Citizens of 34 countries to be able to register companies in Georgia online
The initiative will introduce the concept of electronic residency, PM Mamuka Bakhtadze announced today. Photo: PM's press office.
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The Government of Georgia is introducing a new initiative that aims to turn Georgia into a regional financial centre and attract more investors to the country.
The initiative will introduce the concept of electronic residency, which will allow citizens of 34 countries to electronically register their companies and open bank accounts in Georgia, Prime Minister Mamuka Bakhtadze announced today.
We are introducing the practice of electronic residency that will enable the citizens of 34 countries to electronically register their companies and open bank accounts in our country. All these 34 countries are economically developed… All agencies will be given tasks, while a draft law of the amendments will be sent to the Parliament of Georgia”, said Bakhtadze.
Bakhtadze stated that the goal of the government is to have this service launched from 1 January 2019.
“Today we will have a meeting with representatives of businesses, where we will discuss the details of this historic initiative”, Bakhtadze said.
The programme offers Georgian entrepreneurs to register on the new online platform tradewithgeorgia.com to introduce their products and services to potential foreign partners. Currently more than 20 companies have already started using the system.
The Government of Georgia is introducing three new tax initiatives that aim to support businesses in Georgia, improve the business environment and increase the share of small and medium sized business in the country’s economy. Recently, Georgia’s Finance Ministry also introduced new tax breaks which will apply to small businesses in Georgia.
The Georgian Ministry of Finance is introducing new tax breaks to Georgia’s business society and especially to those who are based in the regions of the country.
The Government of Georgia is launching a second wave of small business assistance efforts building on the successful programs such as ‘Produce in Georgia’, agriculture programs like ‘Plant the Future’ and others. Georgia’s Finance Minister Mamuka Bakhtadze initiated a new legislative package at today’s government meeting that concerns tax breaks for small businesses.
Georgia is striving to become a regional financial centre, inviting large transnational companies to open regional representations in Georgia and receive unique tax benefits.
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From January 1, 2019 Georgia will be the first country in which entrepreneurs will be required to present only one tax document, instead of five tax documents, Prime Minister of Georgia Mamuka Bakhtadze announced today while delivering the annual government report.
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Buying securities issued by Georgian companies will be easier for foreign investors, announces the Bank of Georgia.
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The Ministry of Economy of Georgia will work with investors on the ‘single window’ system, announced Georgian Prime Minister Mamuka Bakhtadze today.
Companies that offer IT and maritime services will be able to enjoy favourable terms of taxation in Georgia if they obtain the status of an international company, in the country, announces Georgian Finance Minister Vano Matchavariani.