{"id":294,"date":"2023-04-13T14:50:15","date_gmt":"2023-04-13T14:50:15","guid":{"rendered":"https:\/\/companyformationgeorgia.com\/?p=294"},"modified":"2024-03-13T08:32:10","modified_gmt":"2024-03-13T08:32:10","slug":"accounting-in-georgia","status":"publish","type":"post","link":"https:\/\/companyformationgeorgia.com\/accounting-in-georgia\/","title":{"rendered":"Accounting in Georgia"},"content":{"rendered":"\n

Investors who plan to start a business in Georgia<\/strong><\/a> will need the services of accountants in Georgia<\/strong> to conduct various financial procedures <\/strong>once they start operating the company in this country. The accounting requirements <\/strong>vary depending on the business form that was selected for incorporation. <\/p>\n\n\n\n

Still, it must be observed that in the case of simpler business structures, such as the sole traders, the procedures for\u00a0accounting in Georgia\u00a0<\/strong>are very basic, and the number of\u00a0accounting documents\u00a0<\/strong>that must be maintained and submitted is reduced.\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
 Quick Facts<\/th>\n <\/th>\n<\/tr>\n<\/thead>\n
Accounting in Georgia – main services<\/td>\n\n

– bookkeeping,<\/p>\n

– maintaining the company’s financial statements,<\/p>\n

– preparing financial statements,<\/p>\n

– tax planning,<\/p>\n

– audit, etc. <\/p>\n<\/td>\n<\/tr>\n

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Financial reporting obligations in Georgia<\/p>\n<\/td>\n

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All firms in Georgia must submit financial reports in accordance with IFRS standards.<\/p>\n

Our accountants in Georgia offer assistance with preparing and submitting these mandatory reports. <\/p>\n<\/td>\n<\/tr>\n

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Taxation of companies in Georgia<\/p>\n<\/td>\n

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 There are four main categories of companies in Georgia based on their financial situation.<\/p>\n

Accounting and reporting obligations vary depending on the category to which the company belongs.<\/p>\n<\/td>\n<\/tr>\n

Accounting in Georgia for sole traders<\/td>\nSole traders do not have a separate legal personality from the individual operating the business and are not subject to the same accounting procedures as legal entities.<\/td>\n<\/tr>\n
Documents needed for accounting procedures<\/td>\n\n

– balance sheet,<\/p>\n

– profit and loss statement,<\/p>\n

– cash flow statement <\/p>\n<\/td>\n<\/tr>\n

Laws regarding accounting in Georgia <\/td>\n\n

– The Law of Georgia for Accounting and Financial Audit,<\/p>\n

– IFRS regulations,<\/p>\n

– International Standards on Auditing<\/p>\n<\/td>\n<\/tr>\n

What is IFRS?<\/td>\n\n

IFRS (International Financial Reporting Standards) are a set of international accounting standards that provide guidelines and rules for how companies, including those in Georgia, should prepare and present their financial statements.<\/p>\n<\/td>\n<\/tr>\n

Accounting when opening a business in Georgia<\/td>\n\n

It is advisable to hire an accountant when starting a business in Georgia.<\/p>\n

Please contact our specialists for details regarding accounting in Georgia. <\/p>\n<\/td>\n<\/tr>\n

Tax reporting services<\/td>\n\n

Our accountants in Georgia process your documentation and prepare tax declarations according to the Georgian law, providing information on tax liabilities and deadlines.<\/p>\n<\/td>\n<\/tr>\n

Main taxes in Georgia<\/td>\n\n

– income tax,<\/p>\n

– import tax,<\/p>\n

– local taxes,<\/p>\n

– VAT, etc.<\/p>\n<\/td>\n<\/tr>\n

VAT rate in Georgia<\/td>\n\n

The standard VAT rate is 18%.<\/p>\n<\/td>\n<\/tr>\n

Assistance with audit procedures (YES\/NO)<\/td>\n\n

YES, our team of accountants in Georgia offer assistance with audit procedures.<\/p>\n<\/td>\n<\/tr>\n

Assistance for mergers and acquisitions or company liquidation (YES\/NO)<\/td>\n\n

YES<\/p>\n<\/td>\n<\/tr>\n

Accounting for non-profit organizations<\/td>\n\n

Non-profit organizations in Georgia are required to maintain financial records and fulfill financial reporting obligations.<\/p>\n<\/td>\n<\/tr>\n

Why choose our accounting services in Georgia<\/td>\n\n

– to ensure compliance with local regulations,<\/p>\n

– maintaining accurate financial records,<\/p>\n

– accounting is an essential component of company incorporation in Georgia<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

The investors interested in company formation in Georgia<\/a> <\/strong>will need to comply with a set of accounting standards<\/strong> and audit procedures.<\/p>\n\n\n\n

It is important to know that Georgian companies<\/strong> have to completebookkeeping documents andfinancial records and our team of accountants in Georgia<\/strong> can assist on these procedures. <\/p>\n\n\n\n

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