Benefits of Free Trade Zone in Gerogia
According to tax code of Georgia free zone is a place, where the business-friendly regulations and favorable tax and customs system apply. Any legal and natural person, resident or foreigner, is allowed to register a company in Georgia. Therefore, the free zones in Georgia are very popular from the investments perspective.
Benefits by having registered company in Free Trade Zone
- Payment can be carried out in any currency;
- Tax Incentives;
- Simplified proceedings;
- Exemption from the license/permit requirement as well as facilitation of obtaining such license/permits;
- Authorities of local self-governing bodies (City Halls, Municipalities, etc.) do not cover free trade zone territories;
- As the law does not provide for the maximum or minimum time limit for operation of the free trade zone, it is left up to the option of establisher;
- The free trade zone shall have entrance and exit as well as customs checkpoints located therein.
You are not paying
- Corporate tax – 15 percent of the taxable profit base;
- Property tax – one percent of the average book value of property;
- Import tax – up to 18 percent of import value;
- VAT – 18 percent;
- Dividend tax – five percent;
- Limited accountancy related to employees’ salary
In general, businesses will enjoy reliable infrastructure, low rental prices, easy company set-up, low costs of utilities and communications, and many other advantages
Taxation within free industrial zones
- Issues related to taxation within a free industrial zone shall be regulated by the Tax Code of Georgia.
- Profit gained by a free industrial zone enterprise within the free industrial zone shall be exempt from profit tax under the Tax Code of Georgia, except as provided for by the above Code.
- Bringing foreign goods in a free industrial zone shall be exempt from value added tax.
- Transactions within a free industrial zone shall be exempt from value added tax.
- Property within a free industrial zone shall be exempt from property tax.
- Bringing foreign goods in a free industrial zone shall be exempt from import tax.
- Bringing (importing) goods produced within a free industrial zone from the free industrial zone in other territory of Georgia (outside the free industrial zone) shall be exempt from import tax.
- Employees within a free industrial zone shall pay income tax based on income declaration.)
Need more information or start a company in Free Trede Zone? Call us (+995) 558 800 007 or send an email to firstname.lastname@example.org.