Virtual Zone Status IT Company with a Tax Benefits, Tbilisi, Georgia
VIRTUAL ZONE STATUS IN GEORGIA FOR IT COMPANY WITH A TAX BENEFITS
Virtual Zone status company - the best IT company operational model for IT Business comes from Tbilisi, Georgia.
Do you have IT Company and IT business? Are you doing inhouse software development? Would you like to sell online worldwide your IT products and software in tax free regime? This great offer is for you!
The best news is that profit generated by a Virtual Zone Status license (company or individual entrepreneur ) from the supply of information technology (IT) services (development) outside of territory of Georgia is fully exempted from taxation in Georgia.
HOW TO GET THE STATUS OF VIRTUAL ZONE STATUS AND WHO IS ELIGIBLE?
Status of Virtual Zone Person can be granted to an IT company registered in Georgia. The status is granted to a legal entity involved in the creation of the computer software such as: the study, support, development, design, production and implementation of computer information systems etc.
WHAT IS THE VIRTUAL ZONE STATUS?
The Status of the Virtual Status Zone is a license to carry out IT business activities in a Virtual Zone with a tax benefits.
HOW LONG IT TAKES TO GET VIRTUAL ZONE STATUS?
After submission of the application, the Status is granted by the local authority by law in 5 working days (in practice in few working days - approx. 10-60 days) and applicant will receive an electronic certificate to confirm that the status is granted. It should be noted that The Status of the Virtual Zone is permanent. After getting Virtual Zone Person status license, the company is enjoying considerable tax benefits.
MAIN TAX BENEFITS OF VIRTUAL ZONE STATUS PERSON IN GEORGIA:
- The income of a VZE is exempt from VAT (18%) and corporate income tax (15%) if the company provides its services to foreign customers located outside Georgia. It means your IT company tax is 0%.
- In case of dividends payment (to a physical person or non-resident legal entity shareholder), the only Georgian tax on dividends payable is rated at 5% and is paid by the company to the state budget at the moment of dividends payment. Dividends distributed in Georgia to a Georgian shareholder will not be included in the taxable base of such a person. If dividends are paid to a foreign shareholder, then the taxation of such a shareholder in the country of its tax residency shall be analyzed with the consideration of provisions of double tax treaty of the relevant country with Georgia (if any). If income of Virtual Zone Entity is distributed not in the form of standard dividends but in another way described by law regulations, then the 5% withholding tax in Georgia will not be paid and there will be no taxation in Georgia at all(!)
- The director of the Virtual Status Zone Person or Virtual Zone Company can be either a Georgian or foreign person who can be physically located either in Georgia or abroad and can manage the company´s activities and corporate bank account by internet and mobile banking
- There is no law requirement to keep employed staff in Georgia, incl. for the company`s director. Anyhow the company need to have a local IT employees / developers.
- Georgian Virtual Status Zone Entities give new opportunities for IT companies and it is becoming interesting especially for international clients.
- In the case that the company will be buying i.e. services from abroad we recommend to register as a special VAT payer (for Reverse Charge VAT)
OPENING CORPORATE BANK ACOUNT IN GEORGIA FOR VIRTUAL ZONE STATUS LLC COMPANY
We can help you set up a corporate IBAN bank account in multi-currencies with internet banking (also in English) and VISA international credit card remotely.
It is also good to note that Georgia is also still a great place to bank and is not a member of Common Reporting Standard (CRS) is an information standard for the automatic exchange of information (AEOI) regarding bank accounts on a global level.
NEW: WE OFFER A SIMPLE PROCEDURE TO OPEN YOUR VIRTUAL ZONE STATUS COMPANY REMOTELY WITH POWER OF ATTORNEY WITHOUT VISITING GEORGIA
You can operate the company and your corporate bank account from anywhere at the world or you can use also our nominee services >>
PRICE OF READYMADE LLC GEORGIAN COMPANY WITH A VIRTUAL ZONE STATUS
1. IT READY-MADE GEORGIAN BASED COMPANY WITH LIMITED LIABILITY LLC FROM THE YEAR 2024 WITH OUR OFFICES
Note: VARIANT THE CLIENT IS NOT VISITING GEORGIA (TRANSFER WITH A POWER OF ATTORNEY) OR IS PRESENT IN TBILISI
Price of ready-made company incl. 12 months prepaid legal address in Tbilisi.
The company is ready to start business the same day we receive the payment and signed documents to start the business. The price incl. standard express delivery service of the documents.
In the price of the IT readymade LLC company is included also registration to Virtual Zone Status value of EUR 300
Registration will be submited to the Authority after transfer of the company to a new director(s) and shareholder(s). CV of director and additional documents needs to to be provided with our full assitance. ​The price do not incl. a legal transaltion of the IT contract to Georgian language.
What is included in the price of Virtual Zone Status company:
Fully registered LLC company with full set of company certificates
Registration of Virtual Zone Status with digital licence in Georgian
Digital Company incorporation certificate in English and Georgian
The Charter of the company
Registered legal address at Tbilisi for 12 months
Tax registration of the company with Revenue Service office (RS.ge)
Access to my.gov.ge portal
Fully paid all registration authority and administrative fees
Total price: 4250 GEL I 1480 EUR
2. IT READY-MADE GEORGIAN BASED COMPANY WITH LIMITED LIABILITY LTD FROM THE YEAR 2024 WITH OUR OFFICES AND OPEN BANK ACCOUNT IN THE BANK OF GEORGIA
Note: VARIANT THE CLIENT IS NOT VISITING GEORGIA (TRANSFER WITH A POWER OF ATTORNEY) OR IS PRESENT IN TBILISI
Price of ready-made companies (from the year 2023) + 12 months prepaid legal address in Tbilisi + active corporate IBAN bank accout (GEL, USD, EUR).
The company is ready to start business the same day we receive the payment and signed documents to start the business.
In the price of the IT ready made company is included also registration to Virtual Zone Status value of EUR 300
Registration will be submited to the Authority after transfer of the company to a new director(s) and shareholder(s). CV of director and additional documents needs to to be provided with our full assitance.
The price do not incl. a legal transaltion of the IT contract to Georgian language.
What is included in the price of the Virtual Zone company with a corporate bank IBAN account:
Fully registered LLC company with full set of company certificates
Registration of Virtual Zone Status with digital licence in Georgian
Digital Company incorporation certificate in English
Registered business address at Tbilisi legal address for 12 months
Tax registration of the company with Revenue Service office
Fully paid all registration authority and administrative fees
Opening of the corporate bank account (EUR, USD, GEL + more currencies available) with VISA card and internet banking
Total price: 4250 GEL I 1480 EUR
Please note all prices are charged in GEL. Exchange rate calculated on 05. 08. 2023.
For more information about a classic Georgian LLC Company incorporation – please see the section of Georgian Ready-made Company on our website.
DO YOU ALREADY HAVE LLC COMPANY IN GEORGIA? DO YOU NEED TO GET VIRTUAL ZONE STATUS?
If you have company registered in Georgia or you need to incorporate a new LTD company in Georgia with the virtual office service, we can help you to get a Status of Virtual Zone Person within 7-10 days (usually up to 60 days) and to enjoy this innovation, attractive environment and favorable tax regime in Georgia. We are ready to help. Our assitance fee is starting from 1500 GEL based on the comlexity of the case.
STILL DECIDING? REASONS TO DO BUSINESS IN GEORGIA
"ACCORDING TO BLOOMBERG’S 2022 ANNUAL GLOBAL STUDY OF FOREIGN DIRECT INVESTMENT FLOWS, “GEORGIA STANDS OUT AS A POPULAR INVESTMENT DESTINATION, RANKING 13TH FOR INVESTMENT AMONG MAJOR GLOBAL ECONOMIES, INCLUDING THE US, CHINA, AND THE UK, READS THE INVESTMENT CLIMATE STATEMENTS PUBLISHED BY THE US DEPARTMENT OF STATE"
"BASED ON EASE OF DOING BUSINESS REPORT BY WORLD BANK GEORGIA IS ON 9TH POSITION IN TOP TEN COUNTRIES WORLDWIDE FOR EASE OF DOING BUSINESS"
"2020 INDEX OF ECONOMIC FREEDOM BY THE HERITAGE FOUNDATION - GEORGIA IS 12TH IN THE WORLD AND 6TH IN EUROPE"
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