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Guide to Taxation and Investment in Georgia Guide to Taxation and Investment in Georgia 2016

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Guide to Taxation and Investment in Georgia Guide to Taxation and Investment in Georgia 2016 Guide to Taxation and Investment in Georgia Guide to Taxation and Investment in Georgia 2016 Table of Contents Business and Investment Environment 3 Taxation in Georgia 14 Tax & Legal contacts — Georgia 44 Office locations 45 2 Guide to Taxation and Investment in Georgia 2017 Business and Investment Environment 3 Guide to Taxation and Investment in Georgia 2017 Introduction rates. Georgia has ongoing IMF program Georgia is the aspiring economic center as a stand-by, if financial need emerges, of the Caucasus. It boasts years of robust considering the tensions in the country’s economic growth, liberal tax and labor major trade partners: Russia and Ukraine. legislation, business friendly practices, The government’s statement of the long low corruption, high security and openness term priorities and plans emphasize energy, to foreign investment. Georgia signed agriculture, regional trade. Georgia has the association agreement with the EU minerals, water, hydro power and gold in 2014 and an aspiration to join the EU will resources. Expansion of the financial guide future policy decisions. On February sector, hydropower, mining, apparel 2nd 2017, the European Parliament voted production, telecommunications, on-land in favor of visa-free travel for Georgian and sea transport services significantly citizens to the Schengen Area at the enhanced the country’s GDP. plenary session and the visa-free regime between Georgia and the EU will enter Georgia has a picturesque sea cost and two into force in April 2017. Georgia has state modern seaports allowing easy access to and private investment funds that welcome all the world’s marine centers. Georgia has foreign investments to implement large a track record of prudent macroeconomic scale projects in agriculture, tourism management, with low budget deficits and hydro energy generation. and low inflation. Georgia is a small open economy, not immune to the economic The World Bank rated Georgia as the 16th trends of the trading partners. On the positive easiest place in the world (among note, the cheaper local currency may facilitate 190 countries) to do business in 2017. exports. The Central Bank and the Ministry Heritage Foundation ranked Georgia 13th of Finance coordinate their efforts to (among 180 countries) for its economic counteract negative international trends freedom in 2017. Georgia has a Standard that led to the depreciation of the local and Poor and Fitch ranking of (BB-) currency. Georgia has large unemployment for the 2017 fiscal year. International and predominantly young population, which securities markets showed their confidence can be a benefit for the firms seeking to enter in Georgia by the oversubscribed the market. However, some skills upgrade purchase of the state bonds in 2011. may be needed for the local, entry level The state securities trade at about 450 hires. As in any transitional country, changes bps above the comparable US treasury and fine-tuning of policies are frequent 4 Guide to Taxation and Investment in Georgia 2017 which may lead to confusion. Penalties for tax and that will allow Georgian market reforms to advance customs violations are strict and so is their in the right direction. enforcement. The Tax Code was simplified, but some The effective Tax Code of Georgia was enacted uncertainties remain. The Ministry of Finance from September 2010, uniting the tax and customs officials strive to limit the number of Tax Code legislation. Many consider that the introduction of amendments per year to a maximum of three a new Tax Code is the major step forward packages and establish clear rules of tax dispute. Georgia country key facts Population 3.72 m (2016) Territory 69,700 square kilometers Autonomy Adjara Autonomy Republic, Abkhazia Autonomy Republic Neighbor states Azerbaijan, Russia, Turkey, Armenia Capital Tbilisi (pop. 1,113 000) Other main cities Kutaisi (pop. 147,900), Rustavi (pop. 126,000), Batumi (pop. 154,600) Currency Georgian Lari (GEL) Language Georgian Stock Exchange Georgian Stock Exchange (GSE) Official share index GSE Index 5 Guide to Taxation and Investment in Georgia 2017 Deloitte in Georgia Legal Requirements for Establishing Deloitte provides services to Georgian clients a Company in Georgia and investors in Georgia from its office In order to establish an enterprise in Tbilisi. The firm offers accounting, statutory a number of documents must be submitted and international auditing, tax consulting to the National Agency of Public Register and legal services. The Georgian office of Georgia. The documents required of Deloitte is part of the Deloitte Touche are stipulated in the “Law on Entrepreneurs”, Tohmatsu global network. namely: Article of association or the charter, which includes: company name, legal form, We offer our clients locally oriented, individual legal address, official email address, main services with the background and resources activity, name, first name, date, place of birth, of an international organization. We have and place of residence of an entrepreneur the strength, knowledge and expertise and every founder of the partnership, to provide sound advice for any business company name and information needs, anywhere in the world. When you on its registration in case the founder call on us, you call on the resources is a legal person; representative authorities. of a strong local practice and an integrated global network. For a relatively new In addition to the above mentioned, marketplace, our experience is wide-ranging limited liability companies and limited and comprehensive. The scope of our services partnerships should submit information matches the needs of our clients. In this rapidly on the contributions made by each founder, evolving market, we have toremain flexible and their shares, accordingly; name, first and responsive to the needs of our clients. name, date and place of birth and address of each director, and each member Forms of Business Organization of supervisory council (if any); full information The main types of business organizations on the enterprise’s authorized representatives, in Georgia are general partnership, limited directors, procurators (if any). Limited partnership, Limited Liability Company, partnerships should also submit the list joint-stock company, cooperative. Foreign of limited partners as well as the list of general organizations can also pursue their business (personally liable) partners. interests using the registered branches and representative offices. An individual If the partner is a legal entity, the decision person can also conduct entrepreneurial of partners on founding a company activities as an individual enterprise. would also be needed. 6 Guide to Taxation and Investment in Georgia 2017 If the director of the company of the documents. The application is not the founding partner of the company, form must include: name of individual in this case his/her consent of becoming entrepreneur; first name and surname, the authorized representative would also place of residence, ID Number, the date be required for submission. of the submission of the document, signature and e-mail of an individual entrepreneur. Notarization of the registration application shall not be mandatory if the authorized Establishing a Branch of a Foreign persons sign it in person at the registration Company in Georgia authority or if the registration application First of all, the foreign company has been duly certified by the administrative should notify the National Agency authority. It should be taken into of Public Register of Georgia consideration that a document confirming of the intention to establish a branch. the contribution to the authorized capital The following documents are required is not required and a document certifying by the state authorities for the registration the title to the enterprise’s office premises of a branch: decision of the enterprise is required by the state authority. management on creating a branch, a copy of the enterprise’s and a branch’s statutes, The National Agency of Public Register decision on appointment of a branch manager of Georgia registers the enterprise within or warrant giving him a power of authority, one day after the date of submission copy of passport, consent of a Director who will of the documents. In case the state be appointed as the director of the Branch. authority fails to register the enterprise within the mentioned period, they provide Authorized Capital and Contributions a substantiated refusal or a reason of Partners to the applicant in order for the enterprise In terms of the Law “On Entrepreneurs”, to correct an error indicated by the state the authorized capital of a Limited Liability authorities within 30 calendar days after Company may be determined with any amount. submission of the application form. In order to register an individual enterprise A Joint-Stock Company is a company with an individual person must submit the authorized capital divided into shares. to the National Agency of Public Register The minimum nominal value of the authorized of Georgia an application. The state authority capital may be determined with any amount. registers the individual enterprise within The most frequent form of ownership one day after the date of submission in Georgia is a Limited Liability Company. 7 Guide to Taxation and Investment in Georgia 2017 Licensing and Compulsory Notification Exchange Controls to State Authorities Georgia has adopted a very liberal monetary The law of Georgia, #1775 on “Licenses policy that is investor
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