Due to the rapid development of the Free Industrial Zone of Kutaisi , quite a few foreign entrepreneurs are seeking to register a company in Georgia.
Kutaisi is a major industr woodworking, textile and agricultural industries.
For more information or advice on conducting business activities in the Kutaisi Free zone, please consider contacting YB Case experts.
Why it is profitable to set up a company in Georgia?
If you are interested in registering a company in the Kutaisi FIZ or opening an account with a Georgian bank, you should keep in mind the following benefits of the jurisdiction:
- Stable political environment;
- Silk Road Location;
- Reliable banking sector;
- Investor-friendly environment;
- Ease of doing business (according to the ratings of the World Bank Organization, the country ranks 7th in 2020)
- Skilled workforce;Location (at the intersection of trade and logistics routes in Europe, Asia and the Middle East);
- Simplified visa regime and obtaining a residence permit;
- Low crime rate (118th out of 123 asscorfing to the Numbeo Crime Index, 2019).
Georgia has signed 33 investment protection treaties with many countries. It is also a signatory to the Convention on the International Center for the Settlement of Investment Disputes (ICSID) which it signed in 1992.
Those seeking to remotely open a company in the Kutaisi FIZ or obtain a trade license in Georgia, should keep in mind that GIH Holding FIZ operates at the site of a Kutaisi 27 hectares and has 128,000 m² of administrative, industrial and warehouse premises. The free zone is located 10 kilometers Kutaisi International Airport and 95 kilometers away from the Poti.
Want to set up a company in the Kutaisi FIZ? Why not contact YB Case experts and request for advice on company registration procedure in Georgia and opening an account for a Georgian company.
The strategic goals of the Kutaisi Free Industrial Zone are:
- To attract foreign investment and advanced technologies for the provision of goods and services;
- To make a contribution to the Economic Development of Georgia;
- To create employment opportunities;
- To meet business requirements;
- To develop the best area for renting premises.
The main benefits of opening a FIZ company. Registering a company, in the Kutaisi FIZ requires being aware of tax rates:
- There are no corporate tax, WHT on dividends and interest payments;
- Companies registered in FIZ are not subject to VAT and RCVAT;
- There is no personal income tax for company`s employees;
- There is no tax on export and import operations;
- There is no tax on property;
- Companies from Georgia and FIZ which have trade relations are subject to 4% sales tax.
For more information of advice on launching a business in a FIZ in Kutaisi and obtaining a business license in Georgia, please consider contacting YB Case experts.
- Well-developed infrastructure;
- Low rental cost;
- Possibility of obtaining a Certificate of Origin;
- Reliable energy supply system and affordable electricity prices;
- Availability of skilled workforce;
- Convenient location in terms of logistics;
- Low license cost and simplified business regulation;
- Low prices for utilities and household services;
- Possibility to order infrastructure management services.
Also opening a company in a FIZ in Georgia, provides one with an opportunity to:
- Order a Forex license in Georgia;
- Obtain a crypto license in FIZ Kutaisi;
- Order an EMI license in Georgia, etc.
- Opening a company in FIZ of Kutaisi – 2 200 EUR;
- License fee – 5 thousand USD;
- Subsequent annual license renewal – 3 thousand USD.
Setting up a company in Kutaisi takes 1 or 2 business days.
You can open a corporate account with the TBC Bank, Liberty bank, Bank of Georgia, etc.
According to Georgian legislation, no restrictions are imposed on foreign ownership of legal entities or the general form of ownership. Thus, an enterprise can be established by both local and foreign individuals or legal entities.
What you need to start a business in Kutaisi FIZ:
- To set up a company in the free industrial zone of Kutaisi, one must apply for registration with the Georgian Justice Miistry and have a legal address in the FIZ. As soon as that is taken care of, the FIZ will confirm the registration;
- After confirmation of registration,one needs to open a corporate bank account in Georgia and pay a license fee. After that, they will obtain a license authorizing conduct of business activities in a FIZ.
Need advice on company registration in Kutaisi FIZ or obtaining a trade license in Georgia ? Why not contact YB Case experts? They can also experts can provide you with assistance in opening a corporate account in Georgia (takes up to 5 days).