The craziest issue is that all financial reports have to be done in Georgian language..
Gentlemen question pls : the Georgian Company must absollutelly be registeted for VAT to the tax office there so the VAT declarations must be sent to tax office every month, or it can be incorporated without VAT registration and thus less accountancy burden ?
LLC? As far as I'm aware, there is no mandatory VAT registration for any company in Georgia until your turnover reaches certain level.
thank you. R u untaxed for income achieved outside Georgia also with a non resident director ?
However, I heard if you need temporary residency by employment (as the owner of your company), you might need VAT registration.
Probably yes. Legal persons founded in Georgia are taxed on their worldwide income. Individuals are taxed only on their income derived from Georgian sources. Here I'm not sure though.
If you can afford it (around $7k/yr license fee) go for Free Zone company, they are exempted from all tax
Ok because I was wondering why if untaxed, somebody would need accountancy service (except legal adress and company ducuments keeping for authorities)
thks, I m interested in holding companies with no audit...
but with some credible bank, not Paxum or EMI...
Doing business in Georgia is tricky if you dont have any trusted translator here. Most of the documents and laws here are in Georgian language which cannot be translated sometimes by Google (if georgian text is written with english letters)
yeah I can t imagine how guys who hold a company there can figure it out especially if there is auditing involved.
I'm on the outlook for some accountancy firm in Georgia too, need accounting, filing of taxes and even complete the VAT submission when it is due. Important for me is that they speak English, are fast in their replies if needed and they do the job without overpricing fees.
Regarding overpriced legal services: I even seen some dudes offering a personal bank account in TBC for the whopping 3,000 EUR. Like.. really? You just come to any TBC branch with your passport and done.. 😀 lots of sharks around us.
Does Georgia have any capital control or you can freely send through internet banking foteign currency to a non Georgian IBAN ?
Better consult with your accountant however I heard that there is no capital control
Never tried myself but I think it should be alright. Georgia is known for ease of sending international transfers
Be aware though, most banks in Georgia charge 0.2% with max cap of $500 or so on transfers to other banks.