Opening an LLC in Georgia is an excellent way to start your business in a country with a favorable tax regime and simple registration procedures. Georgia offers many advantages for LLC registration, attracting both local and foreign entrepreneurs.
LLC Registration in Georgia
The process of LLC registration in Georgia is straightforward and takes only a few days. You will need to provide a minimal package of documents, including the company’s charter, information about the founders, and the legal address. After submitting the documents, you will receive the company’s registration number and be able to open a bank account.
Opening an LLC in Georgia
Opening an LLC in Georgia provides several benefits:
- Low taxes: LLCs in Georgia are subject to a 20% profit tax rate, which is significantly lower than in many other countries. Additionally, if services are provided to foreign companies electronically, no VAT is charged.
- Simple reporting: Reporting for LLCs in Georgia is relatively simple and does not require significant time and resources.
- Attractive investment climate: Georgia actively attracts foreign investment and creates favorable conditions for doing business.
- Access to international markets: Thanks to free trade agreements with the EU and other countries, LLCs in Georgia have access to large international markets.
- Opportunity to obtain a residence permit: After registering an LLC in Georgia, the company’s founders may be eligible for a residence permit in the country.
LLC Registration in Georgia
For starting entrepreneurs, it is recommended to first register as an individual entrepreneur (IE) in Georgia, as the process of IE registration is significantly easier than LLC registration. Opening a bank account for an IE is not a challenge. An IE with a small business pays only a 1% income tax.
After the business grows and expands, you can transition to LLC registration in Georgia. To open a bank account for an LLC, you may need a physical presence in the country, such as renting an office or hiring local employees.
Overall, starting with an IE and then moving to LLC registration in Georgia is an optimal strategy for those who wish to conduct business in a stable country with a favorable tax climate and access to international markets.