Registering an individual entrepreneur in Georgia is quite simple, but what should you do if you decide to cease your business activities? In this article, we will discuss how to close an IE in Georgia and what steps need to be taken.
Benefits of Registering an IE in Georgia
Before moving on to the closure procedure, it is worth reminding you of some of the advantages of opening an individual entrepreneurship in Georgia:
- Low tax rates – only 1% of turnover for small businesses and 3-5% for large ones.
- Simple registration procedure and ease of doing business.
- Ability to hire foreign employees without hindrance.
- Stable economic and political situation in the country.
- Advantageous geographical location for trade.
Reasons for Closing an IE
There are several common reasons why entrepreneurs decide to close their IE in Georgia:
- Unprofitable business or lack of profit.
- Unwillingness to continue operations for personal reasons.
- Moving to another country and inability to run a business from abroad.
- Changing the direction of activity or form of doing business.
Procedure for Closing an IE in Georgia
The procedure for closing an individual entrepreneurship in Georgia is quite simple and does not take much time, provided there are no outstanding liabilities or obligations.
Step 1. Filing an Application with the National Agency of Public Registry
The first step is to file an application with the National Agency of Public Registry of Georgia to terminate activities as an individual entrepreneur. This can be done in person by visiting one of the agency’s branches or remotely by providing a notarized power of attorney to your representative in Georgia.
Step 2. Consideration of the Application and Decision
After receiving all the necessary documents, the agency staff will review your application. In the absence of any obstacles, your IE will be closed within one working day.
Conclusion
As you can see, closing an individual entrepreneurship in Georgia is a fairly simple and quick procedure that does not require much effort. The main thing is to timely settle all outstanding liabilities and submit properly executed documents. After that, you will be able to calmly terminate your activities as an IE and focus on new projects or simply enjoy life.