According to a new law LLC companies in Georgia are required to update the documentation of the company
A change in legislation is often bad news: Adapting to new rules can mean having to cut through new mounds of red tape. And it can be even more complicated for business owners.
On the other hand, new legislation can also mean important new rights.
The “Law on Entrepreneurs” dated January 1, 2022 is just such a case, and new clauses oblige all companies operating in Georgia to comply with the updated statutes.
In other words, if your Georgian LLC or other type of company was registered before January 2022, you must bring documentation into compliance with the new law. Failing to do so will invariably lead to the company’s losing its status.
The good news is that the Parliament of Georgia’s resolution has granted businesses a reasonable period of time to implement these changes. Documentation must be brought into line by January 2024.
And the new law isn’t just new obligations: It comes with some real benefits. It is more in line with international standards and has removed some of the vagueness from its predecessor. All in all, the update was both necessary and useful.
What has to be changed?
- You need to approve a new Charter of the company, which should be in line with the new law. (Companies are given an option to use the sample charter approved by he Ministry of Justice of Georgia)
- Articles of Association (Partners Agreement) should be defined
- You will have to get access to a new government portal (my.gov.ge) and get an username and password
- Submit updated documents to the public service hall
- receive sms confirmation codes to get access to a mandatory government portal
Who should I contact to update documents?
In addition to the obligation, there are also real benefits, which is why it is necessary for any entrepreneur to follow the updated arrangements – the new law is more in line with international standards, and there are no vaguer articles in it, which were in the old version. So updating is necessary and useful at the same time.
If you own an LLC in Tbilisi or Batumi, and want to update the current documentation in a reasonable time, PB Services offers its own service. Our team of professionals has been helping companies in the registration process for a long time. And now, according to the law, it is time for re-registration.
To start cooperation, we need your company name and identification number.
See here for detailed information about the company’s services
How to contact you?
For a free consultation, fill out the form here and we will contact you shortly.
