| OUR RANKING IN ORDER OF PREFERENCE | 1 | 2 | 3 | 4 | 5 |
| Summary at a Glance | | | | | |
| Total year 1 engagement set up costs? | €10,150 | US$11,550 | €11,025 | US$10,145 | US$31,450 |
| Total year 2 costs (incl. audit and tax)? | €5,100 | US$4,550 | €3,900 | US$1,475 | US$5,320 |
| Our Client must travel during the engagement? | No | No | No | No | No |
| Total engagement period? | 10 weeks | 9 weeks | 11 weeks | 11 weeks | 18 weeks |
| Corporation tax rate on net profits? | 20% | 15% | 15% | 12% | 20% |
| Average monthly employee salary (2016)? | €1,091 | €351 | €748 | €224 | €515 |
| Average monthly office rental per sq m? | €18 | €12 | €20 | €8 | €41 |
| Average monthly warehouse rental per sq m? | €6.50 | €2 | €8 | €2 | €6 |
| Literacy % of population? | 99.9% | 99.70% | 99.8% | 99.8 | 99.7% |
| English language proficiency % of population? | 61% | 10% | 50% | n/a | 8% |
| Incorporation requirements | | | | | |
| How long to set the company up? | 3 weeks | 1 week | 2 weeks | 2 weeks | 6 weeks |
| Minimum number of shareholders? | 1 | 1 | 1 | 1 | 1 |
| National shareholder required? | No | No | No | No | No |
| Individual and corporate shareholders allowed? | Yes | Yes | Yes | Yes | Yes |
| Minimum number of directors? | 1 | 1 | 1 | 1 | 1 |
| Resident director required? | No | No | No | No | Yes |
| Minimum paid up share capital? | €2,500 | US$1 | €2,500 | US$300 | US$130 |
| Fast solution (turnkey) available? | Yes | No | Yes | No | Yes |
| Corporate director(s) allowed? | No | Yes | No | Yes | No |
| Public register of shareholders & directors? | Yes | Yes | Yes | No | Yes |
| Tax and accounting considerations | | | | | |
| Corporate tax payable? | 20% | 15% | 15% | 12% | 20% |
| Withholding tax on dividends paid overseas | No | 5% | 0% | 6% | 15% |
| Annual financial statements required? | Yes | Yes | Yes | Yes | Yes |
| Statutory independent annual audit required? | No | No | No | No | No |
| Local GST or VAT? (%) | 20% | 18% | 21% | 20% | 18% |
| Tax incentives for manufacturing start-ups? | Yes | Yes | Yes | Yes | Yes |
| Access to double tax treaties? | Yes | Yes | Yes | Yes | Yes |
| Tax exempt free zones available? | Yes | Yes | Yes | Yes | Yes |
| EU VAT member? | Yes | No | Yes | No | No |
| Corporate bank account considerations | | | | | |
| Healy Consultants’ preferred bank? | Swedbank | People’s Bank of Georgia | Finasta bank | Victoria Bank | Sberbank |
| How long to open bank account? | 4 weeks | 4 weeks | 4 weeks | 4 weeks | 5 weeks |
| Do I travel to open the bank account? | No | No | No | No | No |
| Multi-currency corporate bank account? | No | No | No | No | No |
| Multi-currency corporate visa debit cards? | No | No | No | No | No |
| Corporate ATM card available? | Yes | Yes | Yes | Yes | Yes |
| Bank rating by World Economic Forum? | 29 | 69 | 41 | 82 | 53 |
| Ease of getting credit by WEF? | 40 | 110 | 91 | 104 | 56 |
| Euro currency used by this country? | Yes | No | Yes | No | No |
| Employment considerations | | | | | |
| Average skilled labour monthly salary? | €950 | €345 | €844 | €215 | US$525 |
| Average unskilled labour monthly salary? | €650 | €250 | €570 | €150 | US$370 |
| Average social contributions (% salaries)? | 20% | 15% | 23.50% | 23% | 22% |
| Minimum national salary? | €390 | €63 | €300 | €60 | €97 |
| Mandatory labor unions? | No | No | No | No | No |
| Minimum notice to dismiss employees? | 15 days | 60 days | 14 days | 14 days | 30 days |
| Minimum redundancy indemnity? | 14 days | 14 days | 15 days | 30 days | 60 days |
| Quotas on foreign workers? | Yes | Yes | Yes | Yes | Yes |
| How long to get work permit approved? | 2 months | 1 month | 2 months | 2 months | 3 months |
| Manufacturing considerations | | | | | |
| Electricity prices, (Eur per kWh)? | 0.25 | 0.12 | 0.19 | 0.18 | 0.13 |
| Rank for getting electricity (by WB) | 34 | 62 | 54 | 104 | 29 |
| Ranking for transport infrastructure? (by WEF)? | 44 | 128 | 27 | 100 | 94 |
| Ranking for customs procedures (by WEF)? | 29 | 118 | 28 | 99 | 141 |
| Import duty on raw materials? | Yes | Yes | Yes | Yes | Yes |
| Government incentives for start ups? | Yes | Yes | Yes | Yes | Yes |
| Internet connectivity rating? | 21 | 65 | 36 | 52 | 52 |
| Global business efficiency index | 17 | 15 | 24 | 63 | 62 |
| Does the country have maritime access? | Yes | Yes | Yes | No | Yes |
| Logistical considerations | | | | | |
| Preferred manufacturing city? | Tallinn | Tbilisi | Klaipeda | Chisinau | Khatanga |
| Proximity of sea port in kilometers? | 5.7 | 8 | 7.6 | 94 | 47 |
| Proximity of airport in kilometers? | 12 | 15 | 35 | 6.3 | 14.2 |
| Proximity of rail in kilometers? | 19 | 22 | 13 | 5 | 10.3 |
| Computer literacy % of population | 99.8% | 99.80% | 99.70% | 98.50% | 99.70% |
| Local purchasing power (GDP per capita) | US$25,865 | US$6,100 | US$25,708 | US$4,753 | US$23,292 |
| Local market size (in USD billions) | 20.14 | 12.9 | 37.4 | 6.2 | 1.5 |
| Average annual inflation rate 2014-15? | -0.10% | 4.50% | -0.50% | 8.30% | 15.30% |
| Average unemployment rate 2014-15? | 6.20% | 12.40% | 8.20% | 8.50% | 5.40% |
| Ease of doing business index | 17 | 15 | 24 | 63 | 62 |
| Estimate of engagement costs | € | US$ | € | US$ | US$ |
| Healy Consultants engagement fees | 3,250 | 4,300 | 4,275 | 3,100 | 3,500 |
| Company secretary and registered office | 950 | 1,100 | 1,200 | 1,295 | 1,200 |
| Government fees | 250 | 450 | 100 | 50 | 110 |
| Resident director fees (0 if not required) | 0 | 0 | 0 | 0 | 0 |
| Corporate bank account opening | 4,950 | 4,950 | 4,950 | 4,950 | 4,950 |
| Estimate of total outgoings in Year 1 | 10,150 | 11,550 | 11,025 | 10,145 | 31,450 |
| Draft sales invoice attached | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
