Georgia Company Formation

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Georgia

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Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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Set up Company in Georgia

September 17, 2010, 12:57 pm
BridgeWest

 

Georgia's economy is based on tourism, wine culture, citrus and tea, exploitation of manganese and copper and recent investments have been made in metallurgy production, textile and chemical industries, but the Georgian business environment welcomes any new investments and the foreign entrepreneurs are treated as the domestic ones.

In order to set up a company in Georgia, the founders must comply with a small number of procedures, very well structured and easy to accomplish. The entrepreneur must provide the company documents, as charters or articles of association, as well as information on the shareholder or business participants.

A company in Georgia is considered legal and in function after the registration procedure is accomplished and this can be done through the Entrepreneurial Register.

 

Preliminary activities before registering limited liability companies in Georgia

There are several steps required before setting up a company in Georgia. These preliminary activities have the purpose of preparing the documentation for the registration with the Entrepreneurial Register.

In this sense, the founders of a LLC must provide the company documentation including charters, articles of association, legal address information and shareholders or members information. The documentation bears signatures of the managing members and is submitted to registration.

The entrepreneur must also open a bank account that can further serve for all the company’s commercial activities that will be operated.

The entrepreneurs shall also deposit in the bank account the company’s capital. However, the law in Georgia does not provide a minimum share capital to be deposited for a limited liability company.

Starting up the registration process also implies payment of the registration fee, which is a procedure completed in one day. The fee that must be paid is in amount of GEL 100 for regular registration, respectively GEL 200 for expedited registration.

 

Registering limited liability companies with the Georgian Entrepreneurial Register

The first phase required to set up a company in Georgia consists in the submission of a standard application for registration, containing information on the company, object of activity and other specific data. The documentation is submitted at the Entrepreneurial Register the members must submit

Along with the application, the members must provide specimen signatures of persons authorized to manage the company and the documents certifying the payment of the registration fee.

An official for company registration or a public notary must be present to certify the signatures of the partners and persons authorized to manage the company.

Since May 8 2008 a new procedure has been adopted, procedure by which the registration of the companies is finished on the same day or at least on the following day of filing.

When the registration is complete, the entrepreneur receives the certificate of registration and the founders of the business entity are automatically registered for tax purpose.

All they have to do is to fill an application containing certain information about the shareholders, partners and managing board along with the certificate of the bank account, legal address and articles of association or company charters.

A bank account must be opened after registration and the capital stated in the company’s articles of association must be deposited by the company’s members.

 

Registering a Georgian company from abroad

The state of Georgia is very open for foreign investment, offering a welcoming environment for investor who intent to set up a company in Georgia, in any economical field. Foreign investors benefit from the same rules and regulations as domestic ones and no granted preferential treatments are applied. There are no restrictions as to the currency used, nor is there any impediment for foreign investors to conduct commercial activities from abroad.

Any foreign investor may set up a company in Georgia by his own or has the possibility to hire a specialized agency to come in charge with all the bureaucratic activities.

 

How long does it take to form a Georgian company?

Georgia is one country where the incorporation procedure is accomplished by few steps in a very short period of time. Most of the activities are completed in two days, including registering for tax. Registration of the company at the Entrepreneurial Register takes maximum 2 day to complete, due to the recent ruling in the field.

 




Open Business in Georgia
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Company Formation in Georgia

Tbilisi

Georgia represents an attractive investment environment for foreign companies as the incorporation process takes a very short time, if all the requirements are fulfilled. Aside the easy incorporation process, foreign investors will be glad to know ... [More]