Our Legal Practices Areas
- Business and corporate transactions
- Capital Markets (M&A)
- Banking and Finance
- Tax and Customs
- Business Setup (including, remotely)
- Individual Entrepreneur (1% Tax rate) Registration
- Virtual Zone Company (IT Companies, 5% Tax)
- Legal Address / Virtual Office
- Family and Inheritance
- Real Estate and Construction
- Trademark Registration
- Intellectual Property
- Information Technology (IT)
- Labor & Employment
- Cryptocurrency & Blockchain
- Tax Compliance
- Notary Services
- Residence Permits
- Georgian Citizenship
- Tax Consultation
- Tax Residency
- Civil Litigation
Doing business in Georgia
Starting a business in Georgia is an exciting venture. Georgia has ranked 7th among 190 countries in the World Bank Doing Business 2021 Ranking, preceding the states like the UK, Norway, and Sweden.
Georgian law provides six types of business entities:
• Individual Entrepreneurship (IE)
• general partnerships (GP)
• limited partnerships (LP)
• limited liability companies (LLC)
• joint-stock companies (JSC)
The most common forms of business vehicles in Georgia are a limited liability company (LLC) and a joint stock company (JSC). The main reason for using an LLC and a JSC is that the liability towards their creditors is limited to their entire property. Therefore, the shareholders are not liable for the obligations of such companies against third parties. Moreover, both the LLC and the JSC have flexible corporate structures and are not subject to maximum or minimum share capital requirements.
Nomos offers a full spectrum of legal services for your business registrations including:
– Preparing Documentation for Registration
– Registration of the company at the business registry
– Providing a legal address for the company
– Registration at the tax authorities
– Opening the corporate bank accounts
– Notary services
Georgia offers visas, residence permits, and the status of tax residents for investors, businesses, and property owners with the possibility to obtain citizenship in the future. Becoming a resident of Georgia gives you and your family a path to citizenship.
A residence permit in Georgia gives you the right to an unlimited stay in the country and the right to engage in any lawful activity, such as running a business, working, traveling, studying, or simply retiring without a right to work or any other documents.
There are different types of residencies according to your needs and eligibility:
– Work residence permit
– Study residence permit
– Residence permit for family reunification
– Residence permit of a former citizen of Georgia
– Special residence permit
– Permanent residence permit
– Investment residence permit
– Temporary residence permit
– Short-term residence permit
– Residence permit for an indefinite stay
A residence permit is issued by SDA within a minimum of 10 days and a maximum of 30 days after the submission.
Temporary residence permits are first issued for a period of 6 to 12 months. They may then be extended for an additional period of 1 to 11 years, at the discretion of the SDA agent assessing the case.
For most temporary residence applications your current Passport stamp or previous temporary residence permit, visa, must have at least 40 days of validity remaining.
First-time applications must be made from within Georgia and then you can apply through the website – sda.gov.ge. Renewals of an existing permit can be made online from outside of Georgia, but the existing permit should be valid at the moment of application.
Once your application if approved within one month you have to take a residency card. Applying for a residence card is essential as failure to do so within 6 months from receiving the residence permit in Georgia results in the termination of the awarded permit.
Citizenship of Georgia through naturalization is acquired in the manner of granting citizenship of Georgia by the President. Types of naturalization are the following:
– Granting citizenship of Georgia following an ordinary procedure
– Granting citizenship of Georgia following a simplified procedure
– Granting citizenship of Georgia by way of exception
The President of Georgia may grant Georgian citizenship by way of exception to a citizen of another country who has contributed exceptional merit to Georgia. The President of Georgia may also grant Georgian citizenship by way of exception to an alien based on state interests.
When evaluating the state’s interests, the following circumstance shall be taken into account:
b) a foreign citizen is making such an investment in Georgia or he/she has made such an investment in Georgia that contributes or has contributed substantially to the development of the state economy;
With the help of professionals, you have to build up your own case.
To be granted Georgian citizenship, a foreign citizen can apply to the authorized body SDA. The presidential order on granting Georgian citizenship to a foreign citizen comes into effect as soon as the competent state authorities in Georgia receive a document certifying the renunciation of foreign citizenship by that person. The procedure takes a maximum of 80 days.
BANKING AND FINANCE
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