Tbilisi green free industrial zone – airport city in Georgia is the third future free industrial zone in Georgia. When it will be complete, the zone will provide workplaces for more than 1,000 employees and it will be a good base for companies engaged in the production of goods, construction as well as packaging services for various types of goods.
Georgia offers numerous investment opportunities for foreign investors and the free industrial zones (FIZ) are special areas where entrepreneurs can benefit from government incentives and support. Two other such zones are already operational and they are located in the cities of Poti and Kutaisi.
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Tbilisi green free industrial zone
Georgia is a country that offers great investment opportunities and welcomes foreign investors. The free industrial zones were created particularly to attract foreign capital and improve the business environment in the country.
The Tbilisi green free industrial zone is the third of these types of special areas that are created to provide benefits for investors. The zone is still in its project phase, however, when it will be completed, it will create new jobs for 1,000 employees in Georgia and it will produce approximately 25 million U.S. dollars in its first three years. The Tbilisi green free industrial zone will be dedicated to companies that produce and package goods.
The advantages of a free industrial zone
The most important advantage of the three free industrial zones in Georgia is that, within these areas, investors benefit from a very favorable tax regime. The beneficial tax and customs policies include:
– no property tax for companies incorporated in a FIZ;
– no VAT on foreign goods imported in the FIZ;
– no VAT for transactions between business entities incorporated in a special zone;
– no customs duty for exports from a FIZ within the country.
Business owners can set up any type of company in a free industrial zone. However, certain types of businesses, like hotels in Georgia, cannot be based in one of these areas. Other businesses prohibited from functioning within a FIZ are those engaged in the production of nuclear or radioactive agents or those that produce arms and other defense technologies.
Our company formation agents in Georgia can help you know more about the benefits for investors in the country. We can help you open a company in Georgia in the Poti Free Zone or in Kutaisi.
Contact our company registration agents in Georgia for more information about the policy for foreign investments.
Companies must also complete accounting obligations. Regardless of the accounting procedures (simple or complex) required for your business, they must always be completed with the assistance and the supervision of accountants in Georgia.
This is a legal requirement that is set out in the Law on Georgia on Accounting, Reporting and Audit (Article 4 – Keeping Accounts, paragraph 3 stipulates this obligation a legal entity will have).