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Georgia International Company

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khinkali

New member
Georgia has announced "international company" status for IT and maritime business.

After obtaining the status of an international company the company will enjoy reduced property (but not land), profit, dividend (full exemption), and income taxes, with profit and income taxes reduced to five per cent.

It seems rather like the existing Georgian Virtual Zone status for IT companies.

In order to be granted the status of an international company it is necessary for the company to be registered in Georgia and have at least two years of work experience in the country.

Run a business for 2 years before finding out if it got the tax status?

Ignoring the oddities for a minute, I can see more places wanting to give corporation tax and dividend discounts to export businesses. "Come here, export goods and services, save some taxes, employ people".
 

avalanche

Entrepreneur
Georgia has announced "international company" status for IT and maritime business.



It seems rather like the existing Georgian Virtual Zone status for IT companies.



Run a business for 2 years before finding out if it got the tax status?

Ignoring the oddities for a minute, I can see more places wanting to give corporation tax and dividend discounts to export businesses. "Come here, export goods and services, save some taxes, employ people".
Georgia has one of the most ambiguous taxation codes ever. If ever you build any serious business in there, there is always a chance to get unexpected tax bills
 

khinkali

New member
I agree, although you can buy advice from the tax office cheaply (I haven't done this). Even a binding ruling looks quite cost effective considering what you'd have to go through to get similar certainty in Western Europe.

But yes, overall it is quite confusing. The general vibe I pick up is "do pretty much what you want, just don't upset anyone who can cause you trouble".
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Ignoring the oddities for a minute, I can see more places wanting to give corporation tax and dividend discounts to export businesses. "Come here, export goods and services, save some taxes, employ people".

There are already literally 100's of export zones around the globe from Malta to Dubai to Nigeria. They have existed for decades and offer tax free business opportunities. Nothing new that Georgia is doing here.
 

khinkali

New member
@Martin Everson I think what Georgia does right is making it easy. For many nationalities you can do a once a year visa run (ignoring covid). No work permit. Open a company in a day (like UK) open a bank account with no proof of address (rare). Almost (caveats of course) do what you want. Just it's nice to hire some local people and help the country.

As for lifestyle, well some of us like it and some don't. Like anywhere.

As @avalanche said, some things are ambiguous. But nothing like the scale of SE Asia. And I think Western Europe and USA are even worse if you're trying to do anything in finance.

Still, I totally agree that the hundreds of export zones around the world are not talked about enough. UAE of course, but most people don't have a clue where to find the rest.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
@Martin Everson I think what Georgia does right is making it easy. For many nationalities you can do a once a year visa run (ignoring covid). No work permit. Open a company in a day (like UK) open a bank account with no proof of address (rare). Almost (caveats of course) do what you want. Just it's nice to hire some local people and help the country.

I totally agree. It ranks high on ease of doing business and moving there in my books. It was one of the reasons I lived there for a while. They also have a free trade agreement with EU making it very attractive for business.
 

Piano

New member
@Martin Everson I think what Georgia does right is making it easy. For many nationalities you can do a once a year visa run (ignoring covid). No work permit. Open a company in a day (like UK) open a bank account with no proof of address (rare). Almost (caveats of course) do what you want. Just it's nice to hire some local people and help the country.

As for lifestyle, well some of us like it and some don't. Like anywhere.

As @avalanche said, some things are ambiguous. But nothing like the scale of SE Asia. And I think Western Europe and USA are even worse if you're trying to do anything in finance.

Still, I totally agree that the hundreds of export zones around the world are not talked about enough. UAE of course, but most people don't have a clue where to find the rest.
Bank account without proof of address ?! VERY RARE
 

saduna

New member
If you are serious about Georgia, it is possible to arrange for a complete hands off managed company with proper setup for tax advantages not just in Georgia but also in your country of residence. Managed company means you don't need worry about banks, VATs, etc. that is all taken care of. You can only do this with professionals that are transparent and you can trust, but cost savings and tax savings can be great if you have more than $50K revenue. This is easy to do for digital businesses (no physical goods shipped or processed) and if you are in IT business the company would be income tax free for exports out of Georgia.
 

MiddleEuroAsia

New member
There are already literally 100's of export zones around the globe from Malta to Dubai to Nigeria. They have existed for decades and offer tax free business opportunities. Nothing new that Georgia is doing here.
Even in Egypt, there are some extremely attractive tax free export zones there and lots of business opportunities if you knew what you're doing and have the right connections.
for example, the free zones in Egypt are hidden gems and are underestimated in my humble opinion, considering the cheap cost of labor there.
- start quote
Free zones in Egypt are considered a special investment system governed by the provisions of Investment Law No. 72 of 2017 and its Executive Regulations, which enforcement is overseen by the General Authority for Investment and Free Zones (GAFI)
What is a Free Zone?

A free zone is part of the State's territory, located within its borders, which falls under the rule of the state administration. Free zones are governed by special provisions on taxation, customs and finance.
Authorized Activities in Free Zones All types of investment activities are allowed to be exercised inside free zones in accordance with the policy set by GAFI, mainly export-oriented industries, with the exception of the following:

  • Weapons, ammunition, explosives and any industry relating to national security.
  • Wine and alcoholic beverages.
  • Fertilizers.
  • Manufacturing of iron and steel.
  • Petroleum refining.
  • Liquefaction, manufacture and transport of natural gas
  • Energy-intensive industries.

Advantages, Guarantees, and Exemptions Granted to Projects

Advantages


  • Free transfer of invested capital and profits abroad.
  • Freedom to select the field of investment and the legal form of projects.
  • ֺFree pricing of products and profit margin.
  • There are no minimum or maximum limits for invested capital (for public free zone projects only).
  • No restrictions with regards to the nationality of the capital's owner, where a foreign investor can be the sole owner of the capital or can have any share in the investment (excluding projects set up in Sinai).
  • The ability to operate for others in order to maximize exploitation of the project's potential (in accordance with the rules adopted by GAFI in this regard)
  • Providing foreign investors with residency facilities.
  • Granting foreign workers residence permits as requested by the project.


Guarantees

  • Legal action may not be initiated against projects operating in free zones until GAFI is first consulted. ֺ
  • Projects and establishments may not be nationalized or confiscated. ֺ
  • No sequestration may take place over projects according to administrative decisions, nor may their funds be seized, frozen or confiscated by any other means except through judicial proceedings.
  • Exemptions ֺ
  • All capital assets and production requirements for carrying out the project activities (excluding passenger cars) are exempt from custom duties, sales taxes and any other taxes throughout the project period, even if the nature of the activity necessitates its temporary presence outside the free zone.
  • The project's exports and imports are exempt from custom duties and taxes, whether sales taxes or other taxes or fees applicable within the country.
  • The project and its profits are not subject to any taxation or customs laws or legislations applicable in the country throughout the project period. ֺ
  • Project imports and exports are not be subject to customs procedures or regular importation rules applicable in the country. ֺ
  • Project supplies from the local market are exempt from VAT. ֺ
  • Goods in transit, with a fixed destination, are exempt from the payment of any fees imposed on goods in transit according to the following conditions: −The project falls under the custom office's jurisdiction. −The final destination of the goods is determined in the bill of lading and the invoice.
  • Local components of goods produced by free zone projects are exempt from custom duties in case of sale in the local market (inside the country).


Private Free Zones

A unique establishment/system that represents only one independent project or more than one project exercising similar activities, as required (based on nature of the activities). It is imperative to be located outside the public free zone vicinity, due to the economics of the project, and the nature of its activities, which renders it essential to be located in specific places to benefit from the advantages offered by this site, in terms of proximity to raw material sources, production requirements, export markets or required labor, for integration with nearby projects, or due to proximity to a particular port or road.
The private free zone site may be owned or rented by the investor.
For more Information Press here

Public Free Zones

There are currently 9 public free zones across Egypt, well equipped with the necessary facilities and infrastructure for the operation and execution of projects (roads - electricity - sewerage stations - water networks - telecommunications), in addition to an integrated customs unit, a police station for ports’ security maintenance, and a security unit in each zone, operating 24 hours a day.
The locations of free zones were selected to be situated in main cities with distinctive locations, sufficient labor and other facilities and capabilities that support both the zone itself and nearby maritime ports and airports.
Investment areas are allocated based on an annual rent system where the rate is determined per square meter, depending on the type of activity of the project (US$ 5 for industrial activities – US$ 10 for service and storage activities).
For more Information Press here
For more information about free zones and its investment opportunities Press Here
- end quote
Also you have banks like HSBC and CIB that gives zero fucks and only asks for your company documentation to open an account. also Egypt seems to fly under the radar as it's cash based society - So not lots of questions asked.

Also if you want to open a manufacture factory here. you can import all the new cutting-edge machinery completely tax free. and in terms of exports, you have to export more than 51% of your product. the other 49% can go to the local market, or you can export all of your product if you wanted to.

just bringing some new thoughts to the table!thu&¤#
 
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avalanche

Entrepreneur
If you are serious about Georgia, it is possible to arrange for a complete hands off managed company with proper setup for tax advantages not just in Georgia but also in your country of residence. Managed company means you don't need worry about banks, VATs, etc. that is all taken care of. You can only do this with professionals that are transparent and you can trust, but cost savings and tax savings can be great if you have more than $50K revenue. This is easy to do for digital businesses (no physical goods shipped or processed) and if you are in IT business the company would be income tax free for exports out of Georgia.
Never trust lawyers to run your business. Thats how you lose it. Thats a rule of thumb
 
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