Limited Liability Company in Georgia (LLC)
The limited liability company in Georgia (LLC) is the most common form of business entity in Georgia. This is because limited liability companies have a less complicated organizational and management structure than the joint-stock company and because of certain characteristics that are peculiar to limited liability companies. In contrast to other types of companies, the formalities required to establish and operate a limited liability company in Georgia are much less complicated and expensive.
Attractive characteristics of a Limited Liability Company are:
- It can be established by a single founder;
- A founder can be a natural person or a legal entity;
- There are no restrictions regarding the number of directors; it can be managed by a single;
- Director or jointly by several directors;
- There are no requirements regarding authorized and paid-up capital.
REGISTRATION OF LIMITED LIABILITY COMPANY IN GEORGIA
Through our Company Formation Georgia lawyers, we are enabling the opening of a Limited Liability Company (LLC) in Georgia with the following services:
- Setting up the shareholders’ agreement;
- Registration of the LLC in the local commercial register (company founding Georgia);
- Application of the local tax code;
- Account Opening in Georgia;
- Company headquarters in Georgia.
Share capital is not payable for most business projects in Georgia.
Annual renewal of the company registration is not required; it is sufficient to register once in the commercial register.
Shareholders can be both natural and legal persons. A maximum of 50 shareholders is possible. There is no need for a local partner or trustee, foreigners can hold 100% of the company shares.
The last step before starting the actual economic activity is opening a bank account. The registration with the National Agency of the Public Registry lasts 1-2 days.
The most significant advantage of this type of company is that the members do not bear personal liability for the activities of the company.
For more details about setting up a company in Georgia, you may contact our Company Formation Georgia lawyers in Georgia.