News: Registration of a Company in the Free Industrial Zoneof Poti
Company registration in the Poti Free Industrial Zone as a symbol of international level
Each investor is looking for the most favourable conditions for capital investment. Registering a company in the Poti Free Industrial Zone is appropriate for this purpose. The western city of Georgia combines a convenient geographical location, modern infrastructure and marine climate. The Black Sea basin washes the coast of the city. There is also the seaport having the same name, one of the largest in the Black Sea. According to the program of international cooperation between the European Union and the TRACECA partners, the port is the reference point of the Trans-Caucasus corridor. Registering a company at the Poti Free Industrial Zone in Georgia provides an opportunity to be involved in this program and benefit from its projects.
The Poti Free Industrial Zone began to operate in full in 2011. It is considered to be the first in Georgia. The business segment covers a wide variety of investment and business sectors, as well as industry. Each sector has a great potential for development.
The combination of these factors makes it possible to assess the registration of a company in the Poti Free Industrial Zone in Georgia as a successful investment and promises to increase its own capital. Georgian reforms are recognized as one of the most progressive not only among the CIS countries, but throughout the world.
The railway junction of international and regional routes passing through the free-zone allows establishing a logistical links with the world market. That guarantees your business a high profit level.
Registering a company in Poti will immediately bring it to a high level of potential profitability due to a range of factors. One of them is a large number of investment flows into the territory. In 2017, the Chinese city of Xiamen held a business forum, at which an agreement on the sale of 75% of the Poti Free Industrial Zone for 24.5 million lari was signed. Economic experts, along with government officials, note the great prospects of this agreement both for the country and for foreign investors. Privatization terms include the injection of 150 million US dollars. Given the favourable taxation conditions, international capital is actively entering this area.
Among other advantages, registration of a company in the Poti Free Industrial Zone provides an opportunity to sell goods and provide services under a simplified system of tax costs. In comparison with other countries where you have to pay a high VAT rate, here you only need to pay a license fee every year. The amount of payment depends on the type of activity. There is no currency control that ensures the implementation of transactions in a foreign currency. There is no audit which affects businesses in other countries. The Free Industrial Zone legally guarantees non-interference in the affairs of a company in located in it. Financial costs for wages are paid by employees, the firms themselves are exempted from payment. Repatriation of capital - the return of money to its homeland, is carried out in a free form. Import or export during transit is free. Registering a company in Poti provides an opportunity not to pay real estate tax, if it is based on a free-zone. A number of these tax exemptions ensure the rapid development of a business that guarantees strengthening the company's reputation in the international market. This is carried out without high taxation, all you need is to pay for the license and work.
Opening a company in the Poti Free Industrial Zone takes place in the following way:
A reputable rating «Doing Business» has included Georgia into the list of the ten countries convenient for business. It ranks fourth in the world for the simplicity of institutions for organizing and registering own property. Thus, the opening of a company in the Poti Free Industrial Zone for individuals provides for submission of the following data: a copy of the founder’s foreign passport, copies of passports of constituent partners, a similar document of a person applying for the post of the Director, and his consent in the appropriate form. In addition to these data, a protocol of the Meeting of Shareholders, at which a decision to open a company in the Poti Free Industrial Zone was taken and formed in accordance with the requirements, and the Statute of the organization are required. It is necessary to sign the Agreement with a special administrator of the Free Industrial Zone on assignment and registration of the legal address for the company.
Registration of a company in the Poti Free Industrial Zone of Georgia for legal entities based abroad is carried out in a similar way. Indeed, the data submitted must be as follows: an identity document of a person applying for the post of Director of a company, the Director's formal consent to occupy the corresponding position, a foreign organization's decision to register a company in the Poti Free Industrial Zone in Georgia with the mandatory certification of a notary, a copy of the Statute of the enterprise abroad, statement containing all the relevant information about a company, as well as the formal consent of the administration to open the legal address to register a company registration in Poti. An enterprise can officially become a tax resident of Georgia after the receipt of a corresponding certificate.
After the state reforms in Georgia in 2003, the country gained a new look not only in the architecture, but also in economic indicators. The Transcaucasian state introduced a new vision regarding its future and the interpretation of its history. Companies in the Poti Free Industrial Zone of Georgia began to open with great enthusiasm.
An important point is the sphere of banking services. It also works much more optimally than in other states. Banks support the function of multi-currency settlements for many currencies of other countries. Opening an account allows you to conduct transactions of interstate settlements. They are carried out safely and securely, since there is no monitoring. Bank employees can communicate with clients in Russian and English that facilitates communication for a citizen of any country.
An important advantage of the state is the fact that it has not signed the Agreement on the automatic exchange of financial information between the member countries. Accordingly, the authorities are not obliged to provide financial information about their clients.
