Accounting services in Georgia – What Should you Know
For any business operating in Georgia, it is important to receive high quality accounting service to avoid any penalties. Luckily, investors and entrepreneurs have access to number of experienced accounting firms locally. In this article we will be answering some of the frequently asked questions by potential investors and entrepreneurs about the accounting services in Tbilisi, Batumi, and other cities of Georgia.
Is it mandatory to have accounting records in Georgia?
In Georgia, like in any other country, it is mandatory to file monthly and annual tax returns. Besides, it is mandatory to submit annual reports containing both financial and non-financial information. Therefore, your company must maintain accounting records based on which such submissions are prepared.
What are the average prices of accounting services in Georgia?
Accounting service fees may differ from company to company, but they are quite low compared to the European countries. Some of the most popular local accounting companies such as “AccountAnts” (www.ants.ge) and “PB Services” (www.pbservices.ge), that are popular choices among foreign investors, are affordable and usually charge low fees. On the other hand, international accounting companies, like the big 4, are often more expensive. All popular accounting firms provide accounting services in Batumi, Tbilisi, Kutaisi, and Poti. Most of them also provide their services in other cities of Georgia.
Do accountants also help set-up a company?
Yes, most accounting firms in Georgia also offer service of setting up a company. In fact, you should consult an accountant before deciding on specific legal form. There are number of legal forms, like Limited Liability Company (LLC), Joint Stock Company (JSC) and others. It would be appropriate to discuss pros and cons of each legal form with your accountant before deciding to go with any particular option.
Do the accounting companies charge extra fees to foreigners?
While some accounting companies might have “tourist taxes”, most popular ones usually do not charge extra fees since they care for their reputation. Popular local accounting companies usually avoid overcharging their clients.