{"id":1948,"date":"2022-03-15T12:32:49","date_gmt":"2022-03-15T12:32:49","guid":{"rendered":"https:\/\/mmcnsltng.com\/?page_id=1948"},"modified":"2022-06-30T09:17:35","modified_gmt":"2022-06-30T09:17:35","slug":"faq","status":"publish","type":"page","link":"https:\/\/mmcnsltng.com\/ka-ge\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"

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\n\t

\n\n\t \n How long does it take to register a company in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

Company can be registered within one or two days. This period excludes the time required for the preparation of registration documents.<\/strong><\/h4>\n

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\n\n\t \n Can a foreigner register a company in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

Yes, they can, Georgia is quite a popular destination for foreigners to do business here.<\/strong><\/h4>\n

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\n\n\t \n Can I incorporate a business remotely? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

Yes, you can. For remote incorporation of the company, we will need a Power of Attorney (POA) from you.<\/strong><\/h4>\n

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\n\t

\n\n\t \n May the company founder be the director of the company at the same time? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

The company\u2019s adult founder can be the Director at the same time.<\/h4>\n

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\n\n\t \n How many directors may the company have? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

The number of directors is not limited by law. If the number of directors is more than one, then the issues of representative and executive authority should be determined in the company\u2019s foundation documents.<\/h4>\n

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\n\t

\n\n\t \n How can someone buy real estate in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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\n [vc_column_text]<\/p>\n

For granting the property rights on real estate, it is necessary to register it in the Public Registry. For this, it is necessary to submit:<\/h4>\n
    \n
  • \n

    Application<\/h4>\n

    (electronic application is filled by the documents receiving operator);<\/h4>\n<\/li>\n
  • \n

    Your identity document;<\/h4>\n<\/li>\n
  • \n

    properly drafted agreement;<\/h4>\n<\/li>\n
  • \n

    Sometimes, additional documents or information may be requested that are necessary for the registration of real estate.<\/h4>\n<\/li>\n<\/ul>\n

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    \n\t

    \n\n\t \n Is it possible for foreign legal entities to purchase real estate in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    Foreign legal entities can freely purchase the real estate in Georgia.<\/h4>\n

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    \n\t

    \n\n\t \n Does a Georgian residence permit guarantee tax residency in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    No. Residence permit is not the same as a Georgian tax residency. Tax residency on its end makes you subject to taxation in Georgia, thus you may hold a residence permit, while not being a tax resident of Georgia, and vice versa.<\/h4>\n

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    \n\t

    \n\n\t \n What is a Georgian residence permit? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    Georgian residence permit grants you a right to stay in Georgia for the period on which it is granted.<\/h4>\n

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    \n\t

    \n\n\t \n Can Foreigners Open Bank Accounts in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    Yes, and the process is very simple.\u00a0 The two largest banks in Georgia are Bank of Georgia and TBC Bank.\u00a0 Both banks are listed on the London Stock Exchange, are totally secure and have the largest network of branches and ATMs throughout Tbilisi and Georgia. Both banks have very easy and fast mobile and internet banking, so you can manage your money from anywhere in the world.\u00a0 Funds can be kept in GEL, USD and EUR.<\/h4>\n

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    \n\t

    \n\n\t \n What Documents do I need to open a Bank account? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    To open a bank account, you just need a copy of your passport and a small fee to purchase a Visa or Mastercard debit card.\u00a0 There are no minimum balance requirements and monthly fees are low.\u00a0 Within 24 hours, you can return to the branch to collect your card, which can be used internationally.<\/h4>\n

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    \n\t

    \n\n\t \n What are the requirements to open a Company\u2019s bank account in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    In case the shareholder and director of the company is a tax-resident and\/or citizen of Georgia – opening a bank account for the company is very easy and even can be done without being present in the bank. In order to open a bank account<\/strong> for a company the investor must provide documents regarding the corporation or the sole proprietorship. The fees for opening a bank account<\/strong> will depend on the bank.<\/h4>\n

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    \n\t

    \n\n\t \n What documents will I need to open a personal bank account in Georgia remotely? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    We will need a Power of Attorney from you and a copy of your passport, both shall be notarized and legalized or apostilled in your country.<\/h4>\n

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    \n\t

    \n\n\t \n What are the ordinary tax rates in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
    \n
    \n [vc_column_text]<\/p>\n

    Below you may find \u201cstandard\/ordinary\u201d tax rates, however please note that there are many tax exemptions that might apply and sorts of statuses that might be obtained by Georgian businesses for tax relief. Therefore. The rates below are just for reference and each transaction, business, holding of property or any other taxable object\/subject shall be subject to separate deep and personal analysis.<\/h4>\n
      \n
    • \n

      20% Personal Income Tax<\/h4>\n<\/li>\n
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      15% Corporate income Tax (Upon distribution of dividend or deemed distribution of dividend);<\/h4>\n<\/li>\n
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      5% Dividend Tax;<\/h4>\n<\/li>\n
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      0 – 20% Withholding Tax;<\/h4>\n<\/li>\n
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      0 – 18% VAT, Reverse Charged VAT;<\/h4>\n<\/li>\n
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      0 – 1% Property Tax<\/h4>\n<\/li>\n
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      0 – 12% Import Tax;<\/h4>\n<\/li>\n
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      Excise tax (fully depends on excisable goods)<\/h4>\n<\/li>\n<\/ul>\n

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      \n\t

      \n\n\t \n What are the taxes for companies in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
      \n
      \n [vc_column_text]<\/p>\n

      The corporate income tax, the property tax, the value added tax or various customs duties are payable by companies in Georgia. Other taxes and duties like taxes on gambling are levied in the country.<\/h4>\n

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      \n\t

      \n\n\t \n What are the procedures and requirements for a Power of Attorney? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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      \n [vc_column_text]<\/p>\n
        \n
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        We provide you the information that you need to include in POA<\/h4>\n<\/li>\n
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        You make the POA and sign it with an authorized notary in your county;<\/h4>\n<\/li>\n
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        Then your signature is notarized;<\/h4>\n<\/li>\n
      • \n

        Notarized document to be provided for further legalization<\/strong> through Georgian embassy or apostille<\/strong> in your country (if the country from which you issue a PoA is party to Hague Apostille Convention); PLEASE NOTE – legalization and apostille are not needed for documents from CIS countries;<\/h4>\n<\/li>\n
      • \n

        Once the document is apostilled or legalized, – you send us the document in its original form (via express\/standard delivery).<\/h4>\n<\/li>\n<\/ul>\n

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        \n\t

        \n\n\t \n Is it possible to patent a Trademark? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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        \n [vc_column_text]<\/p>\n

        No, it is not possible. A trademark is subject to registration<\/h4>\n

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        \n\t

        \n\n\t \n What is a Trademark? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
        \n
        \n [vc_column_text]<\/p>\n

        A Trademark is a sign or combination of signs that can be represented graphically and is capable of distinguishing the goods and\/or services of one undertaking from the goods and\/or services of another undertaking.<\/h4>\n

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        \n\t

        \n\n\t \n What can be registered as a Trademark? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
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        \n [vc_column_text]<\/p>\n
          \n
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          A word or words, a proper name<\/h4>\n<\/li>\n
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          letters<\/h4>\n<\/li>\n
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          figures<\/h4>\n<\/li>\n
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          Sounds<\/h4>\n<\/li>\n
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          image<\/h4>\n<\/li>\n
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          combined signs<\/h4>\n<\/li>\n
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          three-dimensional figure<\/h4>\n<\/li>\n<\/ul>\n

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          \n\t

          \n\n\t \n What is Procurement? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
          \n
          \n [vc_column_text]<\/p>\n

          While it\u2019s often used interchangeably with the term purchasing, procurement is actually a set of controls and procedures used to obtain the best possible return on investment (ROI) when making purchases. Purchasing is itself only a part of the overall procurement process, which also includes strategic sourcing, quality control, and supplier relationship management.<\/h4>\n

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          \n\t

          \n\n\t \n Can Foreigners Own Property in Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
          \n
          \n [vc_column_text]<\/p>\n

          Foreigners buying property in Georgia receive the same benefits as native Georgian buyers.\u00a0 All real estate sales in Georgia are made on a Freehold basis and you can buy in your own name.\u00a0 There\u2019s no need to set up a Georgian company or some other complicated method of owning property in the country.<\/h4>\n

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          \n\t

          \n\n\t \n Do I Need a Visa to Visit Georgia? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
          \n
          \n [vc_column_text]<\/p>\n

          Georgia has one of the most liberal visa regimes in the world, which is one of the reasons why the tourism business here is growing so rapidly.\u00a0 If you are a citizen of one of the EU, GCC or former CIS countries, plus North America or Australasia, then you just need to arrive in Tbilisi and you will receive a stamp in your passport at Immigration allowing you to stay in the country for up to a year.<\/h4>\n

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          \n\t

          \n\n\t \n Can I Buy Property in A Foreign Currency? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
          \n
          \n [vc_column_text]<\/p>\n

          Georgian Lari (GEL) is the only legal tender on the territory of Georgia. This means that the payment should take place in GEL.<\/h4>\n

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          \n\t

          \n\n\t \n Can I Purchase Real Estate Remotely? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
          \n
          \n [vc_column_text]<\/p>\n

          Yes, if you as a principal grant someone else the necessary powers under a Power of Attorney.<\/h4>\n
            \n
          • \n

            If you are a foreign citizen who does not have a Georgian residence card, a Power of Attorney should be executed by a notary in Georgia. Alternatively, you as the principal are entitled to issue a Power of Attorney in a foreign country, legalize\/apostille it in that country, and then send it to your trustee in Georgia, who will translate and notarize it in Georgia.<\/h4>\n<\/li>\n
          • \n

            If you are a Georgian citizen or a foreign citizen who has a Georgian residence card, a Power of Attorney can be executed by a notary in Georgia while you are physically present, or remotely from abroad. This can be done through a video call with the Georgian notary. Also, two witnesses (who will identify you) and a third person (who will sign on your behalf) will need to be present during the call. None of the three persons should have an interest in the execution of the Power of Attorney. The trustee, as well as the three persons present during the call, do not need to be Georgian citizens or have a Georgian residency card.<\/h4>\n<\/li>\n<\/ul>\n

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            \n\t

            \n\n\t \n If I have a company registered in Georgia, can I own agricultural land in the name of the company? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
            \n
            \n [vc_column_text]<\/p>\n

            No, when the company shareholders are foreigners. If 51% shareholder is Georgian citizen then it is possible.<\/h4>\n

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            \n\t

            \n\n\t \n I have a student residency in Georgia, can I request family reunification for one of the parents and grant him residency based on my residency? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
            \n
            \n [vc_column_text]<\/p>\n

            Student\u2019s parent can not apply for a residence permit, based on their children\u2019s educational residence permit.<\/h4>\n

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            \n\t

            \n\n\t \n If one of the parties to the marriage is Georgian, does he grant citizenship to the children? <\/span>\n<\/span>\n\n \n <\/span>\n <\/span>\n <\/span>\n<\/span>\n<\/h4>\n
            \n
            \n [vc_column_text]<\/p>\n

            If one parent is Georgian citizen, children can apply for Georgian citizenship too.<\/h4>\n

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