Setting up a Georgia Free Zone Financial Services Company (FX)


The Georgia Free Zone Financial Services Company (FX) enables you to become fast a regulated Foreign Exchange (FX) dealer and also enables your client base direct access to all your products and services. Services that may be offered/rendered by your company as a regulated FX dealer might be forex services to your clients worldwide (excluding only those that are Georgia citizens or Georgia residents).

What are the benefits of setting up a Georgia Free Zone Financial Services Company?

  • Minimum Capital: There is no minimum capital to set up a free zone financial service (forex) company in Georgia.
  • Payment of Capital: Whatever the amount of capital you register your company with there is no obligation to pay the capital immediately. Said you register the company with a capital of 50,000 Euros. You need to show the capital was paid in the next balance sheet. So, all the expenses incurred during the year can be reconciled as capital.
  • Taxation 0%
  • Local Director: No obligation to have a local director
  • Local Office: You need a lease agreement for a local address 2500 USD per year
  • Local Employees: There are no requirement of having local employees but here again it would be better to have at least an accountant maintaining updated accounts and a compliance officer handling KYC and AML. Those services can be outsourced.
  • local bank account guarantee

Financial Services Permit and Free Tax Zone:

We register the company into a free tax zone and apply for a Financial Services Free Tax Zone Permit. There is a free zone license fees of 5000 USD but you don’t pay taxes.

If you make more than 40,000 USD profits the first year and paid taxes the cost would be 40000 x 15% corporate taxes= 6000 USD of taxes. Therefore, the free zone set up is advantageous. Of course you are limited to foreign clients.

Documents Requirements:

⦁          Company Registration Documents (we provide)

⦁          Free Zone Registration license (we provide)

⦁          Lease Agreement for office (we provide)

⦁          AML policy and KYC (we provide)

Directors:

  • Copy of Passport notarized and apostilled
  • Proof of address: Utility bills
  • Reference letter from an accountant or lawyer that knows you for a few years and can attest you are honest and trustworthy
  • Resume in English showing experience and education

Time Schedule

It will take 4 to 6 weeks from the time we received all your documents and your payment to complete all the formalities registration of the company, free zone registration, opening of bank accounts.

Client will have to come once in the country to pick up visa cards and banking token.

Fees and Expenses  

 

LEGAL SET UP

PRICE

Company registration

28,000 USD

Government fees for company registration

Application for free trade zone FX license

Opening accounts with Basis Bank USD, GBP, CHF, RUB, CNY, HKD, SGB, CND, AUD etc…

Corporate secretary one year

Translations of all documents from Georgian to English + AML and KYC policy

EXPENSES

Virtual office one year

2500 USD

Free Zone License Fee

10,000 USD

 

 

TOTAL

40,500 USD

 

OPTIONAL FEATURES

Corporate shareholder

800 USD

Nominee director

1500 USD

Additional bank accounts Georgia Bank, TCB, per account

1000 USD

 

 

Optional Features

COMPLIANCE PACKAGE

Outsourced Accounting                                                        150 USD per month

Outsourced Accounting + Compliance                                1500 USD per month

Outsourced Accounting + Compliance + Standard           2500 USD per month