If you are considering investing in Georgia, you need to get the feeling of local business environment and tax regulations. In this article, we will be discussing what investors need to do before they conduct their first business transaction in the country.

Setting up a company

First things first, you need to choose between organizational forms like Limited Liability Company (LLC), Joint Stock Company (JSC), Individual Entity and others. To make this decision, you need to first consult local accountants, that can advice you on the pros and cons of the various business forms. Most investors choose either LLC or Individual Entity due to number of advantages offered by these two business forms. Local companies that provide accounting services in Tbilisi also offer business set-up services and register companies on your behalf.

Hiring an accountant

As mentioned above, you need to hire an accountant even before setting up a company to make sure that you choose an organizational form that is right for you. Apart from the capital city, top local accounting firms also provide accounting services in Batumi and other large cities of Georgia. Outsourcing your accounting services to a firm rather than hiring an individual accountant is a typical choice for investors due to obvious advantages including professionalism, security, and confidentiality. Your accountant will not only help you to set-up a company, but will also provide you tax returns filing service, once you get your business going.

Financial reporting

Once your business is up and running, you need to monitor financial results through reporting. Most accounting firms in Georgia provide financial reporting services, which includes basic financial statements such as balance sheet, income statement and cash flow statement. So, you don’t usually need to hire a financial reporting specialist to get this information. Reporting is usually included in the basic accounting service package offered by accounting firms.