The Georgian Government enacted regulations and taxes regimes attractive for foreign investors, as the Georgian market has the potential of economic growth due to its perfect location, situated at the shortest access way from Europe to Asia. Georgia is actively seeking to enhance European business and social values and, in 2014, it had signed the Deep and Comprehensive Fee Trade Agreement, that had opened that way to Euro-Atlantic integration. If you are interested in opening a company in Georgia, our company formation agents can offer you important details on the characteristics of theeconomy.
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Trading sectors in Georgia
The most representative trading partners for Georgia are the European Union and Turkey. Import and export activities have improved in the last years, with an increase of 5% in foreign trade in 2014, compared with the previous year. The volume of imports increased in 2014 by 7%, accounting a total value of $ 5.7 billion. If you want to register a company in Georgia in the field of trading, you should know that the most profitable import – export industries (at the level of 2013) were the following:
1. In terms of exports, which accounted for a value of $ 3.45 billion, the top industries were:
• crude petroleum;
• copper ore;
• various types of nuts.
2. The import market was comprised of:
• refined petroleum;
• petroleum gas;
The total value of the imports raised to the value of $ 8.4 billion.
In terms of exports, the main trading partners of Georgia are: Azerbaijan, Bulgaria, Armenia, Ukraine and Russia. The top import partners are: Turkey, Russia, Azerbaijan, China and Ukraine.
The Georgian market exports 120 products with a revealed comparative advantage, meaning that the exported products and goods have exceed the share the country typically has for those specific products.
If you are interested in company formation in the trading field, please contact our company formation agents in Georgia, who can offer you an in-depth presentation on the economic environment and business opportunities available here.
We invite you to address to our consultants if you want to start a company in Georgia in the trading industry. We can, of course, provide legal representation if you want to register a business in any other industry.
Georgia is an attractive business destination, which benefits from a simplified incorporation procedure, far simpler than the one imposed in other countries.
Concerning this matter, it is important to know that if you will start a business in Georgia you will benefit from one of the most efficient registration systems, the 2nd at a global level, according to the World Bank.
Georgia ranks as the 2nd country on the process of starting a business, but it has other factors where it has very good national results (enforcing contracts, investor protection etc.).
If you are interested in knowing information about the tax system in this country, which is also one that applies only few taxes, imposed at very reasonable rates, you can refer to our accountants in Georgia.
Our accountants can offer information on any of the taxes charged here, as well as on the tax minimization procedures regulated by the national tax legislation.