While there are already many flights to and from Tbilisi and the Middle East as well as former CIS countries, airlines to Western Europe are still quite rare. The most convenient way to get to Tbilisi from most Western European cities was to fly via Istanbul with Turkish Airways or Fly Pegasus. We say "was"...because Georgian Airways has just opened new air links to Europe.
"Do I need a visa?" This is the question most often asked by those planning to visit Georgia. The good news is that in the majority of cases the answer will probably be "No". Georgia has one of the most liberal visa regimes in the world, which is certainly one of the main reasons for the fast development of the tourism industry in Georgia.
The development of the Internet has opened up many opportunities for companies. And among these, software companies are in pole position. Software export is the main source of revenue for a large number of IT companies operating worldwide. There is one country that does not levy taxes on the income of IT companies, namely Georgia in the Caucasus.
Among the many industrial sectors that are doing well in the global economy, information technology is certainly at the top. Information technology has become one of the most favourable sectors for creating jobs and making profits. However, the sector also needs incentives and a level playing field to be competitive at the highest degree. This is what Georgia offers in the form of Virtual Zones.
Offshore bank accounts are legal. It is perfectly legal to conduct banking transactions on personal bank accounts or offshore bank accounts. But they must meet the requirements of the tax authorities of your country of residence, which in many countries require this type of account to be declared.
The status of Virtual Zone is a legal entity in Georgia and is similar to the Industrial Free Zones regime in Georgia. The status of virtual zone offers many tax incentives but these are reserved for IT companies. The main tax advantage is the absence of taxes on income from the export of computer services and products such as software.
One of the advantages of Georgian tax legislation for the Information Technology sector, both for local and foreigners, is the avaibility of a special status. The "Virtual Zone Entity" is a legal entity operating in the field of Information Technology to which the Georgian tax administration has granted a special status: Profits generated by a VZE from the sale of IT services outside Georgia are exempt from Tax.
Open a Limited Liability Company. You will benefit from an very interesting tax regime, ultra-simplified accounting, easy opening of personal or corporate bank account with e-banking. You can also via your company buy a property to make it profitable very quickly via its rental.
The transition from a quasi-failed state in 2003 to a market economy, now described as efficient, is one of the major achievements of Georgia in the Caucasus. In 2007, the World Bank recognized the country as the world's leading economic reformer and has always ranked the country at the top of its "Ease Doing Business" index. Georgia is ranked ninth in 2018. Here is an overview of Georgia's ranking according to several Western indices. Not so bad for a country that half of the mortals don't know.
Opening a business bank account has become a tricky business in Georgia for foreign entrepreneurs. Banks have gone from no open policy to a draconian policy where every piece of information about the company and its leader is analyzed in detail beyond the information needs of the bank.
Georgian tax legislation offers a number of high-value tax incentives to IT companies operating in the territory and providing IT services to their foreign customers residing outside Georgia. This is the Status of a Virtual Zone.
We offer an assistance and follow-up service to assist or represent you in all administrative procedures. We prepare the official documents necessary for the creation and the management of your company in Georgia. The opening of your personal bank account, the opening of your company bank account, licensing and renewal, obtaining and renewing your residence permits.
Gurian Investments LLC, based in Tbilisi, specializes in company creation and outsourcing processes. We advise and support you in setting up your company in Georgia, a country with an attractive tax system, free movement of capital and people, and a strategic location at the heart of a booming market on the borders of Europe, Asia and the Middle East.
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