One of the best ways to invest in and obtain Georgian residence is registering a company. Georgia is one of the leading countries in economic reform, according to World Bank statistics. Georgia also ranks fifth in the world in terms of ease of issuing business licenses (Modified rank).
It may be interesting to know that the ownership of Georgian companies is free for foreign nationals and investors and there is no restriction on their registration for private companies in this country.
Currently, it is possible for foreign companies in Georgia to open profitable accounts and to exempt investors from import duties and customs taxes. Foreign nationals have the right to own movable and immovable property and, if presenting registered documents, can transfer any amount of currency derived from economic activity.
A few basic tips for registering a company in Georgi
The name chosen when registering a company in Georgia indicates the type of activity. The privilege of obtaining a residence permit and registering a business in Georgia has not been delegated to any person or company, so individuals can easily do their job with the help of a skilled translator.
The company registration time is one to three business days.If the company is registered through legal representation, it will be charged initially. The fee is for opening a bank account, translating the passport, registering the company and all related services.
Prior to any cooperation, both the executor and the employer must sign the contract form.To start any business in Georgia, even the smallest business or home business, you first need to register a company.
So before you start any business as an employer or owner, you must first obtain a business license through company registration.
Types of company registration in Georgia
- Company with Limited Partnership (LP)
- Limited Liability Company (LLC)
- JSC International Holding Company Public Stock
- Joint Stock Company (JSC)
- Co-operative Company (CO)
- Business Partnership Company (BP)
- Individual Investment Company (IE)
Below we explain each type of company:
Limited Partnership (LP)
In a limited partnership company, several individuals jointly carry out independent entrepreneurial activities under the name of a company. In limited partnerships, the liabilities of one or more partners towards creditors are limited to their fund in the company.
While other partners are personally liable for organization debt.In general, company registration and residence in Georgia are two separate categories, and it isn’t like to gain the residence only toward the company registration.
Apart from registering a company in Georgia there are other ways to obtain a residence permit. It should be noted that those who wish to obtain residence in Georgia by registering a company must pay tax to keep their company active. Obviously, without paying taxes, their company is not active.
Limited Liability company (LLC)
The most common type of company registration in Georgia is a limited liability company covering a wide range of jobs and businesses. A limited liability company is a legal business entity whose liabilities to its creditors are limited to its existing assets.
A limited liability company can be established by one person or several partners. Its capital is divided into shares, and unlike for the partners of the corporation company, it is not possible to issue new shares.
Usually companies registered in Georgia are of multipurpose type (General Trading). Multipurpose means that with a business license you will be able to start all kinds of jobs like coffee shop, cafe, car wash, etc., except for businesses that are directly related to the Georgian community health.
Companies such as: construction of medical offices, dentistry, pharmacy, production and distribution of medicine, radiology, medical laboratory, etc. are companies related to healthcare. You need a separate license from the Georgian Ministry of Health to register these types of companies.
International Holding Company (JSC) (International Holding)
Holding is a legal entity that is recognized as an investment company in any field and its capital is divided among the board of directors. These shares are related to the holding of the Company, the rights and obligations of the Company to shareholders.
A corporation’s debt is limited to its total assets and its liabilities to its creditors are limited to its existing assets. Shareholders are not subject to the obligations of the corporation.
Joint Stock Company: (Join Stock Company) (JSC)
A joint stock company is a legal entity whose capital is divided into equal nominal amounts. These shares are referred to as a collateral that guarantees a shareholder’s claims regarding the assets of the corporation, the rights and obligations of the shareholders and the corporation against each other. The debt of a particular joint stock company is limited to its total assets.
General Participation (GP)
Public Partnership is a company in which several partners carry out continuous, independent entrepreneurial activities under the name of a company. The founders are personally responsible for all debts of the company.
Cooperative company (CO)
A cooperative is a company set up to develop joint business and increase the profits of its members. The cooperative aims to serve the interests of its members. The cooperative, which is one of the types of companies registered in Georgia, was not created for profit, but was created to do more teamwork with a view to employment. The company is responsible to its creditors as much as its assets.
Business Partner (BP)
A partner or a partnership is the aggregation of two or more individuals (real or legal entities) who assign joint liability to creditors as joint debtors and have unlimited personal obligations. The amount of each partner’s responsibility for another one is set up in the form of a partnership agreement. A business partnership is a type of company registration in Georgia that is not a legal entity.
Individual Entrepreneur (IE)
As the owner of an enterprise, the entrepreneur is a natural person who does entrepreneurial activity. In legal relations such a person must act on his own behalf. An individual entrepreneur is not an entity.
An individual entrepreneur is exercising his rights and fulfilling his obligations as a natural person. He is also personally liable to creditors for all obligations arising from its entrepreneurial activities.
A few very important tips for registering a company in Georgia
As people have recently taken advantage of our compatriots’ ignorance and created problems for the Iranians and the Georgian government, we need to give you brief advice on issues related to registering a company in Georgia and obtaining Georgian residence permit.
Knowing these tips will make you less likely to profit.
- The person who is going to register your company in Georgia should have legal personality. This means you can get the services of registering a company in Georgia and getting a Georgian residency through a company registered in Georgia. This way you can track it if any abuse occurs.
- Ensure that the materials provided by the consultant are accurate. Some of the lucrative people draw from Utah Georgia to draw your attention, and describe the procedures for registering a business in Georgia and residing in Georgia very easily.
- The company you outsource your business to in Georgia and register your company in Georgia needs to be reputable and have sufficient expertise and documentary knowledge to be able to chart a truly realistic situation for you in Georgia. You can ensure this through face-to-face negotiation.
- If you do not have sufficient knowledge of the situation in Georgia, it is advisable to consult and contract in Iran to be sure of registering your company in Georgia and obtaining a residence permit. Since any important action requires information and economic planning, consulting a consultant or a lawyer who has complete and accurate information within the legal framework of company registration can be of great benefit to you.
