| Summary at a glance | | | | | | |
| Part of the EU common currency? | No | No | No | Yes | No | Yes |
| Can benefit from EU directives? | No | Yes | Yes | Yes | Yes | Yes |
| Repatriation or currency controls? | No | No | No | No | No | No |
| Double tax treaties with USA? | Yes | Yes | Yes | Yes | Yes | Yes |
| Double tax treaties with Russia? | No | Yes | Yes | No | Yes | Yes |
| Double tax treaties with China? | Yes | Yes | Yes | Yes | Yes | Yes |
| Corporation tax | 15% | 9% | 19% | 20% | 10% | 15% |
| VAT rates | 18% | 27% | 23% | 20% | 20% | 21% |
| Type of company recommended? | LLC | LLC | LLC | LLC | LLC | LLC |
| How soon can you have a certificate of incorporation? | 1 week | 3 weeks | 3 weeks | 3 weeks | 2 weeks | 2 weeks |
| How soon can you have corporate bank account numbers? | 6 weeks | 5 weeks | 6 weeks | 6 weeks | 4 weeks | 6 weeks |
| Corporate bank account location | Bank of Georgia | Raiffeisen Bank | PKO Bank | BigBank | UniCredit | Swedbank |
| Do you need to travel for Europe company setup? | No | No | No | No | No | No |
| Total company engagement set up costs | €11,650 | €10,990 | €12,160 | €10,400 | €10,460 | €10,925 |
| Subsequent annual costs (incl audit and tax) | €4,550 | €3,420 | €3,500 | €5,350 | €4,730 | €3,400 |
| Legal & accounting and tax considerations | | | | | | |
| Resident shareholder or director required? | No | No | No | No | No | No |
| Minimum number of directors for Europe company | 1 | 1 | 1 | 1 | 1 | 1 |
| Minimum number of shareholders for Europe company | 1 | 1 | 1 | 1 | 1 | 1 |
| Corporate director(s) allowed | No | No | No | No | No | No |
| Public register of shareholders and directors | Yes | Yes | Yes | Yes | Yes | Yes |
| Paid-up share capital required? | €1 | €1 | €1 | €2,500 | €1 | €2,500 |
| Standard Corporate Tax Payable % | 15% | 9% | 9-19% | 20% | 10% | 15% |
| Lower corporate Tax payable for SMEs (turnover under €2m) | No | No | Yes, 9% | No | No | No |
| Must prepare annual financial statements? | Yes | Yes | Yes | Yes | Yes | No |
| Independent statutory audit required? | Yes | Yes | No | No | Yes | Yes |
| Annual tax return to be submitted | Yes | Yes | Yes | Yes | Yes | Yes |
| Access to how many double tax treaties | 56 | 70 | 86 | 58 | 68 | 55 |
| Tax exempt free zones available | Yes | Yes | Yes | Yes | Yes | Yes |
| Withholding tax on dividends | 5% | 0% | 19% | 0% | 5% | 15% |
| How long to get Europe employment permit? | 6 weeks | 5 weeks | 12 weeks | 8 weeks | 4 weeks | 8 weeks |
| Logistics considerations | | | | | | |
| Allowed to sign sales contract with local clients | Yes | Yes | Yes | Yes | Yes | Yes |
| Allowed to invoice local clients | Yes | Yes | Yes | Yes | Yes | Yes |
| Lease agreement required before company incorporation? | No | No | No | No | No | No |
| Average monthly salary of skilled labour | €680 | €800 | €950 | €935 | €650 | €840 |
| Average monthly salary of low-skilled labour | €290 | €395 | €450 | €550 | €300 | €550 |
| English spoken by what % of the population | 10% | 20% | 30% | 61% | 25% | 50% |
| Literacy rate % | 99.8% | 99.1% | 99.8% | 99.8% | 98.4% | 99.8% |
| Country rating (out of 100) | 45 | 58 | 71 | 83 | 60 | 73 |
| Broadband mean download speed in MBPS (2019) | 7.14 | 31.10 | 24.38 | 31.55 | 16.95 | 30.66 |
| GDP per capita (US$) | US$ 4,717 | US$ 16,162 | US$ 15,420 | US$ 23,266 | US$ 9,272 | US$ 19,153 |
| Population % of tertiary enrolment | 64% | 49% | 68% | 70% | 71% | 72% |
| Global Competitiveness Index Ranking | 74 | 47 | 37 | 31 | 49 | 39 |
| Ease of Doing Business Global Ranking | 7 | 52 | 40 | 18 | 61 | 11 |
| Population | 3.7 million | 9.8 million | 38 million | 1.3 million | 7 million | 2.8 million |
| Unemployment rate | 12.7% | 3.7% | 5.4% | 4.1% | 6.7% | 11.2% |
| Inflation rate (2019) | 6.9% | 2.4% | 3.4% | -0.8% | 3% | 1% |
| GDP 2019 US$ billion | 17.5 | 157.8 | 585.6 | 30.7 | 65.1 | 53.4 |
| Average annual growth rate (2018) | 4.8% | 5.1% | 5.1% | 4.8% | 3.1% | 3.6% |
| OECD member country? | No | Yes | Yes | Yes | No | Yes |
| CRS reporting obligations (click link)? | No | Yes | Yes | Yes | Yes | Yes |
| FATF blacklisted country? | No | No | No | No | No | No |
| EU or USA Sanctioned country? | No | No | No | No | No | No |
| HSBC multi-currency corporate bank accounts available? | No | No | Yes | No | No | No |
| Country credit rating? | Ba2 | Baa3 | A2 | A1 | Baa2 | A3 |
| Estimate of engagement costs | | | | | | |
| Company formation fees? | €4,300 | €3,630 | €4,850 | €3,250 | €3,400 | €4,275 |
| Legal registered office fees? | €1,200 | €1,100 | €1,200 | €1,200 | €1,200 | €1,200 |
| Estimate Government fees? | €450 | €560 | €310 | €250 | €60 | €100 |
| Corporate bank account opening fees? | €4,950 | €4,950 | €4,950 | €4,950 | €4,950 | €4,950 |
| Tax and VAT registration fees? | €750 | €750 | €850 | €750 | €850 | €500 |
| Estimate of total outgoings in Year 1? | €11,650 | €10,990 | €12,160 | €10,400 | €10,460 | €11,025 |
| View a detailed sales invoice with our latest notes! | (click link) | (click link) | (click link) | (click link) | (click link) | (click link) |
