The Procedural Guideline on How to Register Company in Georgia
Georgia is a country in Europe located at the crossroads between Eastern Europe and Western Asia. Its geological location makes it a suitable place to invest and access the two affluent markets. A foreign investor targeting to register company in Georgia will have access to modern infrastructure, telecommunication services, and quality financial services. The country offers a stable business environment as it pays attention to foreign investors planning to invest.
Why Incorporate in Georgia
Georgia prides itself as one of the most competitive markets within its region, which provides several incentives for developing within the corporate environment. Investors have an opportunity to enjoy tax exemptions, particularly in free economic zones, once they register company in Georgia. This will depend on nature or activities the company is undertaking. For instance, if you incorporate a company exporting goods, a single tax system will apply to the personal income tax. Again, an investor who falls under countries that Georgia has signed tax treaties will benefit from double taxation provisions.
What Lucrative Industries to Look at-in Georgia
The country’s agriculture and transportation sectors are two of the most significant and potential for investments. Investors can also target the energy sector in traditional and hydroelectric energy. In Georgia, the wine production industry falls amongst the top list of export goods. In case you plan to register company in Georgia, the wine business might be one of the profitable companies to venture into. Georgia sits between Europe and Asia, making it an integral transit route for goods moving from the two continents. This means that investors can think of investments in infrastructure and yield great returns.
The Process of Registration
Georgia offers numerous advantages for starting a business. For investors to think of incorporating a company, they must first under the registration process. However, applicants can always consult the services of business setup from firms like 3E Accounting. At 3E Accounting, we offer several business solution services that include and not limited to the following:
- Legal and taxation services
- Payroll and Human resource services
- Auditing and Accounting services
- Business renewal services
- Corporate secretarial
Applicants can always get in touch with their customer care lines or check their online website.
Let’s look at the process on how to register company in Georgia.
The National Agency of the Public Registry of the Ministry of Justice is the authority responsible for company registration in Georgia. Applicants must follow the following steps to register company in Georgia:
Step 1: Company Name Search
Before you incorporate your company, the Public Registry searches for the availability of the proposed company name. The applicant has to ensure that the proposed corporate name has one of the suffixes. Corporation (Corp); Incorporated (Inc.) and Limited Liability Companies, (LLC). Again, the corporate name should not contravene the set laws under the Company’s Act. Georgia has a limit of 30days for the name reservation.
Step 2: Submission of Statutory Documents
The next step requires the applicant to present all the relevant documents to the Secretary of State. At this point, the applicant will need to have the Articles of incorporation for the corporate structures and Articles of Organization for the LLCs. The Article of Incorporation requires the signatures of the incorporator, board of directors, or another corporate officer to be legal. Within a day, the Public Registry issues a notice of intent to incorporate the company.
Step 3: Application of the Federal Employer Identification Number (EIN)
Both foreign and local investors need to apply for Federal Employer Identification Number, which will serve as the State Tax Identification Number. The applicant will also use this number while opening a corporate bank account for accounting purposes.
Step 4: Opening a Bank Account
Applicants planning to register company in Georgia need to present a copy of the EIN and the certificate of registration from the Secretary of State when opening a bank account.
Step 5: The law requires publication of a notice of the Articles of Incorporation in the daily newspaper.
This will serve as the official “county organ.”
Step 6: Application of Business License and Permit
Every business operating in Georgia must have a business license and permit. The applicant applies for the business license at the county where the business is performing. Applicants might decide to use a representative to register company in Georgia and still follow the same registration procedure.
For further consultations, applicants may seek the services of 3E Accounting whenever they feel that the process is cumbersome.