Crypto business investors in Georgia

In today’s world, investment in crypto assets is a very popular topic and number of investors, who own crypto businesses, are weighing pros and cons to choose a country for their businesses. 

Crypto environment in Georgia

Georgia is one of the friendliest countries to crypto businesses. It was one of the early adopters in the field and has crypto-friendly tax policies. There is no Value-Added Tax (“VAT”) on crypto trade in Georgia. Neither crypto trading nor crypto mining is subject to VAT. In addition, individuals are not subject to personal income taxes on their crypto profits. Local companies provide quality accounting services and offer small fees to foreign crypto investors.  

Currently, there are large number of crypto companies operating in Georgia. Number of them chose the country since Georgia is ranked seventh, across the globe, in terms of ease of doing business. It is quite easy to set-up a company and start operating in Tbilisi, Batumi, and other cities. 

How to get started

Investors considering transferring their crypto businesses to Georgia, are encouraged to first consult local accounting firms, who can provide detailed information regarding crypto taxation. Local accountants are usually well connected with legal firms and foreigners can obtain bundle of services, including business registration and tax system set-up, for affordable fees. Businesses in Georgia can be registered in various legal forms, including Limited Liability Company (LLC), Joint Stock Company (JSC) etc. The most popular legal form in Georgia is LLC due to small number of legal requirements. However individual circumstances of each foreign investor must be analyzed and discussed with professionals prior to deciding on specific legal form.