CONDUCTING BUSINESS IN GEORGIA

Georgia presents an attractive atmosphere for businesses who want to establish their offices here. Georgia can offer several incentives to new business founders and existing business owners looking to expand. Georgia offers a great business environment, a skilled workforce, and ease of doing business. The following makes Georgia an attractive business destination.

EASE OF DOING BUSINESS

Georgia has economic stability, low corruption in government authorities, and a liberal market policy that has earned it a spot under the 10 countries rank for ease of doing business. Georgia was ranked 7 out of 139 countries. Georgia also has invested in infrastructure like innovation centers and upskilling the workforce which adds to the business-friendly environment.

LOCATION

The strategic geographic location of the country adds to its advantage, it also has acted as a bridge between the east and the west, providing business opportunities located here.

QUALITY OF LIFE AND WORKFORCE

Low cost of life as compared to other countries offer a cheaper talent and workforce with skills as there is a significant amount invested in education and skill development sector. The state has a very strong education system with high-quality of curriculum in public and private schools. This strong education system provides with a relevant skilled workforce.

BUSINESS REGISTRATION & CORPORATE INCOME TAX

Registering a company in Georgia is an easy process where the company can be registered remotely. It takes only a few days for a company to register making it a great option for foreign investors. Georgia has a law that the reinvested profits of a corporation are not taxed on the paid dividends, making it an attractive option to start a business.

INTERNATIONAL COMPANY STATUS

International company status is provided to the companies that have experience of 2 years in the sector of the industry they are working in and offers several benefits like 0% tax on dividends, lower corporate income tax of 5% as compared to 15%, and wage tax of 5 % as compared to 20% in general.

VIRTUAL ZONE PERSON (“VZP”) & FREE INDUSTRIAL ZONE (“FIZ”)

IT companies can have the status of VZP providing full exemption for the corporate income tax from the profit that is earned on exporting IT Services. Businesses that have operating presence in the FIZ enjoy certain privileges such as 0% corporate income tax on certain permitted business activities. Exemption from customs duty and value-added tax is implemented on imported goods and property tax exemption is also provided.

JOB TAX CREDIT

For up to five years, for every new job created by the business it gets a tax credit that ranges from $1250 to $4000. This is to give employment to the county and incentivizing the companies to create more job opportunities.

INFERENCE

Georgia’s combination of a favorable business climate, strategic location, supportive infrastructure, and ease of business registration presents a compelling opportunity for companies seeking to expand or establish operations in a dynamic and growth-oriented environment.