Things To Consider Before Doing business In Georgia

Doing business in Georgia is considered to have many opportunities as lying right on the boundary of Europe and Asia and having a good economic relationship with strategic countries of the region. Due to latest news according to the world bank, Ease of Doing Business rankings in Georgia is on 7th rank, with a high score of ease Doing Business which means the regulatory environment is more conducive to the starting and operation of a local firm.

Doing business In Georgia:

Besides the strategic location, should be noted the fact that Georgia has free trade agreements with the EU / China, as well as the Russian Federation, Azerbaijan, Armenia, Ukraine, Moldova, Kazakhstan, Uzbekistan, Turkmenistan and Turkey.

On the basis of the transit opportunities of Georgia, a number of international brands carry out their Transcaucasian regional management from the headquarters in Georgia.

In addition, we should mention the support of the government of foreign investment which implies tax reliefs; proper (simplified) legal procedures and qualified business services and outsourcing.

In order to maintain stability of your business and stay in compliance with country regulations, before setting up a new company we recommend you to:

1. Get legal advice regarding the planned activity to determine what regulation this business may be subject to.
2. Implement tax planning to determine in advance the most optimal tax structure for the desired business.
3. Select a qualified business provider to run the current accounting service.

There are some key attributes you should note while  selecting companies to partner with :

• International reputation;
• Experience in the market;
• Other signs (liability insurance, etc.

How to do Business accountancy and bookkeeping

• Determine the accounting policy;
• Develop a plan of accounts within the rules established by the legislation of Georgia;
• Develop the mechanism and procedures for the production and control of documents reflecting economic events;
• determine the terms and technology of processing accounting information;
• Develop financial reporting forms based on the relevant financial reporting standards and define the procedures for preparing and submitting financial statements;
• Develop a combination of business processes and business rules (internal control system), which ensures the efficiency of its activities, the accuracy of financial statements and their compliance with the legislation of Georgia.

To get more information about the best investment opportunities, Georgian news, and consult with our experienced consultant please do not hesitate to contact us at Avageorgia.ge and Get in touch with us.