Georgia, a country situated at the intersection of Europe and Asia, is becoming an increasingly attractive destination for entrepreneurs looking to start a business. Its strategic location, business-friendly environment, and low taxes make it an ideal destination for companies looking to expand their operations.
If you’re thinking of starting a business in Georgia, you’ll need to follow a few steps to register your business and ensure it’s legally compliant. In this article, we’ll guide you through the process of registering a business in Georgia.
Table of Contents
Step 1: Choose Your Business Structure
The first step in registering your business in Georgia is to choose the legal structure that best suits your needs. You can choose from several options, including:
- Sole Proprietorship: A business owned and operated by a single individual.
- Partnership: A business owned and operated by two or more people.
- Limited Liability Company (LLC): A business structure that combines the benefits of a corporation and a partnership. LLCs offer limited liability protection to their owners, but they’re taxed like a partnership.
- Corporation: A business structure that offers limited liability protection to its owners and shareholders.
Each of these business structures has its advantages and disadvantages, so it’s important to choose the one that best fits your business needs.
Step 2: Choose Your Business Name
Once you’ve chosen your business structure, you’ll need to choose a name for your business. Your business name should be unique and not already registered with the Georgian government. You can check the availability of your desired business name by conducting a name search on the National Agency of Public Registry’s website.
Step 3: Register Your Business
To register your business in Georgia, you’ll need to follow these steps:
- Obtain a Personal Identification Number (PIN): To obtain a PIN, you’ll need to provide your passport and proof of residency in Georgia.
- Obtain a Tax Identification Number (TIN): To obtain a TIN, you’ll need to provide your PIN, a copy of your passport, and proof of residency in Georgia.
- Register your business with the National Agency of Public Registry: You can register your business online or in-person at the National Agency of Public Registry’s offices.
- Obtain any necessary licenses and permits: Depending on your business type, you may need to obtain additional licenses and permits to operate legally in Georgia.
Step 4: Open a Business Bank Account
Once you’ve registered your business, you’ll need to open a business bank account. This will allow you to separate your personal and business finances and keep track of your business expenses. You’ll need to provide your TIN and business registration documents to open a bank account.
Step 5: Hire Employees
If you plan on hiring employees, you’ll need to register with the Social Service Agency and obtain a Social Security Number for each employee. You’ll also need to register for the Unified Electronic System of Tax Administration (UES) to report and pay taxes on behalf of your employees.
Generis Global Can Help
Starting a business in a new country can be challenging, but with the help of a knowledgeable partner, you can navigate the legal requirements and ensure your business is compliant. Generis Global is a leading provider of legal services for businesses in Georgia. Our team of experienced attorneys can help you with all aspects of starting and running your business in Georgia, including company registration, tax compliance, and legal advice. Contact us today to learn more about how we can help you with your business in Georgia.