Substance in Georgia, what it is and how to prove it. Everything for a successful business in Georgia for foreign entrepreneurs.
To develop a business in Georgia, a foreign entrepreneur needs to prove substance. Find out what it is and how to prove economic presence in Georgia. Click the link right now and become the owner of a successful business!
Substance in Georgia⬇️
The absence of bureaucratic red tape, corruption, and strict rules for foreign entrepreneurs make Georgia attractive to investors and businessmen. Another significant advantage is that the Georgian government does not transfer income data obtained on the territory of Georgia to other countries.
Reduced tax rates, benefits, and startup programs are available for foreign entrepreneurs who decide to open a business in Georgia. However, to obtain them, it is necessary to prove their economic presence. What it is and how to achieve it, we will talk about in this article.
Substance. What is it and why do foreign entrepreneurs need it in Georgia?
The presence of a company in the country indicates that the company's work is taking place in Georgia and is aimed at developing its economy, not another country's. This is done to avoid registering companies with criminal intentions.
To conduct active activities and develop a business in Georgia, a corporate account in a bank is required. Permission to open it is possible just after confirming substance. Thorough checking of all company documents, its owners and beneficiaries, is carried out by bank employees precisely for this purpose.
If the documentation is in order and the organization's activities do not raise doubts about criminal intentions, the bank opens a corporate account without any problems.
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What is needed to prove economic presence in Georgia?
Banks check not only the rental of premises for the company's work but also a number of other indicators. To obtain approval for opening a settlement account in Georgia for an organization, consider the following options for confirming substance:
- Register a company phone number that will start with the Georgian code. There is an opportunity to connect to the owner's mobile phone.
- Hire a Georgian citizen as the company's manager.
- Hire a local accountant or use the services of a Georgian auditing firm.
- Hire Georgian employees with officially paid wages.
- Create a website using a local domain. It's better if it's translated into Georgian.
- Employees must work in an office, so renting a premises in Georgia is mandatory.
- Sign contracts with local companies.
It is not necessary to comply with all these recommendations simultaneously, but the more you confirm that you are working specifically on the territory of Georgia, the higher the chances of obtaining substance.
Business in Georgia
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