What is your experience with Georgia?

[avalanche]

I can confirm ambiguity about free zone law though.

Does that really mean that Free Zone and accountants can give us a greenlight on the services we offer to **non residents of Georgia**, we might pay for everything $5k (in case of Tbillisi Free Zone) and go thru hassle of setting up foreign bank accounts. Then Georgian government kicks in and makes us pay 15% for income we are generating from abroad?

Our services are online education and HR recruitment of foreign individuals for foreign clients.

 

[avalanche]

Does that really mean that Free Zone and accountants can give us a greenlight on the services we offer to **non residents of Georgia**, we might pay for everything $5k (in case of Tbillisi Free Zone) and go thru hassle of setting up foreign bank accounts. Then Georgian government kicks in and makes us pay 15% for income we are generating from abroad?

Our services are online education and HR recruitment of foreign individuals for foreign clients.

And there is also no person in the world who can give us concrete answer whether our activity is allowed to be under TFZ non-taxable regime or not?

 

[Martin Everson]

And there is also no person in the world who can give us concrete answer whether our activity is allowed to be under TFZ non-taxable regime or not?

Avoid that crypto company (BitFury) owned freezone i.e TFZ. Your just their side business .

 

[avalanche]

Avoid that crypto company (BitFury) owned freezone i.e TFZ. Your just their side business .

I heard TFZ is the best of the free zones from the lawyer idk. Also what could possibly happen? I just buy license and get 0% tax, seems simple.

 

[JohnLocke]

Does someone knows about a reliable lawyer that is able to help with answers to the TFZ ?

 

[avalanche]

Does someone knows about a reliable lawyer that is able to help with answers to the TFZ ?

I just figured about free zone by the way:
Georgian law is very vague when it comes to Free Zone. I spoke with a person who was designing the law for free zones. Originally law was designed to be further extended in a positive (for the business) way but the outcome today is..

They have two different camps in the government:
A) Free Zone companies are only allowed to sell physical goods tax free.
B) Free Zone companies are allowed to sell anything including services tax free.

Basically you are not entirely protected by the law if you are selling services as a free zone company. Theoretically government could make you pay normal taxes although it would surely spook business (which is not in their interest). There was no precedent like that in the past but I would excercise caution when doing business in Free Zone. Just keep that in mind.

 

[lrotter]

Hello All!
Did anyone succeed with opening a bank account in Europe for Georgian LLC?
As for now only CIM banquet answers positively to this case. Could you please share your expertise regarding this?
thanks!

 

[dissidentcitizen]

Hello All!
Did anyone succeed with opening a bank account in Europe for Georgian LLC?
As for now only CIM banquet answers positively to this case. Could you please share your expertise regarding this?
thanks!

TransferWise should work for a Georgian LLC. Indeed some lawyers I talked to from Tbilisi recommend it for a LLC owned by a foreign citizen.

 

[JohnLocke]

TransferWise should work for a Georgian LLC. Indeed some lawyers I talked to from Tbilisi recommend it for a LLC owned by a foreign citizen.

I can confirm it works fine to open a TW account for a Georgia company.

 

[ontherun]

It is not about Iranian people but the problems you will get for dealing with FTZ's which are nothing but sanction circumvention and laundering hubs . Same logic as in avoiding banks that are Russian Laundromats - it never ends well.

I don't think there is anything wrong with money laundering.

 

[Spinat]

That's a wonderful story of how you get in jail or serious trouble lol.

Okay, I'm still here, but go after what you read around and the books and you will never find anything useful.

 

[ontherun]

Okay, I'm still here, but go after what you read around and the books and you will never find anything useful.

And I think this forum is more for the free spirited type of people anyway. The ones who like to play in the shadows...

 

[JohnLocke]

And I think this forum is more for the free spirited type of people anyway. The ones who like to play in the shadows...

Well, we are all free to have our own opinions and do what we think is best for youself!