| 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) |
