Open a business in Georgia. How to prevent mistakes of doing business in Georgia. Difficulties of foreign entrepreneurs in Georgia
Are you planning to open your own business in Georgia, but you don't know where to start? Start by studying the mistakes that guarantee the collapse of the company. Find out what a foreign citizen needs to pay attention to in order to run a successful business in Georgia. Follow the link right now!
Learn how to avoid mistakes of doing business in Georgia⬇️
The availability of starting a business in other countries remotely helps entrepreneurs develop and increase income. If you independently open a company in Georgia without involving lawyers who know the subtleties of doing business in the country, you can make a number of mistakes that will harm the development of the business.
What kind of business mistakes non-residents of Georgia make when registering a company online without the help of residents of the country, we will tell in this article.
Illusory awareness of the legislation of Georgia
It is not necessary to take information from forums and discussions with friends about how to conduct business in Georgia. Such information should be studied on official sources.
It is possible to find out whether the chosen niche is really in demand and free, what benefits are applicable to your activity, as well as what subtleties of personnel production exist in Georgia, only with a competent specialist.
A qualified specialist will analyze a specific case and give a conclusion on the basis of which it is possible to plan the opening and conduct of business activities. Also, information about tax benefits and peculiarities of legislation is available in state institutions, but only in Georgian.
An ill-considered opening of a business threatens to end up in a broken trough, since it is problematic to get a corporate account for a non-resident of the country. It is impossible to talk about the successful operation of a company without its own account in the country.
There is also a chance to get caught by unscrupulous specialists of consulting services who will not sell the legal address, but will issue a lease for a year, or will demand additional payment for the extension of the contract. Thus, instead of earning income, you will deal with legal issues endlessly.
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Incorrectly chosen form of business and taxes
The next mistake of doing business in Georgia arises from the fact that the legislation of Georgia is regularly updated and undergoes changes. It is very difficult to be aware of innovations if you live in another country, do not have a specific education and are poorly versed in legal issues of Georgia.
The organizational and legal forms in each country differ not only in the set of documents required for registration, but also in the available benefits and working conditions.
When choosing a certain form of activity with the hope of receiving tax benefits, be prepared for the fact that they may change during the company registration process. To avoid surprises, as well as to learn about the full range of available tax rates, it is possible only from qualified specialists.
Refusal to open a bank account
As mentioned above, it is difficult for non-residents of Georgia to open a corporate bank account. In Georgia, reputation is very carefully monitored, so they thoroughly check not only the statutory documents and the purpose of using the account, but also the legitimacy of all activities.
An experienced lawyer in Georgia will help you prepare the necessary documents that will confirm your non-involvement in illegal actions. Correcting this error will help to establish business and stable operation of the company.
Accounting errors
Electronic document management is conducted in Georgia. This ensures the absence of bureaucracy, and facilitates interaction with all government agencies. And this is connected with another mistake that foreign entrepreneurs make.
It is important to understand that accounting data is submitted to the tax service, banking organizations. The approval of loans and business benefits depends on them.
Competent accounting attracts investments and develops business, but its absence guarantees the collapse of the company. Please note that all reporting is conducted in Georgian, and omission of changes threatens fines and liquidation.
Lack of legal advice
It is always more profitable and preferable to resolve disputes in a pre-trial order than in court. To do this, it is necessary to consult regularly with competent lawyers who are familiar with the laws and procedures of Georgia. The lack of such interaction is one of the biggest mistakes of doing business for a novice entrepreneur.
A foreign citizen is hardly well versed in the nuances of the legal legislation of Georgia, and is definitely not familiar with the unspoken peculiarities of doing business in the country. Do not skimp on the help of lawyers, so as not to lose the business at the initial stage of its formation.
It is easy to open a business in Georgia, but it is difficult to stay afloat and avoid the typical mistakes of a foreign entrepreneur. Learn all the features, prepare for all the unexpected turns and register your own company!
In the Madloba catalog you will find a lot of useful information about doing business in Georgia!
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