Georgia is becoming a very attractive destination to both live and do business in. The low cost of living and the relatively simple process for obtaining a residence, coupled with its status as an entrepreneur-friendly country with reduced tax burden make it one of the prime corruption-free investment destinations with low business costs.
In addition to the simplicity of obtaining a residence permit, the attractive conditions for setting up a business and its subsequent management, Georgia continues to explore novel concepts in today's globalized international business scene.
On 3 October 2018, the Georgian Government announced a proposal to introduce e-residency; a concept which would provide non-residents with the possibility to register companies and open bank accounts in Georgia without staying in the country.
As stated by Mamuka Bakhtadze, Georgia's prime minister: "Today we officially announce the initiative, which is a change of revolutionary significance. We are introducing an e-resident practice that will give citizens of 34 countries the opportunity to register their companies and bank accounts in our country without arriving in Georgia, and to use the existing preferential tax regimes."
At this stage, the Government has not yet specified which countries will be able to use e-residency, but it was noted that Georgia will allow such business registration for citizens coming from developed countries.
It is expected that the relevant changes to be adopted will soon be in Parliamentary proceedings and that the concept of e-residency will be effective from 1 January 2019. Eurofast will be closely monitoring the developments in regards to this issue and welcomes international investors' inquiries in regards to how this provision may simplify their Georgia investment plans.
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