International companies that open regional offices in Georgia to enjoy tax benefits
Georgian PM Mamuka Bakhtadze said that the Gov't goal is to turn Georgia into a regional financial centre. Photo: N. Alavidze/Agenda.ge.
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Georgia is striving to become a regional financial centre, inviting large transnational companies to open regional representations in Georgia and receive unique tax benefits.
The Prime Minister of Georgia Mamuka Bakhtadze announced the initiative today.
International companies, large transnational organisations, including representatives of the world’s 500 largest companies, if they open offices in Georgia and serve the region from here will benefit from unique tax benefits”, said Bakhtadze.
Earlier in October 2018 Bakhtadze announced a new initiative that introduces the concept of electronic residency, which will allow citizens of 34 countries to electronically register their companies and open bank accounts in Georgia.
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 a month ago.
Bakhtadze stated that the goal of the government is to have the service launched on 1 January 2019.
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.
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.
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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.
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.
There are 17 maritime and IT companies in Georgia that have obtained the status of an international company, meaning they are able to enjoy favourable terms of taxation in the country, announces the Ministry of Economy of Georgia.