If you’re searching for the benefits of Incorporating in Georgia, there’s a good chance that you’ve heard it’s a low cost, low tax, and open to foreigners.
Well, it is… but whether it’s the best jurisdiction for you will depend on where you’re coming from and what you’re trying to achieve. Not to mention, what other jurisdictions can you access instead.
In this article, we’re going to take a close look at the potential benefits you can unlock from incorporating in Georgia. Plus, we’ll be discussing popular alternatives with similar benefits, like Cyprus, Malta, and even the USA.
Also, if you’re not sold on incorporating in Georgia and want to consider an alternative option, review our free Cyprus article on opening a business bank account in Cyprus.
Note: If you were searching to register an LLC in the State of Georgia and not a company in the Republic of Georgia, please visit our US banking page above.
Alternatively, if you would like more information on trading companies and what a commercial entity is before deciding where you want to incorporate your company, check out our free guide linked here.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Incorporating in Georgia 101
- Benefits of Incorporating in Georgia
- Do You Want Help Opening Bank Accounts?
Incorporating in Georgia 101
We have written extensively about the Republic of Georgia from a banking and business perspective in past articles. In short, Georgia is interesting but it faces challenges.
Of the challenges it faces, the biggest and most concerning is its angry neighbor to the North, Russia.
In fact, Russia and Georgia still argue over disputed territory, and the last armed conflict was in 2008, which from a geopolitical perspective was not that long ago.
That said, we won’t go in-depth about these challenges here. Instead, we encourage you to do detailed research and consider available alternatives before committing to incorporating here.
On the other hand, Georgia is interesting. It is not exactly offshore, but it’s not onshore either. Instead, it’s one of those rare jurisdictions that manages to balance its role as a mid-shore jurisdiction for both banking and incorporation.
For this reason (and many more), Georgia has become a popular jurisdiction for libertarians, nomads, and international gurus, which has helped to propel its popularity with a wider audience.
That said, if you are looking for a jurisdiction to incorporate an operating business that requires business banking, payment processing, and straightforward accounting and reporting, you may want to consider incorporating a Cyprus company or incorporating a company in one of the following alternatives instead.
Possible Alternatives to Consider
- Cyprus
- Malta
- Bulgaria
- BVI
- United States
- United Kingdom
- And elsewhere
All of the above jurisdictions offer corporate structures with similar (or better) benefits for business owners. Additionally, entities registered in these jurisdictions tend to be easier to bank and provide straightforward access to payment processing.
Of course, before deciding on where to structure you should speak to a qualified advisor that understands your specific tax situation, business requirements, and how structuring in one jurisdiction over another could impact you or your business.
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Now, let’s consider why you might want to incorporate your company in Georgia in the first place.
Benefits of Incorporating in Georgia
While the Republic of Georgia is not the most popular jurisdiction for foreign non-residents to incorporate, it is relatively common when compared to other countries.
That said, it’s important to consider whether the benefits Georgia offers can offset the cons, which we’ll also discuss below.
Benefits of Incorporating in the Republic of Georgia
- Favorable corporate tax rates (15%)
- No capital gains tax
- Double taxation agreements with 52 countries
- Free Zones with both tax, import, and cost-related benefits
- Ability to open a business bank account
Cons of Incorporating in the Republic of Georgia
- Limited banking options (mainly Georgia)
- Uncommon jurisdiction
- Questionable stability and safety
- More costly than incorporating it elsewhere
- Higher taxes than you might pay elsewhere
Do You Want Help Opening Bank Accounts?
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