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Georgia

Georgia Flag

Country: Georgia
Region: Europe
Currency: Georgian lari (GEL)
Languages: Georgian
Time Zone: UTC +4

Phone Code: +995

Communications: Good

Formation Cost: 2700 - 3500 USD$
Formation Time: 1 - 3 days
Maintenance cost: 1300 - 1900 USD$

Executive Summary: Georgia is located in South West Asia between Russia and Turkey bordering the Black Sea, although the country considers itself as part of the Europe. Georgia has a land area of 70,000 sq km and a population of 5m (2014 est). The official language is Georgian, with Russian spoken by about 10% of the population. Georgia’s main economic sectors are agriculture and mining, and there is a small industrial sector producing metals, machinery and chemicals. After shrinking by 4% in 2009 following conflict with Russia, the economy rebounded in 2010-13 although FDI flows have yet to fully recover. Georgia has historically suffered from a failure to collect tax revenues. However, the government has recently simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on corruption, receiving praise from the World Bank for its anti-corruption initiatives. Exemption from profits tax is provided to companies located in the Free Industrial Zones.

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Company Purpose Stats:

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Vehicle Types: Limited liability companies, joint-stock companies, branches, general partnerships and limited partnerships

Capital primary business districts: Tbilisi

Good Relationships: Austria, Belgium, Bulgaria, China, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, India, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Pakistan, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Turkey, United Kingdom

Bad Relationships: Burma, Libya, Somalia, Sudan

Tax Burden - Business: Light

Tax Burden - Individual: Light

Headline tax rates: CIT 15%, PIT 20%, VAT 18%

Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Bahrain, Belgium, Bulgaria, China, Croatia, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hungary, India, Iran, Ireland, Israel, Italy, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Qatar, Romania, San Marino, Singapore, Slovak Republic, Spain, Switzerland, Turkey, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, Uzbekistan

TIEA Jurisdictions: Belarus

Information Links:

 

 

 

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