Individual Entrepreneurship (Sole Proprietorship)
There are many reasons for wanting to do business in Georgia, and being an Individual Entrepreneur (IE) offers additional advantages, such as the 1% tax on an income falling below 500,000 (approximately USD 200 000) limit.
The 1% tax rate is not, however, granted automatically. The Individual Entrepreneur must apply for SMALL BUSINESS STATUS to receive the benefit.
Benefits
Key benefits for individual entrepreneurs
No citizenship limitation
An Individual Entrepreneur can come from anywhere. Georgian Citizenship or Permanent Residency are not required.
No limitation on the number of activities
There is no limitation on the number of activities your business is involved in.
One of the lowest tax in the world
Only 1% tax flat on income up to USD 200,000.
It all can be done remotely
We can assist you remotely, no need to visit Georgia.
Extremely fast process of registration
Your individual entrepreneur registration takes from a few hours to 1 day.
Step by step
Steps for attaining small business status
1
Registration as an IE
You start by registering yourself as an Individual Entrepreneur in the Public Service Hall of Georgia.
2
Get Small Business status
After registering as an Individual Entrepreneur, you apply with the Revenue Service in Tbilisi for the status of Small Business Owner.
As a sole proprietor it’s necessary to apply to the Revenue Service in Tbilisi. After obtaining small business status you can start working under 1% tax.
As a sole proprietor it’s necessary to apply to the Revenue Service in Tbilisi. After obtaining small business status you can start working under 1% tax.
3
Opening a bank account for your IE
The individual Entrepreneur (Small Business status) in Georgia must have a personal and/or business bank account. So the next step is to open one.
4
Filing of monthly returns
At the end of each month, before the 15th of next month, you must notify the tax office of your income and pay a tax of 1%. Tax declarations are sent electronically.
Get in touch
Support
Here’s how we help you
Legal address
We’ll take care to allocate a legal address for your IE. An address where you can receive any future correspondence.
Registration in the House of Justice
We will make sure that the registration of your IE (Individual Entrepreneur) in the House of Justise will prove to be a smooth and fast process.
Remote procedures
You can’t come to Georgia? Fortunately, all of the above can be done remotely. We’ll help you draw up a power of attorney and on its basis carry out all the procedures for registering a IE and opening a bank account in Georgia.
Assistance in opening a bank account
At this stage, we’ll help in communicating with the bank and increase the chances of opening an account to almost 100%.
Assign your IE a Small Business Status
In order to receive preferential tax treatment (1%), you must obtain small business status. Our consultants will take care of getting this status for you in a timely manner
Monthly declarations
We’ll be able to accompany your individual entrepreneur monthly in front of the Georgia tax office.
If you wish to do it yourself, no problem, we’ll give you a consultation on filing the declaration so that you won’t need any assistance in the future to do your own taxes.
If you wish to do it yourself, no problem, we’ll give you a consultation on filing the declaration so that you won’t need any assistance in the future to do your own taxes.
Georgian entrepreneur visa
Obtaining Individual Entrepreneur status provides the easiest path to securing an Entrepreneur Visa (residence permit).
By demonstrating an income of at least 50,000 GEL, you can become eligible for a residence permit valid for a minimum of one year.
By demonstrating an income of at least 50,000 GEL, you can become eligible for a residence permit valid for a minimum of one year.
