News: Registration of a Company in the Free Industrial Zoneof Kutaisi
Registration of a company in the Kutaisi Free Industrial Zone is the key to a successful business
Registration of a company in the Kutaisi Free Industrial Zone in Georgia provides a number of advantages and allows you to operate in the international arena.
The post-Soviet states, after the collapse of the USSR, actively and purposefully began to conduct reforms, adapting to the demands dictated by the global world market. Georgia is a striking example of the successful implementation of modern transformations. Relatively small Transcaucasian territory has become one of the world leaders in the comfort of doing business. Global investment attractiveness rankings include Georgia in the top 10 profitable countries around the world. Registration of a company in the Kutaisi Free Industrial Zone in Georgia can be carried out by a non-resident.
What are the advantages of opening a company in the Kutaisi Free Industrial Zone?
Being an industrial city, it specializes in trade. The classification of trade is practically unlimited; you just need to obtain a license (at low tariffs) for the required types of activities.
An operating enterprise has a zero tax rate. A company in the Free Industrial Zone in Kutaisi, Georgia gives an investor the benefit of providing its services on the most favourable conditions. Among other things there is no tax on:
- profit. Instead of income tax, an annual license fee is paid. The amount of the fee is determined by occupation;
- value added in case of conducting activities within the city;
- import during transit through the free-zone;
- real estate, if it is located on the territory of the simplified tax zone;
- there is no currency control that enables to conduct transactions in foreign currency;
- on interest and dividends. In other words, there is a free distribution of profits among owners, without tax on the source of origin;
- repatriation of capital. Accordingly, the return of money to their homeland is carried out without losses;
- legislation does not oblige to provide a report on the activities of the company, if it works in the specified geographical location;
- the absence of a mandatory audit;
- organizations do not pay wage tax, it is paid only by the employees themselves.
Taking into account such benefits, a company in the Kutaisi Free Industrial Zone of Georgia is not considered an offshore. Georgia is not listed in the so-called «blacklists», i.e. lists of offshore states.
However, the country has several tax systems. The investment climate for foreign capital varies depending on the region. Its peculiarity is that it has Free Industrial Zones. Their attractiveness lies in a number of advantages in running a business, compared to other regions. Such public policy course allows you to maintain your own national identity, being at the same time open to the world. Moreover, it is a member of the «New Silk Road», which provides Georgia with favourable prospects.
Georgia has several simplified taxation regions, among which are Poti and Tbilisi. One more similar city is Kutaisi. According to some experts, it is the most profitable. This relatively small administrative centre changed the architecture of money trafficking not only of this region, but of the whole country.
How is a company registered in the Free Industrial Zone of Kutaisi?
Legislative requirements are optimized and allow carrying out the necessary actions quickly, easily and without much difficulty. A complete list of documents for foreign legal entities and non-residents must be collected. Therefore, the opening of a company in the Free Industrial Zone of Kutaisi for a citizen of another state implies the provision of the following set of documents:
- A copy of the foreign passport of a person who establishes a company;
- Minutes of the Meeting of Shareholders regarding the opening of a company;
- Consent of a person appointed to the position of the Director;
- Copies of documents identifying persons applying for the status of the Constituent Partner of an enterprise;
- Copies of similar documents of a person, who is registered for the position of the Head of an enterprise;
- Formed Statute of the organization;
- Appropriate consent for registration of the legal address of a company in the territory of the Free Industrial Zone. Such consent is signed by a special Administrator.
Registration of a company in Kutaisi by a legal entity located abroad assumes the provision of the following documents:
- A copy of the Statute of the organization abroad (necessarily with notarization);
- Statement relating to the activities of a foreign legal entity issued by the relevant authorities;
- Notarized Decision of a foreign organization on the establishment of a company in the Free Industrial Zone of Kutaisi, Georgia;
- Registration of a company in the Kutaisi Free Industrial Zone is impossible without the consent of the Director of the organization with a notarial certification to take a management position;
- A copy of the passport or other identity document of a person applying for the position of the Head of the company;
- Statute of a company with the approval of a notary;
- Agreement with representatives of the administration to enter the legal address in the database.
In both cases, documents that have been prepared beyond the country must be certified with an apostille, as well as legalized in accordance with the legislation. Papers prepared in Georgia must be notarized. Regarding the term, the recording in the registry takes 2 days. The whole registration process, together with the preparation, certification and creation of a bank account, can take about 4 weeks.
The opening of a company in the Kutaisi Free Industrial Zone gives an advantage to an investor of any scale, given the absence of restrictions on the amount of cash injections. An important point for any investment is a banking service.
World ratings point out that in the Black Sea region, free zones are known for their leading position in the banking sector. There is a possibility to open an account in US dollars, that enables multi-currency payment. When creating a bank account, the list of additional services includes the issuance of an individual card, as well as banking on the Internet.
Registering a company in Kutaisi Free Industrial Zone in Georgia provides wide confidentiality provisions. This country is not a signatory to an Agreement between participants of the global market on the automatic exchange of financial information; therefore, only the register of companies remains public and open. This can ensure that information about foreign firms is confidential.
The complex of the above-mentioned peculiarities of certain Georgian territories makes them attractive and competitive areas for investment of capital. Only a few years of existence have proven their efficiency and reliability for partners from any part of the world.
