9 steps to incorporate in Georgia in 2021
Over the years, Georgia has simplified the steps necessary to company incorporation, and the process now can be completed in a week. Unfortunately, online registration is however not available. Consequently, all of the documents must to be submitted to the National Agency of Public Registry in person. Healy Consultants will assist our Clients completing the same without the need for them to travel to Georgia.
- Engagement with the Client: Prior to Georgia company incorporation, our Clients i) settles Healy Consultants engagement fees ii) signs and returns the Client engagement agreement letter and iii) provides all the required due diligence documents;
- Planning phase: Our team and Client agree on the optimal corporate structure for the entity, including shareholders and their respective capital contributions, directors, company name and its translation and (if required), accountants and auditors. Thereafter, our country experts will draft a detailed engagement project plan, mapping out by week each step to engagement completion, optimizing transparency, and setting Clients expectations for the registration process;
- Registered address: Georgian regulations require all companies to maintain a local registered address. Our Clients supplies Healy Consultants with a lease agreement for their office premises. If required, Healy Consultants will provide either temporary shared office space or office address for incorporation;
- Document preparation: After the Client has agreed on the corporate structure of the entity, Healy Consultants will draft, prepare and provide for our Client’s signature i) the Memorandum and Articles of Association, ii) required application documents and iii) Power of Attorney for company registration to be notarized, legalized and courier returned;
- Application submission: Once all the signed and attested documents are received, our team will submit the same to the National Agency of Public Registry together with proof of payment of the registration fee;
- Bank account opening: Following company incorporation, Healy Consultants assist our Client in opening a corporate bank account. Our team will skilfully negotiate with local and international banks examples include ProCredit Bank, Bank of Georgia and Finca Bank, so that our Client is exempt from traveling for the account opening. However, the banks enjoy the ultimate power of approval for such waiver;
- VAT registration: our Clients must register as a VAT payer if they i) expect their company’s annual taxable turnover to exceed 100,000 Georgian lari (GEL, approximately US$37,000), or ii) produce or import excisable goods. If required, our team assists our Client with registering for Value Added Tax with the Georgia Revenue Services;
- Recruitment and application for residency visas: To support business setup, if required, Healy Consultants assists our Client to recruit local staff and submit a quality residency and work permit applications for foreign employees;
- Engagement completion: Following the incorporation of the business in Georgia, Healy Consultants couriers a full company kit to our Client, including original corporate documents, unopened bank correspondence and a Client feedback survey.
Checklist of important documents required to incorporate a company in Georgia
- Passport copy and address proof notarized by a Public Notary in our Clients’ home country;
- For a corporate shareholder: Attested company incorporation documents (Certificate of registration, Bylaws and register of members and directors);
- Attested Power of Attorney granting Healy Consultants the authority to register a Georgia company on our Clients’ behalf.