Company Formation in Georgia | Regulation
Company Formation in Georgia | Key points of Incorporating in Georgia
- It take minimum three and maximum five business working days for┬ácompany formation in Georgia
- For┬ácompany formation in Georgia even single director is sufficient and there is no restriction on the nationality or local residency of the companyÔÇÖs director.
- There is no maximum limit of shareholders for┬ácompany formation in Georgia.
- There is no minimum limit requirements for the initial share capital of the company.
- By choosing AbroadBiz for company formation in Georgia, our team of experts will guide and assist in every step of the process until the company is formed and registered.
- The Georgian business offers great benefit for the foreign investors in terms of free trade zones, attractive business environment, and tax exemptions.
- We can support you with the local office address for the company formation in Georgia.
To begin incorporation of your limited company we will require the following:
- The name of the company to be incorporated
- Complete name, residential address, nationality and the birth date of the directors of the company
- Complete name and addresses of the shareholders of the company
- Details of the company including the primary business activities
- Details of the share capital and number of shares provided to each member of the company
Documents you are required to provide:
- ID proof that are accepted for the company incorporation documents are – copy of valid passport, national ID, or driving license that has photograph.
- The accepted address proof documents are utility bills like electricity or gas bills and bank statement that is not older than three months at the time of submission.
- In case the director or the shareholder of the company to be incorporated is a legal entity then it has to furnish the certificate of good standing which is created by authority in your country. The good standing certificate provided by the firm which has taken the directorship/shareholder should have the current active status of the company and signatures of all the executives
Company Formation in Georgia | Registered Office Requirement
For company formation in Georgia, the company needs to have a local office address where all the official and legal communication can be delivered. Secondly, the local office address of the company must be registered in the tax office of Georgia at or before the registration of the company.
Single director is sufficient for successful company formation in Georgia. There is no restriction on the nationality of the director to incorporate LLC in Georgia.
Minimum one and maximum unlimited number of shareholders are allowed for successful company formation in Georgia. Shareholders can be of any nationality.
The minimum amount of initial capital for the company has no limit. There is no restriction on the capital contribution made for the company either.
The most important meeting in an LLC company in Georgia is the annual meeting of the shareholders. The meeting is organized annually and this meeting is considered of the highest importance because shareholders are given complete authority to decide about starting and ending the commercial transactions of the company, sales & purchase of company assets & real estate properties, purchasing or selling the company shares, and major approvals over the annual reports. Certain matters like the sourcing funds, refunding deposits, recruiting directors and approving the reports can also be part of this meeting.
The annual general meeting can also be organized by the director of the company. As per the custom, the director has to send the invitation to all the participants with agenda of the meeting before at least 1 week of the meeting to be held. The participants of the meeting have the authority to change or modify the agenda within three days of receiving the invitation details. The authority of making changes to the annual meet is only allowed if the partners who have the power to take the decisions are attending the meet. If the partners are not attending then in that case another meeting has to be scheduled, and if again the partners do not attend the meet then the decisions can be taken in their absence.
Annual Audit and Financial requirement
The monthly tax returns for the taxpayers for distributed profits should be file by every 15th of every month in a calendar year. Similarly, the income tax returns of the company should be filed by the 1st of April in a calendar year.
As per the accounting and financial guidelines of company law, it is mandatory to prepare the financial statements of the company annually. There are certain documents and statements like the payments made to state and audit opinions, management reports, financial statements, etc. which should be submitted periodically after 9th of every month as per the law defined for certain categories of companies.