6 Things to do After Company Set Up in Georgia 2019

Georgia, a silk road connecting Europe and Asia, is capable of exciting progressive businessmen and winning over entrepreneurs alike. There are so many locations that you might be thinking about for company incorporation but none like Georgia. It is the country that provides a broad spectrum of possibilities and the most advantageous of scenarios. There are three free zones in Georgia-

  1. Hualing Kutaisi Free Industrial Zone
  2. Poti Industrial Free Zone
  3. Tbilisi Free Zone

According to the needs of your business, you can either go for one of these zones or you may choose some other location within Georgia for company incorporation. Company registration in Georgia can be a real Goldilocks situation for entrepreneurs and big corporations but if you don`t do it right then you will lose your shot at making an impact. If you have already gone through with the process and are looking for things that you need to do after you have set up a company in Georgia then here is what you are looking for.

Post Company Set Up Services in Georgia

You have been attracted to Georgia like a moth to a flame and now you want to know the necessary steps that you must take after you have set up your company in Georgia. Well, here are the services that you can and probably should deploy for smooth and streamlined functioning of your business.

1.Corporate Secretarial Services

A corporate secretary is not a requirement for businesses in Georgia. However, it is advisable to go for corporate secretarial services as it will improve the corporate governance of your business. Corporate secretarial services include-

  • Liaise with the board of directors, tax advisers, lawyers, auditors and investors.
  • Advises on finance, legal obligations, mergers or other strategic alliances.
  • Collects information about the latest changes in the industry.
  • Deals with commercial disputes because a corporate secretary is a legal representative.
  • Makes sure that all the company records are in compliance with the statutory obligations.
  • Takes responsibility of board and committee meetings, minutes of meeting, annual meetings, stock transfer and dividends.

2.Accounting and Bookkeeping Services

Preparing and maintaining financial records and financial statements for a range of decision makers and stakeholders within and outside the businessis the most crucial part of every business. If you are looking for accounting and bookkeeping services in Georgia, here is what it includes-

  • Maintain bank and credit card statements, and communicate about potential fund shortage.
  • Keeping proper track of accounts payable and accounts receivables.
  • Create appropriate sales tax filing and pay it to tax agencies.
  • Set up a payroll system, start processing payroll and filing payroll taxes on time.
  • Preparing cash flow, profit and loss statements for classifying, interpreting, summarising and reporting on transactions and other financial events.

3.Intellectual Property Services

Intellectual property refers to artistic creations such as symbols, names and images that are used in commerce. If you are producing goods and services that you think are new and your own, you can go for intellectual property services in Georgia to legally make sure that your invention is protected. This includes-

  • Trademark, patent, copyright and domain name registration with the Sakpatenti (intellectual property enforcement body in Georgia).
  • Resolving intellectual property related disputes.
  • Protecting the intangible assets of your business from infringement.

4.Tax Services

Georgia has a very simple tax structure and the tax rates are pretty low. This indeed makes Georgia an attractive location for your business venture. The tax services in Georgia that you can avail are-

  • Tax advisory, tax litigation and tax compliance services.
  • Tax optimization strategies such as how to avail tax deductions.
  • Tax due diligence.
  • Filing tax on time according to the tax legislation of Georgia.
  • Preparing and filing tax returns.

5.Audit Services

Georgia follows international standards of accounting and auditing. Every business is required to maintain its financial reports and statements for six years from the date of issuing the reports as per the tax code of Georgia. If you want to enhance your growth rate and focus more on the core competencies of your business then you should avail audit services in Georgia. These services involve-

  • Providing high-quality audited reports while maintaining professional objectivity.
  • Preparing standalone as well as consolidated financial statements.
  • Reviewing financial statements to render professional opinion keeping your business and the growth of the industry in mind.
  • Providing financial projections and financial forecasts with the help of significant assumptions and accounting policies.

6.Visa Services

Passports and visa documents are essential if you are looking to recruit global talent for your business in Georgia. Visa services in Georgia include-

  • Applying for visas according to the needs of your employees.
  • Processing visa renewal in Georgia.
  • Providing visa transfer and visa cancellation services.
  • Submitting all the required notarized documents to the relevant authorities.

These above-mentioned services are the most important services that any business looks for after company incorporation in Georgia. Business Setup Worldwide is a platform that will help your business in Georgia with all these services. If you want to know more or have any query about availing these services, you may contact us. We would be delighted to help you.

About the Author

Nidhi.Dumian@bsworldwide.com's picture

Nidhi Dumian is a blogger by day and a cinephile by night. She also does digital marketing on the side. She is on a mission to make everyone realize that everyone is created equal albeit unique. She calls herself loony loopy loon on her official blog.