Georgia Cryptocurrency Solutions in 2021
Since 2003 Healy Consultants Group PLC has been assisting multinational Clients with business set up, bank accounts, visas and migration in countries around the world. Because of the lucrative taxation regime and lack of regulatory constraints towards cryptocurrencies, Georgian resident companies offer convenient location amidst global crypto-business uncertainty.
Advantages for crypto businesses in Georgia
- Georgia does not impose regulatory restrictions on cryptocurrency trading and does not have dedicated legislation. As such, both traders, miners and exchanges can operate freely when registered in the country;
- Georgia imposes low corporate tax of 15% on worldwide distributed income;
- Similarly to the popular Estonian tax regime, re-invested profits are fully tax-exempt if no dividends are distributed during the year;
- Cheap utility costs made Georgia the third largest country by bitcoins mined after China and Venezuela;
- There is no VAT payable on crypto arbitrage, trade operations nor sales of computing (hash) power involved in bitcoin mining operations.
Disadvantages for crypto businesses in Georgia
- Georgia based businesses are vulnerable to Russian hacker attacks amid tensions between the two countries;
- The Georgian judicial system is weak, subject to internal and external influences, which increases systematic risks to foreign investments;
- Georgia is a non-CRS reporting country of low international profile, which limits access to quality corporate bank facilities.
How to incorporate a crypto business in Georgia?
- Corporate structuring: Healy Consultants assist our Client to design the optimal corporate structures to meet their goals;
- Document preparation: within a week, our team will draft initial corporate documentation, including articles of association, Power of Attorney for our local Georgian lawyers and detailed incorporation forms;
- Registry of Companies submission: Under your dedicated manager’s guidance, our Client organizes a courier of signed company incorporation forms and duly legalized power of attorney, Healy Consultants submits a complete company formation application to National Agency of Public Registry;
- Tax registration: Our team will then obtain a Tax Identification Number (TIN) from the Georgia Revenue Department.
- Cryptocurrency-friendly corporate bank account: Within 8 weeks and without personal travel required, Healy Consultants opens a quality crypto-friendly corporate bank account for our Client. To view different crypto-friendly banking solutions, view our dedicated map;
- Engagement completion: Following engagement completion, Healy Consultants prepares and couriers the full company setup kit. This document package includes original translated Government documents, crypto-friendly bank correspondence if any, and a Client feedback survey.
Our service package
Healy Consultants’ Georgia cryptocurrency company formation package includes i) Georgia limited company set up ii) Georgia corporate bank account opening without travel and iii) local legal registered address; iv) tax registration and regulatory approval for operations and v) in case of bitcoin mining operations, sourcing specific physical warehouse solution. Our fee for this service is €14,950.