The Caribbean is famous for its breathtaking landscapes, crystal-clear waters, and vibrant cultures. However, for entrepreneurs and businesses, it’s also a region known for its attractive low-tax jurisdictions. Among the many islands, Saint Lucia stands out as a growing business hub that offers numerous advantages for companies seeking favorable tax environments. In this article, we’ll…
The idea of purchasing a company in the United States is a prospect that has attracted entrepreneurs from across the globe. The U.S. economy, known for its resilience and diversity, has long been regarded as fertile ground for businesses to flourish. In this article, we’ll explore why buying a business in the U.S. can be…
This region is emerging as a major hub for e-currency commercial operations, thanks to its pioneering legislative scheme, low charges, and strong monetary facilitation. For organisations looking to enlarge their activity within the e-currency space, a crypto licence in Cyprus to obtain from the CySEC is notable. While the process is thorough, the benefits of…
The release and application of new regulation represent a significant step forward in the lawful structure pertinent to virtual assets. It offers to set up a clarity in the sector with some uncertainty and lawful turmoil for both asset creators and SPs, users and backers, along with the other participants in the industry. This article…
Key Details of this Lithuanian VASP: Licensed VASP: Established in 2021 with full authorization from FNTT. Banking Setup: Active PSP account with a Lithuanian EMI for smooth operations, and a local bank account for tax and salary payments. Financial Stability: No loans or debts, in good standing, compliant with AML/KYC regulations. Legal and Operational Support:…
This is a new investment opportunity – FSP license in New Zealand for sale. Please check out the main details regarding this proposal below. FSP license in New Zealand: key considerations Financial Services Provider (FSP) for sale in New Zealand; Registered with Financial Service Providers Register in 2024; Authorizations (changing foreign currency, issuing or managing…
Key Features of this Forex Broker Company: Company Structure: Composed of both Bulgarian and offshore entities. Established Brand: The company has been operating for 9 years with a solid reputation in the market. Complete Infrastructure: Ready Made Forex Broker Company includes a website, secure client area (SCA), trading platform, and mobile applications. Trading Options: Leverage…
South Africa FSP License Bank Account: Includes one local bank account. Personnel: Local director and Key Individual (KI) available to stay post-sale. Transfer Timeline: Quick transfer—1 week for CIPC, 3 weeks for FSCA. Mauritius Full Service Dealer License Bank Accounts: Corporate and client accounts at MauBank. Capital Requirement: €24,000 Total Investment: €227,800 (inclusive of setup…
Zurich
+41 435 50 73 23Kyiv
+38 094 712 03 54London
+44 203 868 34 37Tallinn
+372 880 41 85Vilnius
+370 52 11 14 32New York
+1 (888) 647 05 40IT-sector has possessed a strong place in the global economic space, becoming an essential and integral element of global economy. Firms are eager to find their place in the jurisdiction with the most favorable conditions in order to enlist constant and significant support in terms of scale. Many countries have upgraded their laws and regulations in order to attract IT firms. In particular, countries have begun to offer advantageous taxation rates, skilled workers to hire, and appealing business environments.
In Georgia, IT-companies can obtain two statuses with regard to applicable taxes-rates: Virtual Zone and International Organization.
These firms differ in the amount of income tax and income tax. Next, we will consider what opportunities the VZ company has, which has been actively operating in the IT industry for more than 2 years.
Companies can obtain IO status if they follow normative points set out in Decree No. 619 “Determining International Organization status and approving the list of activities permitted, and appropriate expenses”, adopted by local Government on October 8, 2020
IOs are free from dividends and property taxes, excluding land ownership. The tax rate on profits received by the company is 5% if profits are distributed. Tax on payment of wages to company’s workers is also 5%.
Note
If the firm got a profit before it became the owner of IO-status, and such profits were not subject to distribution among the participants, then incomes obtained will not be from payment of taxes and after the firm is assigned the status of an IO. It is worth noting that even with certain benefits, some transactions are subject to taxation in the usual manner, which is provided for by the Tax Code.
Certain normative points are put forward to the substance of such firms. The Commission conducts a thorough check regarding compliance with the adopted taxation regime.
All documentation that’s mandatory for formation and sending of applications must be translated into Georgian and certified by a notary.
When a company achieves IO status, it automatically loses its VZ status. IO status can only be nominated by Georgia Government.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.