The local currency of Georgia is known as Lari (GEL).
Bookkeeping can be explained as the procedure of noting the daily transactions whereas accounting encapsulates a much wider concept of recording, interpreting, classifying, analyzing, reporting, and summarizing the collected data.
A business needs to have a clear picture of the utilization of funds. It should have a clear idea about the income and expenses that it deals with its stakeholders on a daily basis. Maintaining such transactions turns out to be an essential part and that’s where accounting and bookkeeping come into the picture. These services help a business to keep a daily check on its daily dealings and also provides an opportunity to foresee the future and build business plan accordingly.
On June 8th, 2016, the old law related to Georgian Accounting System was replaced by a new one. The main aim of replacement was the improvement and perfection of the accounting system, the generation of the audit, and financial reports. The scope, as compared to the earlier one, has been widened and has been divided into four categories, namely,
The standard VAT Rate in Georgia is 18%. Companies in Georgia are eligible for VAT payment on the basis of the following criteria:
Georgia has signed double tax treaties with more than 54 countries and follows OECD or UN Model Tax.
Businesses in Georgia that are eligible to pay VAT will be issued a VAT Identification Number. This is to be verified by the Ministry of Finance of Georgia and it has a specified format. It must include:
The following income types are treated as a source of business income in Georgia:
Business Setup Worldwide has been dealing with a large number of clients in setting up a business globally. We understand the core levels of business establishment process and offers a large portfolio in accounting and bookkeeping services. Some of the services we provide are:
Availing accounting and bookkeeping services takes the business pitch to the next level. Let’s have a clear understanding of the benefits that can be derived from these services.
Once the financial transactions have been recorded, they can be traced easily at a later date, for ready reference.
A properly maintained book of accounts presents the possibility of business expansion.
Records help to trace and sort any type of malpractice, if present in the financial system.
Account books present a clear idea about the financial stability and strength of a business.
With proper records in place, it becomes easy to make changes in the business budget as per one’s corporate requirements.
Up-to-date financial records help to avoid any kind of financial loss.
A business consultant acts as a guide for its clients. At Business Setup Worldwide, we offer a large profile of business services to our clients. We have successfully maintained a record of satisfied clients globally. Our team of professional experts look into the matters of the business proceeding and frames the business framework. They are not only confined to the accounting services but also help by sorting the legal proceedings that is a mandate for any business to clear the setup process.