At the top of many international indexes, Georgia is considered one of the most business-friendly and open countries in the World, increasingly sought after by connoisseurs. Bathed by the beautiful Black Sea landscape, Georgia has undergone a stunning transformation in the last ten years. A strategic bridge between Europe and Asia, this very liberal and safe country has become an attractive destination in just a few years. Whether as a place to live or as a base camp to conduct business locally or internationally.
For ten years now, Georgia has undertaken a series of far-reaching reforms of its economy, simplifying bureaucracy and business start-ups drastically. Most of Georgia’s reforms have been oriented toward developing a free, open, and transparent market economy driven by the private sector. Georgia ranks 8th in the World Bank’s Ease of Doing Business report 2020.
Taxes in Georgia Country are among the lowest in the World. Georgia Taxes and tax incentives benefit individuals, investors, and companies operating in the country. Thanks to its territorial tax system, unique in Europe, the foreign-source income of individuals is not subject to any taxation. For Individual Entrepreneur, the Georgian source income is subject to a 1% tax rate.
Easy to set up, easy to start a business in Georgia Country, and a simplified and smooth accountancy system, are the advantages of Georgia’s dynamic and liberal economy. Company formation in Georgia Country is one of the World’s easiest corporate registration. Dealing with the most simplified bureaucracy, Setting up a company in Georgia takes 2 business days.
For those who run their business remotely, Web entrepreneurs, E-commerce businesses, freelancers in the IT field, developers, online teachers, personal online coaches, web marketers, or web content creators, all self-employed persons working in a field related to digital or any business and activity you can perform from a computer and an Internet connection, Georgia Country may be of great interest to you.
Yes, our country is really underrated. Our country has one of the most welcoming business-friendly environments globally. For Individual Entrepreneurs working remotely, digital nomads, and Borderless Workers who plan to run a business from Georgia, the Small Business Status offers almost a tax-free regime. 1% tax up to $180,000 turnover. Ice on the Cake: You don’t have to live in Georgia to benefit from the Georgian SBS! Doing Business in Georgia Country becomes fun thanks to this incredible status.
Georgia offers multiple tax benefits to make huge money savings. Georgian tax legislation is one of the most friendly globally for IT firms registered in Georgia. There are 2 special tax regimes applicable to IT companies:
The Virtual Zone is a wonderful status. It applies to certain IT activities, such as software product development. Benefits? 0% Corporate Income Tax (instead of 15%) & 0% VAT (instead of 18%)
The International Company Status applies to IT companies and a quite long list of IT services. This status is even more interesting. Tax benefits for an International company allow huge money savings. 5% CIT (instead of 15%), 0% Dividend tax (instead of 5%), 5% wage tax (instead of 20%). Nice, isn’t it?
Moving your business to Georgia Country you will understand how this country has one of the most progressive immigration policies in the World. Thanks to the Georgian Free Visa Regime, Citizens from about a hundred countries can live, work and start a business in Georgia for one year, renewable each year. Ultra simplified administrative burden, Georgia is a headache-free country.
Suppose you’re not working 100% remotely or already have your business established and well-developed in your country. In that case, move your business to Georgia partially and manage only some clients or services from Georgia. You will discover all the benefits of doing business in Georgia. Corporate taxation is one of the lowest corporate tax regimes globally.
Georgia Country has one of the most advanced banking systems in the World. Many banks are at your disposal. Banks offer many quality services and products that suit your needs for your personal bank account. Ice on the cake a Georgia bank account is highly confidential. And You can open your private bank account remotely without your physical presence in Georgia.
Suppose you have foreign-source passive income, like Airbnb incomes, dividends, royalties, traders or crypto traders income, and influencers…for all passive income owners, those incomes would be tax-free thanks to the Georgian Territorial Taxation Regime.
Obtaining a Tax residency In Georgia Country helps you, as an individual, to reduce your tax burden radically. Suppose you spend more than 183 days (physically present in Georgia) within 12 months. You automatically become a Georgian Tax Resident. You can enjoy the lowest tax rates in Georgia, as low as 1%, if properly structured. Low-tax country, Georgia, is one of the best places to achieve this goal.
The High Net Worth Individual program bypasses the 183-day physical presence rule. This program is an extraordinary opportunity to claim tax Residency In Georgia without living in Georgia.
Buying real estate in Georgia opens the doors to becoming a legal resident in Georgia. An individual (and his family members) who is the owner of immovable real estate property whose market price is above USD 100 000 get a 1-year temporary Residency Permit. Or make a real estate investment of more USD 300 000 and you will obtain a permanent Residency permit.
The real estate sector is one of the most flourishing in Georgia. Reasonable prices, high occupancy rates, a growing number of international visitors, and a flexible legal framework create a lucrative and good business environment for the real estate sector. Ice on the cake, Georgia is one of the fastest-growing touristic destinations in the World.
According to several living cost surveys, Georgia and Tbilisi are among the World’s top 10 most inexpensive cities. Tbilisi, the capital city, is full of charms, and the Georgians are famous for their sense of hospitality, outstanding gastronomy, and world-class wines. With a pleasant way of life, low-cost living, and a lovely Mediterranean climate, living and working in Tbilisi is really sweet. You will enjoy moving your business to Georgia!
Tbilisi is a European lifestyle and modern town. The nightlife is well-developed, and the icing on the cake, Georgia is one of the safest countries globally, along with South Korea, Singapore, Japan, Hong Kong, and Taiwan.
A smart idea! Warren Buffet says, « It is not the most significant companies that run over the smallest, but the most agile ones that overtake the slowest. ».
Georgia can be an excellent starting point for a new way of looking at your current business or starting a new business. By transferring all or part of it to Georgia and structuring it properly, the business activity you conduct from Georgia will be subject to low taxes. Properly structured, your international business, based on revenues derived from your foreign clients, will be able to generate significant profits.
Happy Georgia is a multi-disciplinary and experienced business law firm. We focus on advising and assisting investors, companies, and individuals who plan to settle down and develop their businesses in Georgia Country. And invest in booming sectors of the Georgian economy.
Happy Georgia offers its clients a wide range of comprehensive services. In business law, tax advice, business optimization, and management to ensure your entrepreneurial project’s success.
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