Saqartvelo is the native name of Georgia, the country.
Saqartvelo is a popular jurisdiction for doing business. The country offers a high ease of business creation and management. The absence of exchange control rules, the free entry and exit of foreign capital, the relatively low cost of services, the banking system stability, and its geographical location as a gateway between Europe and Asia make Saqartvelo an attractive destination for international companies outside the E.U. Saqartvelo does not commit the Automatic Exchange of Bank Information or the OECD's TIEA agreement.
The Virtual Zone is to promote the IT sector in Saqartvelo. This law is to develop the IT service in the country. It targets companies with offices and employees inside the country. IT companies operating in a remote mode cannot benefit from the law.
If the company with a VZE status does not distribute dividends, it will not pay tax.
Saqartvelo's legislation defines the activities of a Virtual Zone Entity widely as "any legal entity related to Information Technology". However, according to the law, a VZE must be involved in its activity "any process of research, development, support, design, production and implementation of computer information systems and software design".
Based on this legal definition, we can say that any online product/service produced and provided by a VZE entity is an 'information technology activity' if the entity carries out research, development, support and design activities and holds the intellectual property rights for the product concerned.
Saqartvelo's VZE is becoming a lucrative solution for international IT companies developing an offshore customer base from Saqartvelo. Fiscal advantages are not active for companies working remotely.
BGG's services to incorporate your Virtual Zone Entity include the registration and all the necessary support for the management of your company in Saqartvelo. We provide accounting and tax advisory services and your representation before public authorities and banks in Saqartvelo.