Georgia’s economy is considered to be one of the fastest growing economies in the whole of Eastern Europe with the agricultural sector, real-estate, and tourism and hospitality as the leading contributors to the growth of its economy. No wonder it is called an entry gate to the Caucasus and Central Asia. If you are looking towards starting a business in Georgia, then you are on the right path because Georgia is ranked as the 18th country in the world when it comes to ease of doing business.
One of the ways through which you can incorporate a business in Georgia is by forming a limited liability company. Without further ado, let’s get into the crux of the matter- how to open a business in Georgia? But let us first look into the features of setting up a company in this country.
The registration of a company in Georgia usually takes a couple of days and the entrepreneurs must follow a series of steps in order to legally incorporate a company. The steps to start your Georgia LLC formation are as follows:
Under the law of Georgia, the name of your company must end with the abbreviation “Limited Liability Company”, “LLC”, “Limited Company”. And the term “Limited” is allowed to be abbreviated as “Ltd”. The name of your LLC must be different from the other company’s set up in Georgia.
A limited liability company must draw up and file the articles of association. This document includes:
To register your Georgian LLC with the Entrepreneurial Register requires you to submit a few documents. They are:
The application of registration must be signed in front of a person authorized for the company registration. Or else the application for registering must be certified by the notary.
It includes obtaining a Tax Identification Number. A new amendment under the tax code of Georgia stipulates that an enterprise should not commence its activities until obtaining a tax identification number, otherwise fines and penalties shall be imposed.
You’d also need to obtain a Certificate of State and Tax Registration.
An application must be sent to the bank to open your company’s bank account. You can open a bank account in Georgia by a local currency or any other foreign currency.
If you are still have any queries about the complete process of registering an LLC in Georgia, then we at Business Setup Worldwide are here to help you. Our advisors can be your guide to start your Georgia Limited Liability Company and help you make the process hassle-free. Contact us today.