgia, namely General and Limited Liability Partnership.
- General Partnership involves two or more partners carrying on business under the same name and are personally liable for their own incomes or debts.
- Limited Liability Partnership involves two or more partners with varying roles in the business, such as the general partner and silent partner(s). General partner has unlimited liability and is entitled to make any business decisions while a silent partner has limited liability and decision-making power within his own extent of contribution.
- Tetra Consultants will recommend you to set up a LLP if you are planning to set up a local law firm or accounting firm or audit firm. Otherwise, LLC will be the go-to option.
Joint Stock Company (JSC)
- Joint stock company (JSC) is a business with shares registered at the Georgian Stock Exchange. Incorporation only requires one founder and there is no minimum share capital. Shareholders have to decide on an authorised capital but are not personally liable for the business’s losses or debts.
- No contribution is required at time of incorporation. The business has to be registered by an independent register if there are more than 50 shareholders and a supervisory board will be appointed if there are more than 100 shareholders or if licensed by the Financial Monitoring Agency.
- Shareholders can conduct general meetings for major planning while directors will be in charge of daily operations.
Free Zone Company
- Free Zone Limited Liability Company is a limited liability company situated in one of the three free zones in Georgia, namely Poti Free Industrial Zone (Poti FIZ), Tbilisi Free Zone (TFZ) and Kutaisi Free Industrial Zone.
- Companies registered within the zone can enjoy beneficial taxation exemptions such as corporate tax, import and export tax, property and real estate tax and full VAT exemptions for overseas goods imported into the free zone.
Branch office
- A branch office is an extension of the parent company that is planning to establish a presence in Georgia. As such, the parent company is fully accountable for all liabilities incurred by the Georgia branch office.
- In addition, there is no limit in the amount of investment or ownerships. However, It is mandatory to appoint a local registered agent/secretary.
How to register company in Georgia?
Step 1: Choosing an optimum business structure
- Prior to company formation, it is essential to choose the correct type of company. Tetra Consultants will advise you on the most optimum business entity to suit your needs. Generally, the most common type of company in Georgia is the limited liability company, which is also known as a company limited by shares.
Step 2: Reservation of company name
- Tetra Consultants will assist you in reserving a company name with the Georgia Corporations Division, whereby the Secretary of State will perform a thorough name search.
Step 3: Corporate bank account opening
- After reserving your company’s name, Tetra Consultants will then proceed to open a corporate bank account for your company. There is no minimum paid-up capital required for most banks. Some examples of reputable banks in Georgia include TBC Bank, Bank of Georgia and Finca Bank.
Step 4: Preparation of documents
- Tetra Consultants will register your business in Georgia with the Entrepreneurial Register, a procedure which is done through the National Agency of the Public Registry. The necessary documents for company registration in Tbilisi, Georgia are the following:
-
- The company’s charter.
-
- Application which contains the name of the business, the legal entity of the business, registered business address, the amount of share capital and documents for naming each member of the supervisory board and management board.
-
- The application must be duly signed and notarized at a public notary. Once the documents are signed, the application is submitted to the National Agency of the Public Registry together with proof of payment of the registration fee.
Step 5: Tax Registration
- Upon successful registration of your company, Tetra Consultants will assist you in obtaining an identification number, a certificate of state and tax registration.
- Tetra Consultants will then proceed to complete tax registration of your business in the Revenue Service of the Ministry of Finance of Georgia.
- We will also assist you in registering your business as VAT payer, which is mandatory if you expect your business’s annual turnover to exceed 100,000 Georgian Laris, produce or import excisable goods.
Businesses that started in Georgia
The competitive economic environment of Georgia provides a fertile ground for both large and small business organizations. This list includes notable businesses with primary headquarters located in Tbilisi, the capital of Georgia.
- Silknet JSC (Fix and Mobile Telecommunications)
- TAM Management (Aerospace)
- JSC RMG Copper (Integrated oil & gas)
- Telasi (Conventional electricity)
- Wissol Petroleum (Exploration & Production)
Types of business licenses in Georgia
According to your business activity, you are required to apply for the appropriate licenses in addition to the general business incorporation documents. Special permits and licenses for doing business in Georgia are required only for companies whose activities will be related to medicine, construction, communications, gambling, energy, security and etc.
Some examples of business licenses in Georgia include:
- General Manufacturing License
- General Trading License
- Special Trading License (restricted to certain types of activities)
- IT production/Service License
- Consulting License
- General Service License
- Financial Service License (including Banking)
- Warehousing License
- Logistics License
Why choose to register company in Georgia?
As Georgia is hailed as one of the most ideal jurisdictions, doing business in Georgia is popular among foreign investors. Prior to Georgia business incorporation, it is important to understand the business landscape of the jurisdiction. This is to ensure that your newly established entity will be able to safely and legally conduct business, while striving towards your long-term business goals.
Political
- According to Transparency International, Georgia Corruption Perceptions Index was ranked 56th worldwide in 2020.
Economical
- Georgian LARI is the official currency of Georgia.
- The corporate tax rate in Georgia is 15%. In addition, businesses can enjoy tax exemptions for payroll, social security contributions and wealth or insurance.
- Georgia currently holds over 50 Double Taxation Avoidance Agreements (DTAAs), preventing double taxation during the import-export process.
- According to the Global Competitiveness Report published by the World Economic Forum, Georgia was awarded a score of 60.61%. As such, Georgia is ranked the 74th most competitive country across the globe.
Social
- Georgia boasts a literacy rate of 99.4%. However, Georgia is ranked bottom three in terms of English proficiency in Europe.
- Georgia has a population of 11 million, which is relatively low in Europe. As such, there is a very small domestic market for sectors such as tourism and manufacturing.
Technological
- Georgia is home to plenty of businesses in the financial industry. Over the years, the government has introduced multiple financial licenses including forex brokerage license, insurance license and asset management license.
Legal
- According to the latest annual ratings given by the World Bank, Georgia is globally ranked 7th in terms of ease of doing business, due to minimal legal requirements needed.
- The official language in Georgia is Georgian. As such, the business documents and government letters are in Georgian. Tetra Consultants will ensure that there is minimal miscommunication despite the language barrier.
Environmental
- According to the Environment Performance Index, Georgia is globally ranked 94th.
Find out more!
Contact us to find out more about how to start a business in Georgia. Our team of experts will revert within the next 24 hours.
FAQ
Do I need to register my business in Georgia?
- All Georgian legal entities, including new business, must be registered with the National Agency of the Public Registry (Georgia company register) subordinated to the Ministry of Justice in Georgia.
How do I look up a business name in Georgia?
- You can look up and verify company name on the website of the National Agency of Public Registry, which contains all publicly available information on the directors and owners of the Georgian companies.
- It is advisable to check the availability of a business name to avoid potential disputes.
How much does it cost to register a business in Georgia?
- The total engagement fee that you will be required to pay will depend on the services you require from Tetra Consultants. This total fee includes the cost of starting a business in Georgia which depends on the type of business entity, business activities, and more. We will further discuss this with you before we start the registration process.
- There is no need for Georgia company registration renewal as business registration in Georgia is indefinite and there are no annual renewal fees or procedures.
How long does it take for an LLC to be approved in Georgia?
- The incorporation of LLC in Georgia is quick and it usually takes 5 business days.
How do I trademark a name in Georgia?
- Foreigners must be represented by a registered Georgian trademark attorney to provide legal advice and perform a trademark prosecution in Georgia. Additionally, all the negotiations with the Sakpatenti officers have to be done in Georgian. A trademark in Georgia is valid for 10 years from the date of registration and can be further renewed every 10 years. There is a grace period of 6 months after the expiration date during which the trademark renewal may still be requested upon payment of a late renewal additional fee.
What is my Georgia tax ID number?
- After the incorporation of your business in Georgia, you are assigned a unique and permanent identification number. Your Georgia tax ID number is the 9-digit identification number assigned by the registering body defined by the Georgian legislation (Public registry).
How to register my business name in Georgia?
- A business name has to conform with the requirements set out by the National Public Registry of Georgia. Search for a suitable business name and register it with the National Public Registry of Georgia.
- The business name should have an ending indicating the form of the business.
- The total engagement fee that you will be required to pay will depend on the services you require from tetra Consultants. This total fee includes the cost of starting a business in Brazil which depends on the type of business entity, business activities, and more. We will further discuss this with you before we start the registration process.
- There is no need for Georgia company registration renewal as business registration in Georgia is indefinite and there are no annual renewal fees or procedures.
