Factor # 1 of a successful start of a cryptocurrency project is the right choice of jurisdiction for registering a business. In this regard, Georgia deserves mandatory attention, since in recent years it has been holding the second or third place in the world ranking in terms of the volume of cryptocurrency mining, and is one of the most crypto-loyal countries on the planet.
To start a crypto-business in Georgia, you need to: firstly – create a company, and secondly – obtain an appropriate license. The specialists of AK Lawrange are ready to help with both the first and the second. To begin with, we will advise you, answer your questions, and if you are interested, we will promptly complete the task of registering a company.
Cryptocurrency business in Georgia – the main advantages
Although there is no legislative regulation of the cryptocurrency sphere in the country, it is possible to obtain a crypto license (license for financial services) in free industrial zones (FIZ – FZ). Among the arguments in favor of Georgia for the crypto business :
- fast company registration and obtaining a license – only 5-10 working days ;
- low taxation, only dividends are taxed – 15%;
- there is no minimum authorized capital;
- exemption from income tax, VAT, property tax for companies registered in the FIZ;
- no need to hire local employees, maintain an office, keep accounting.
Is it possible to register a crypto business remotely? Yes.
What is the cost of registering a company in Georgia? € 4999
What is the cost of a cryptocurrency license? $ 10000 (State license fee).
What is a cryptocurrency license in Georgia?
Such a license is issued in FIZ to organizations in the form of LLC (LLC) or JSC (JSC), where the founders can be residents of any country in the world. In particular, the license entitles you to:
- provide services for debiting and crediting funds to accounts;
- issue e-money;
- use various electronic financial instruments;
- make payments and transfers using electronic money.
Based on this, the Georgian crypto license allows you to quickly deploy the work of a cryptocurrency exchanger or a small exchange. It can also be used by financial companies to expand the range of services.
*** Note: If a company in FIZ does not work with Georgian companies and individuals – residents of Georgia, then it is exempt from all taxes except for dividend tax. span >
Procedure for opening a company in Georgia and obtaining a crypto license
For your information! If you decide to use the services of the specialists of Lawrange, you will not even need to visit Georgia personally. All necessary registration steps are performed by our representative under a power of attorney.
How is it going?
- For remote registration of a company, a notarized power of attorney is drawn up for a specialist of Lawrange.
*** Note: The procedure is simplified by the fact that documents from CIS countries do not need legalization and apostille in Georgia (including for a power of attorney). < / span>
- We prepare constituent documents (charter and minutes of the meeting of founders). Language of documents: Russian or English to choose from.
- The registration agent takes all the necessary steps to open a company in the FIZ of Kutaisi, the company is entered in the Public Register of Entrepreneurs.
- The questionnaire for the PPE administrator is completed (signed by the client in electronic form), and a license is issued.
- For the full functioning of the company, an account is opened in a foreign bank, for example, in such jurisdictions as Singapore, Czech Republic, Kazakhstan, Cyprus, Macedonia, Latvia.
What is included in the cost of obtaining a crypto license in Georgia?
The AK Lawrange service package covers all issues that arise when opening a company. The price includes the registration agent’s fee. Opening an account in a foreign bank is paid separately. Throughout the entire process of cooperation, the client is provided with advisory support.
Peculiarities of regulation of cryptocurrency business in Georgia
An official document regarding taxes that apply to cryptocurrencies was published by the Ministry of Finance of Georgia in 2019. According to this regulation:
- individuals are exempt from taxation of income from the sale of cryptocurrencies;
- exchange cryptocurrency for any nat. currency is not subject to VAT;
- sales of computing power abroad from Georgia are also exempt from VAT.
For your information! The most favorable environment for crypto-entrepreneurship is being created in the Free Industrial Zones: Tbilisi, Kutaisi, Poti, Kutaisi, Hualing. PPE is a special territory with preferential taxation. They were created to attract investors. Each of the existing PPE differs in its own nuances of legal regulation. Therefore, the optimal area is selected depending on the intended type of activity. For cryptocurrency business, we recommend the FIZ of Kutaisi.
At the same time, any prohibitive or restrictive measures regarding cryptocurrency in Georgia are not taken or discussed at the level of the financial regulator or the government.
Contact us! We are ready to start working on your request for obtaining a crypto license in Georgia!