Georgia is a former Soviet Republic, located on the border between Europe and Asia, on the east cost of the Black Sea. It shares border with Russia to the north, with Turkey and Armenia to the south, and Azerbaijan to the southeast. It has a population of just over 3.7 million inhabitants, which half live in Tbilisi, its capital. Its official language is the Georgian and its legal tender currency is the Georgian Lari (GEL).
The Georgian economy depends mainly on Black Sea tourism, crops of citrus, tea and grapes, extractive mining of manganese and copper as well as a small industrial sector producing wine, metals, machinery, chemicals and textiles.
Due to its strategic location, its liberal and market oriented economic policy and its developed transport infrastructure, Georgia is an attractive destination for foreign investment. A business-friendly country with simplified administrative procedures, where it is possible to set up a company in less than 3 days, and a reduced number of licenses and permissions. In addition, Georgia is considered by the World Economic Forum as the ninth economy with the lowest taxes, with only 6 low rates tax figures, where corporate profits are only taxed when distributed and foreign-source personal income is usually exempt from taxation.
It also has free trade agreements with the EU and the EFTA countries, Russia, and other countries of Eastern and Central Europe. Providing access to a market of 900 million people without any duty tariff restriction, and a system of generalized preference with US, Canada, Japan, Norway and Switzerland.
At Flag Theory, we offer the best options to internationalize your business and personal finances in strategic locations. Below, you will find information on why and how to set up a company and do business, investment and banking options, and get residency and citizenship in Georgia.
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