Business formation timeline in Georgia
Are you ready to fulfill your dreams of becoming a business owner? Having a clear understanding of the process of forming a company is crucial for a successful start, and Georgia is a great place for businesses to thrive. This detailed guide takes you through the steps from your initial idea to officially establishing your company, providing timelines and helpful advice to help you make informed decisions.
A step-by-step guide
We have outlined the essential steps for creating a company, as well as the estimated time needed and our comprehensive strategies to simplify the process for you. It is important to note that the timeframe for setting up a business may differ greatly, as each company’s registration process is individualized and dependent on its specific circumstances and requirements.
Define your business plan (1-2 weeks)
It is important to have a well-defined strategy in place before beginning the formalities. Our team of experts can provide professional guidance and help you develop a comprehensive corporate plan tailored to your goals and objectives. Schedule a meeting with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring company name is a crucial part of the marketing strategy. Our fast and simple name reservation services ensure that your desired name is available and secured immediately, giving you peace of mind to move forward confidently.
Draft and sign the articles of association (1-2 weeks)
Our team of legal experts can help you create and review the critical documents that specify the legal structure, purpose, and internal rules of your company, known as the Articles of Association, to ensure they comply with Georgia laws and regulations.
Opening a business bank account (1-2 weeks)
In order to conduct financial transactions for your company, it is necessary to open a business bank account. You will need to provide identity documents, proof of company registration, and other relevant paperwork. The process typically takes between one and two weeks.
Deposit share capital (1-2 weeks)
In Georgia, companies must deposit a certain amount of share capital based on their legal structure. We can help you with the paperwork and walk you through the process of depositing the necessary funds into your newly established bank account to ensure that you are following all legal requirements.
Register your business (1-2 weeks)
Signing up your business with the Trade and Companies Register is an essential part of starting your business. Our team of experts takes care of the necessary documentation, communicates with the appropriate authorities, and speeds up the registration process, making it more efficient for you and saving you time and energy.
Obtain necessary permits and licenses
Your corporate activities may determine the need for specific permits or licenses to legally operate in Georgia. Our team of regulatory experts will help navigate you through the intricate process, pinpoint the required permits, and aid in their efficient acquisition. The timeframe for obtaining the necessary permit will vary based on the type of license.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business, as it involves obtaining a specific tax identification number. The process of tax registration can vary in duration, but typically takes around two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
It is essential to have compliant payroll and employment contracts in place if you are thinking about hiring employees. Our team of HR experts can help you with implementing payroll systems, creating employment contracts, and making sure that you are following labor laws, allowing you to concentrate on attracting a skilled workforce.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to keep precise financial records. Our team of accounting professionals can assist you in implementing strong accounting and bookkeeping procedures to meet Georgia’s accounting standards.
Starting operations
Once all necessary regulatory procedures have been completed, your company is ready to commence operations. The timing of this step can vary depending on factors such as the type of your company, the market conditions, and your readiness to enter the market.
Form a company with us
Are you ready to begin your business endeavor in Georgia? Contact us for a consultation today and our experienced team will assist you throughout the process. We collaborate to achieve your business objectives.