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What are the main procedures that involve costs for opening a Georgian company?
Foreign investors who want to open a company in Georgia will need to pay specific incorporation costs and fees, imposed by the local authorities that will issue various certificates and licenses. The investors will also need to open a corporate bank account and the procedure will be imposed with a fee established by the bank with which the businessmen will choose to collaborate. Also, certain company documents will have to be notarized and the public notary in Georgia will request the payment of a fee. Certain procedures are not imposed with a fee and our team of specialists in company formation in Georgia can provide in-depth assistance on this subject.
Which are the main registration costs in Georgia?
When starting the procedure of company formation in Georgia, the investors will need to calculate the costs associated in this case, besides the overall value of investment, such as the company’s capital, renting a business office and other maintenance costs. As a general rule, all companies in Georgia, regardless of their legal entity, will need to pay the following:
- • registration fee – the cost of the registration fee is established at GEL 100;
- • opening a corporate bank account – the value of the fee ranges between GEL 10 and GEL 100, depending on the bank where the account is set up;
- • register with the Entrepreneurial Register – the procedure does not impose any fee;
- • obtain an identification number for the company – this procedure does not require the payment of any fee.
It is important to know that the registration procedure in this country can be completed in a fast manner and that it incurs small costs; our team of consultants in company registration in Georgia can provide in-depth assistance on this matter and can offer tailored advice, depending on the business form chosen for incorporation.
Businessmen are invited to address to our team of representatives in company formation in Georgia for in-depth advice on the notary fees imposed when notarizing the company’s statutory documents, such as the memorandum and the articles of association. Our agents can offer more details on other costs that can be taken into consideration when starting a business here.
Compared to other countries in its region and in Eastern Europe, Georgia has some of the lowest business start-up costs and many other benefits investors can obtain.
Therefore, this is why many investors arrive here to set up a company in Georgia. The costs are similar at a national level, but one can expect lower prices for cities and regions outside Tblisi, which is also not a costly destination.
As presented above, the registration fee is charged at a very low price, and after the investors will set up a business in Georgia, they can expect to pay corporate taxes which are charged at low values as well.
The corporate income tax is charged at a rate of 15% for most of the business activities, but a rate of 20% is charged starting with 2023 to companies operating in the financial services industry.
If you want to know more about the tax system currently applied here, we can refer you to our accountants in Georgia, who can present any tax regulation that can apply to a certain industry.
Our team can also assist you in the process of maintaining your books of accountants, and submit tax reports as per the applicable law (rules can vary based on the company type and size).