Georgia is a unique country located at the crossroads of Europe and Asia. Here, ancient traditions and modern life are intertwined in an extraordinary way, and the hospitality of the locals knows no bounds. Many foreigners dream not only of visiting this amazing country but also of settling here for an extended period. One of the most attractive ways to obtain a residence permit in Georgia is by establishing an individual entrepreneurship (IE).
Advantages of Opening an IE in Georgia
Opening an IE in Georgia opens up numerous advantages and opportunities for foreigners. Here are just a few of them:
- Simplified Registration Process. The process of registering an IE in Georgia is streamlined and takes only a few days. You won’t have to overcome bureaucratic barriers, as is often the case in other countries.
- Low Taxes. Georgia is renowned for its favorable tax system. The income tax rate for small business IEs is just 1%, which is one of the lowest in the world. The 18% VAT is not charged for services provided to foreign clients electronically.
- Opportunity to Obtain a Residence Permit. After registering an IE in Georgia, foreigners are eligible to obtain a residence permit valid for one year. This allows them to legally reside and work in the country.
- Convenient Geographic Location. Georgia is situated at the crossroads of trade routes between Europe and Asia, making it an ideal location for conducting business with international partners.
- Favorable Investment Climate. The Georgian government actively supports foreign investors and entrepreneurs by creating favorable conditions for doing business.
Process of Opening an IE in Georgia and Obtaining a Residence Permit
To open an IE in Georgia and obtain a residence permit through IE, you need to follow these main steps:
- Prepare Documents. You will need to gather the required set of documents, including a completed application form, a copy of your passport, a criminal record certificate, and other papers.
- Register the IE. This process can be done independently or with the assistance of a professional legal company. Registration takes a few days and requires the payment of a state fee.
- Achieve an Annual Turnover of GEL 50,000. To obtain a residence permit, you must demonstrate an annual turnover of at least GEL 50,000 from your IE.
- Submit Documents in Person in Georgia. You must submit the documents for a residence permit in person while you are in Georgia, no later than 40 days before the expiration of your visa or visa-free period.
- Wait for a Decision. The consideration of the residence permit application can take from one to several months. If the decision is positive, you will be issued a residence permit valid for one year.
It should be noted that the process of opening an IE and obtaining a residence permit in Georgia may vary slightly depending on the specific circumstances and requirements at the time of application. Therefore, it is recommended to seek the assistance of professional lawyers or consultants who can guide you through all stages and help avoid potential problems.
Living and Working in Georgia with a Residence Permit through IE
After obtaining a Georgia residence permit through opening an IE, foreigners can enjoy all the advantages of living in this hospitable country. Georgia offers a unique combination of ancient culture, stunning nature, and modern infrastructure.
IE owners have the opportunity not only to run their businesses in Georgia but also to work as employees in local companies. Many foreigners also choose Georgia as a base for remote work or freelancing, enjoying the low cost of living and excellent climate.
It’s worth noting that the residence permit in Georgia through IE needs to be renewed annually. However, as long as all requirements are met and necessary fees are paid on time, this process should not cause any difficulties.
Conclusion
Opening an individual entrepreneurship in Georgia as a small business is an excellent opportunity for foreigners to obtain a residence permit in this amazing country. With a 1% income tax rate and exemption from VAT when working with foreign clients electronically, Georgia becomes even more attractive for entrepreneurs. Don’t miss this chance!