Electronic residency practice will be established in Georgia, which will enable citizens of 34 countries to incorporate companies via e-registration, open bank accounts online and fully benefit from the concessional tax regime existing in Georgia.
Georgia to Establish Electronic Residency Practice
By Tea Mariamidze
Thursday, October 4
The information was released by the Prime Minister of Georgia, Mamuka Bakhtadze on October 3.
"It is a change of revolutionary significance. We are introducing an e-residency practice in the country. It will enable citizens of 34 countries without them being in Georgia to incorporate companies online, open bank accounts online and the full benefit of the concessional tax regime existing in Georgia. It is practiced by all advanced economies of the world,” the PM stated.
Bakhtadze explained that every public institution will be instructed accordingly and the respective package of legislative amendments will be submitted to the Parliament of Georgia.
“Our aim is to make this service effective from January 1, 2019. We will meet businesses today and will discuss this historic initiative with them in detail" stated the PM.
Later on Wednesday Bakhtadze held a meeting with the members of Business Association and discussed the issue with the businessmen.
“I would like to state with full responsibility that the electronic residency practice gives Georgia a unique opportunity to make our country a financial center for the whole region,” he stated.
According to the Prime Minister, this can be achieved if the private sector and state cooperation is at a high level.
"This is really a unique initiative, which will be connected with significant challenges and investments in management and implementation, but we have considered everything," said Bakhtadze, adding that before the end of the year, he will introduce several similar initiatives to businessmen.
President of Business Association Giorgi Chirakadze says the government has a very straightforward approach to communicating with business and get involved in the development of the economy in the country.
“Today's communication between business and government is very healthy and very straightforward. Despite the small difficulties that exist, the government has a very good approach to communicating with business,” he noted.
According to the Executive Director of Business Association, Irakli Aslanishvili, surveys of the business environment in Georgia revealed that business freedom index is very high in Georgia.
“Prime Minister’s initiative is very interesting for the Business Association and we will hold deeper consultations regarding the issue in the future,” he said.