An offshore company is a legal entity that is established in a country that is foreign to the principals (directors, shareholders) of the organization or a company that conducts its business from a jurisdiction that is outside of its country of formation.
The reason why people set up an offshore company is to take advantage of the tax structure of the foreign jurisdiction, asset protection, business opportunities that lack in their own country, or a liberal legal system. Nations, on the other hand, welcome offshore companies to bring in more revenue and attract foreign investments.
Georgia: A Profitable Offshore Ground
Georgia is a magnificent example of a jurisdiction that makes an offshore company a speedy, easy, and low-cost process. It is a growing tax-haven jurisdiction at an unprecedented rate with an excellent entrepreneurial ecosystem and outstanding opportunities.
The open economy allows natural Georgian citizens and foreign citizens to purchase land, incorporate a business, or open an offshore bank account. It is one of the most sought-after jurisdictions in the world for the incorporation of an offshore company.
Documents Required to Set Up a Georgian Offshore Company
The incorporation of a Georgian offshore company demands the submission of the following documents:
- Valid passport copy of the shareholders
- Address proof of the shareholders
- Notarized copy of bank reference
- In-detailed CV of the company shareholders and directors
- Dedicated business trade name (Approx three business names)
- Attested power of Attorney
- Paid-up capital
How You Can Set-Up an Offshore Company in Georgia?
Georgia enjoys free trade agreement with the European Union and is trying to strike a deal along the same lines with the USA and China to make it an even more favourable business environment. Setting-up of a company in Georgia, be it any of the legal entities, is actually a pretty simple process that doesn`t take much time and is not paralyzed by excessive red-tape. Here is the most manageable, effortless and elementary process of registering an offshore company that you have had the pleasure of ever coming across-
- Register with the National Agency of the Public Register with an application that has all the necessary details. You should also submit a notarized copy of the company charter and a proof of the submission of fee.
- The charter of the company can be in any language along with a copy of the same in the Georgian language.
- A document giving details of the company`s registered address and legal occupancy of the same.
- A comprehensively written consent of the appointed director of the company.
It is without any speck of doubt clear from the above that offshore company registration in Georgia is the most straightforward process in the world. There is no minimum capital required for offshore company formation.
You may have to buy a property here to prove the legal occupancy of the registered company address. Put your mind at ease because, according to the Georgian legislation, foreigners enjoy the same rights as natural Georgian citizens when it comes to owning property here. All one has to do is provide a few documents such as proof of identification and a notarized copy of the purchase agreement. The same procedure is applicable in case your company has rented office space. The only difference in such a situation is that one has to submit a lease agreement instead of a purchase agreement.
Benefits of Setting Up an Offshore Company in Georgia
The reason why anybody sets up an offshore company is to enjoy certain benefits that the jurisdiction provides, which will help the business grow.
- The incredible transformation of Georgia over the past few years has made it one of the most attractive locations for setting up a business by entrepreneurs and already established people in industry alike.
- The growth rate of Georgia for the year 2018 was 4.5%, and it has been opined that Georgia`s economy will experience an upward trend for the coming years. According to the World Bank, the Georgian economy will witness a 5% growth in 2019.
- It has a diverse economy that provides opportunities in many industries, such as tourism, transportation, and logistics.
- The business investors can proceed with offshore banking facilities to carry out the business operations
- No Controlled Foreign Corporation (CFC) laws
- No minimum capital to open an offshore bank account
- Investors hold the flexibility to deal in Forex trading
- Business owners have the flexibility to enjoy the tax-exemption benefits
- The location turns out to be an excellent destination when it comes to asset management
Since you have got an idea regarding the benefits that you can avail of by incorporating an offshore company in Georgia, now the next step involves getting professional help. Are you wondering Why?
Being a foreigner, it might be difficult for you to understand the legal compliances that need to be met at every point throughout the company incorporation process.
To know more about the benefits, here’s a guide on The Core Reasons for Hiring an Offshore Business Consultant.
Business Setup Worldwide has experts in Georgia that provide the best advice about setting up an offshore business in Georgia.
Along with the incorporation process, we assist company registration services, corporate secretarial services, accounting and bookkeeping services, tax services, intellectual property services, audit services, and visa services in Georgia. We help entrepreneurs build and nurture their ideas into reality.
Our business advisors are well-versed with the offshore company incorporation process and can guide you according to establish the business entity hassle-free. If you are looking for a commitment to high-quality professionalism, you may contact us-we’d be glad to assist!