How to incorporate company in Georgia?
Before you choose to incorporate company in Georgia, Tetra Consultants advises you to read through this guide to fully understand the steps required for successful incorporation.
Simply put, we can break down each engagement into four different phases:
- Planning & strategy
- Bank account opening
- Staying compliant
As a summary, you can expect to own a Georgia company and corporate bank account within 5 week.
If required, Tetra Consultants will assist with securing Georgia financial licenses.
Strategy & planning
- Tetra Consultants will recommend the most suitable business entity depending on your business goals and activities. Before the start of the engagement, Tetra Consultants will advise on the optimum paid up share capital, regulatory requirements, corporate tax rates and suitable banks to open a bank account with.
- Tetra Consultants reserves your preferred company name with the Georgia Corporations Division. Prior to company registration, you will be provided a local registered office address and company secretary to meet the mandatory requirements.
- Tetra Consultants will serve as the contact person between Georgian authorities and you. You will be appointed as the directors and shareholders of this newly-established company.
- After our legal team has drafted the incorporation documents, Tetra Consultants will submit the same to the Georgia Corporations Division. Some of these documents include articles of association, business plan and shareholding structure.
- These documents will be drafted in both Georgian and English to ensure no miscommunication between you and the local authorities. You will not be required to travel throughout the whole incorporation process.
- On average, company incorporation will be approved within 5 business days. Once the company is incorporated, Tetra Consultants will send the Certificate of Incorporation, Memorandum & Articles of Association and other corporate documents to your preferred address.
Bank account opening
- Our banking team will secure a corporate bank account with either a local Georgia bank or a reputable international bank outside of Georgia. This ultimately depends on your long term business goals and purpose of transactions.
- Tetra Consultants will advise you on the different requirements and tax obligations of each bank and jurisdiction.
- Georgian banks may require your to travel to Georgia for a face-to-face interview. If required, Tetra Consultants will request for the interview to take place using video conference call instead. In the event this is a mandatory requirement, Tetra Consultants banking team will accompany you to the bank meeting in Georgia to facilitate communication.
- On average, the corporate bank account will be opened within 4 weeks.
- Tetra Consultants will courier the internet banking token and access codes to your preferred address. See this webpage to find out more about corporate bank account opening for Georgia companies.
- You can be confident you are in the best hands when Tetra Consultants undertakes your Georgia company’s accounting and tax services.
- Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns and bookkeeping on your behalf.
- Tetra Consultants will complete all annual filings and tax returns for your company before the stipulated deadlines set out by the government.
- If you are looking to secure financial licenses in Georgia, Tetra Consultants will project manage the license application from start to end. Our team of experts will assist you to meet all requirements before submitting a quality application to the National Bank of Georgia
- On average, Georgia Forex license application is approved within 2 months upon submission.
Contact us to find out more about how to incorporate company in Georgia. Our team of experts will revert within the next 24 hours.
Why should I incorporate my business in Georgia?
- Georgia is an excellent example of a jurisdiction that makes establishing an offshore business a quick, simple, and low-cost process. It is expanding at an unprecedented rate as a tax haven jurisdiction, with a good entrepreneurial ecosystem and outstanding potential.
What are the types of company can be set up in Georgia?
- Georgia offers different types of business entities for you to choose from. This includes limited liability companies (LLC), partnerships, free zone companies, and branch offices.
What are the minimum requirements to set up a Georgian LLC?
- A limited liability company structure is a straightforward and fully independent legal entity, therefore, it is the most preferred form of a company by the foreign investors as it has minimal requirements of a shareholder of any nationality, a director of any nationality, a local registered office address.
- In addition, the company’s capital has to be divided into shares that cannot be offered to the public and along with the benefit that business can be set up by natural persons or by other legal entities and no requirement for paid-up share capital
How much does it cost to incorporate a business in Georgia?
- Depending on the services you need from Tetra Consultants, the total engagement fee will differ. Our services include planning and strategizing with your company, assisting you in the incorporation process, ensuring that you are compliant, and more. This total fee includes the registration fee charged by the Georgian government.
Is Georgia a good place to register a business?
- Yes, Georgia is frequently regarded as the greatest country in the world to invest in, and registering a corporation in Tbilisi for the reasons to be considered as it takes only a few days of formation, there is no minimum capital need, a single member can own multiple properties, there are no additional requirements except that you’ll need a registered address.
- In addition, a company’s registered office does not have to be a commercial space. A rental property can also serve as the registered office if a NOC is obtained from the landlord. Moreover, there is no CFC (controlled foreign corporation) regulation in effect.
What are the documents required to start a company in Georgia?
- To proceed with company registration in Georgia, for a start, you are required to provide the notarized passport copy, proof of address, CV, and proof of income of the individual director and shareholder of the Georgian company.
- If the shareholder is another entity, we will require the Certificate of Incorporation and Memorandum and Articles of Association of the corporate shareholder.
- Once Tetra Consultants receives the above, we will review the documents and provide you with an updated due diligence checklist with the list of outstanding documents.