To ensure your business operates efficiently and successfully, accurately defining its legal form and operational model according to Corporate Law principles is crucial. Our team specializes in entrepreneurial and Corporate Law, offering complex and multifaceted services tailored to your needs in Country Georgia. We can be involved from the very beginning, assisting in developing an organizational management model compliant with Georgian Corporate Law.
We provide full support in core Corporate Law areas such as:
- Drafting and registering company charters and foundational documentation
- Assisting with opening bank accounts for organizations
- Obtaining necessary permits and licenses
- Registering with the Revenue Service for accounting purposes
- Preparing and submitting required audit reports
Additionally, we assist with:
- Acting as your banking representative for securing financial resources
- Preparing business plans for obtaining bank financing
- Opening and managing corporate bank accounts
- Providing organizational and legal support throughout the entire business process
Forms of Business Entities under Georgian Corporate Law
- Limited Liability Company (LLC): The LLC is the most common legal structure in Country Georgia due to its simplicity and flexibility under Corporate Law. No minimum charter capital is required, and its organizational management is straightforward, allowing for quick decision-making. An LLC is liable for its obligations solely with its own assets; liability does not extend personally to founders or directors.
- Joint Stock Company (JSC): A JSC is a more complex corporate structure, strictly regulated by law. This form is often legally required by specific industry regulations (like banking, investment funds, insurance). Individuals may also voluntarily form a JSC. A major advantage is the ability to attract investment through issuing shares—securities representing participation in the company’s capital, governed by Corporate Law.
- Individual Entrepreneur (IE): If operations don’t require a complex structure and rely on personal skills, registering as an IE is often effective. This structure allows individuals (both Georgian and foreign nationals) to benefit from small business tax incentives.
- General Partnership (Solidarity Liability Company): A legal entity where partners operate jointly under one name and bear unlimited, direct liability for the company’s obligations as co-debtors, as defined by partnership aspects of law. It requires at least two partners.
Acquiring International IT Company Status (Virtual Zone Entity)
Country Georgia is a leading destination for IT companies due to its favorable tax environment, supported by specific legal frameworks. Companies granted Virtual Zone Person (VZP) status enjoy significant tax exemptions:
- Profit from IT services provided outside Country Georgia is exempt from corporate income tax.
- IT services delivered outside Country Georgia are VAT-exempt.
- Exports of IT services are exempt from customs duties.
The Virtual Zone status allows IT companies to operate from Country Georgia globally with substantial tax advantages, provided they meet legal requirements. Our team, leveraging knowledge of relevant Corporate Law and tax regulations, is ready to assist you with:
- Obtaining Virtual Zone Status
- Ensuring ongoing tax compliance and administration
