How to Start a Business in Georgia with the IE + Bank Account for IT Entrepreneurs
- Tinatin Tolordava
- Oct 2
- 6 min read
Table of contents
Introduction
Are you an IT professional or entrepreneur looking for a tax-friendly country to establish your business?
Georgia might be the perfect destination for you.
With its low taxes, simple business registration, and growing entrepreneurial ecosystem, it's becoming a top choice for freelancers, tech startups, and remote workers looking to scale their businesses globally.
In this blog, we'll guide you through how to open a business bank account in Georgia, what the IE + Bank account bundle includes, and the tax benefits you can leverage to maximize your business growth in Georgia.
Why Georgia Is Perfect for IT Entrepreneurs
The Ultimate Entrepreneurial Environment
Georgia is a rising star for IT entrepreneurs and freelancers. Why? Because it offers one of the most tax-efficient and entrepreneur-friendly environments in Europe.
For IT professionals, remote workers, and global entrepreneurs, Georgia checks all the boxes:
Low taxes: Georgia has one of the lowest tax rates for small businesses in Europe. If you’re under the Small Business Status Georgia, you pay just a 1% tax on turnover. That's a game-changer for IT businesses, freelancers, and startups who want to focus on growth rather than worrying about high taxes.
Business registration made easy: Starting a business in Georgia is simple. The business registration process is fast, affordable, and efficient. You can set up an LLC or JSCwithin days, making it easier than ever to get started.
Tax exemptions for IT companies: IT businesses that register under the Virtual Zone status get corporate tax exemptions on foreign income. This means that you can focus on building your business and serving international clients without worrying about taxation on revenue from abroad.
How to Open a Business Bank Account in Georgia
A Simple and Efficient Process
Opening a business bank account in Georgia is straightforward and a key step in starting your business. Here's what you'll need to do:
Register Your Business:
The first step is to register your business with the Georgian authorities.
This includes selecting your business structure (most IT entrepreneurs opt for an LLC for its simplicity) and obtaining your Georgian tax identification number (TIN).
You can easily complete this process online through the Georgia business registration portal.
Choose the Right Bank:
Georgia has a range of local and international banks that offer business banking services.
The most important thing is to choose a bank that supports international business transactions and is compatible with your business needs.
Many banks also offer specific services tailored for IT professionals and foreign investors, such as multi-currency accounts and remote banking solutions.
Submit Your Documents:
To open your business bank account, you’ll need a few key documents:
Company registration (proof that your business is legally established in Georgia).
Tax ID number (needed for all business operations).
Proof of address (to verify your residency or business location in Georgia).
Start Managing Your Finances:
Once your account is opened, you’ll have access to business banking tools that allow you to manage international transactions, pay employees, and handle operating expenses easily. The banking system in Georgia is efficient, secure, and designed to meet the needs of IT entrepreneurs.
The IE + Bank Account Bundle for Entrepreneurs
Simplifying the Process for You
At Gegidze, we understand that starting a business in a new country can be overwhelming.
That's why we can offer you the IE + Bank Account opening: a solution that combines Individual Entrepreneur (IE) Small Business status with business bank account setup to make your startup journey seamless and stress-free.
Here’s what the IE + Bank Account bundle includes:
Business registration: We’ll help you register your business and obtain your TIN. Whether you're setting up a freelance business or a tech startup, we ensure your registration is completed in a few days.
Bank account setup: Once your business is registered, we’ll assist you in opening your business bank account with one of Georgia’s top banks. This allows you to manage finances efficiently, handle international transactions, and streamline your business operations.
Tax planning: As part of the bundle, we offer tax planning to help you maximize tax savings. From 1% tax for small businesses to tax-free income under the Virtual Zone, we help you make the most of Georgia’s business tax incentives.
By opting for the IE + Bank Account, you’re setting up your IT business in Georgia with a solid foundation.
This solution simplifies the process and helps you focus on business growth rather than administrative hurdles.
Tax Benefits for IT Entrepreneurs in Georgia
Maximize Your Tax Savings
Georgia is one of the best countries for IT entrepreneurs to optimize taxes. Here’s a breakdown of the main tax benefits you'll enjoy:
1% tax for small businesses: Under the Small Business Status Georgia, if your annual turnover is below 500,000 GEL, you pay just 1% tax on revenue. This small business tax relief makes Georgia a tax haven for freelancers and startups.
No corporate tax on foreign income: If you set up your IT business under the Virtual Zone status, you’ll enjoy no corporate tax on income earned outside Georgia. This is an incredible opportunity for IT businesses that serve clients globally.
VAT exemptions: Digital service providers in Georgia are exempt from VAT on international transactions. This means that if your business provides services to clients outside of Georgia, you don’t need to worry about complicated VAT compliance.
These tax incentives ensure that you’re able to maximize your profits, reinvest in business growth, and take full advantage of Georgia’s business-friendly tax system.
Choosing the Right Corporate Structure in Georgia
LLC vs JSC vs IE: Which Is Right for You?
When registering your business in Georgia, you'll need to choose the right corporate structure. The most common options for IT businesses and entrepreneurs are:
LLC (Limited Liability Company)
JSC (Joint Stock Company)
IE (Individual Entrepreneur)
Here’s a breakdown of each:
LLC (Limited Liability Company):
The LLC is the most popular choice for small businesses, freelancers, and IT entrepreneurs.
It's simple to set up, offers limited liability protection, and is tax-efficient under Georgia’s 1% small business tax rate.
Most IT professionals prefer the LLC because of its flexibility, low maintenance, and ease of tax filing.
JSC (Joint Stock Company):
If you plan on expanding your business significantly and need to attract investors, a JSC might be a better option.
A JSC allows you to issue shares, but it requires more regulatory oversight and is usually used for larger businesses.
IT companies planning to go public or raise significant capital may prefer this structure, but for smaller-scale operations, it may be unnecessary.
IE (Individual Entrepreneur):
The Individual Entrepreneur (IE) status is perfect for freelancers and small businesses that want to take advantage of Georgia’s tax incentives without forming a full-fledged LLC.
It's an excellent choice for IT professionals, digital nomads, and solo entrepreneurs looking to benefit from the 1% tax rate for small businesses.
The IE status is fast and easy to set up.
It’s ideal for solo entrepreneurs and freelancers who don’t need the complexity of an LLC but still want to benefit from Georgia’s tax savings.
This structure offers a simplified tax system and easy compliance with Georgia’s tax laws, making it a great option for those just starting out.
For most IT entrepreneurs, the LLC is the most flexible and tax-efficient structure.
However, if you’re just starting out and want to keep things simple, the IE status is a cost-effective and quick way to set up a business while enjoying the tax benefits Georgia offers.
Next Steps: Get Started Today!
Ready to take the next step and open a business in Georgia?
The IE registration with the bank account opening from Gegidze is the best way to get started.
With simple business registration, easy bank account setup, and access to tax benefits, it’s a smart choice for IT entrepreneurs.
Gegidze can help you navigate Georgia’s business landscape, from business registration to bank account opening.
Contact us today to schedule a free consultation and start your business journey in Georgia with ease!
Frequently asked questions (FAQ)
How do I start a business in Georgia as an IT entrepreneur?
To start a business in Georgia as an IT entrepreneur, you need to register your business either as an Individual Entrepreneur (IE) or a Limited Liability Company (LLC).
The IE status offers a 1% tax rate for small businessesand is perfect for freelancers and solo entrepreneurs.
Once registered, you can open a business bank account in Georgia to manage your finances and take advantage of Georgia's tax incentives.
What are the tax benefits for IT businesses in Georgia?
IT businesses in Georgia benefit from a 1% tax rate under the Small Business Status, which makes it a tax-friendly destination for IT entrepreneurs.
Additionally, businesses operating under the Virtual Zone can enjoy tax exemptions on foreign income, making Georgia a prime location for international companies.
Georgia's low business taxes and corporate tax exemptions offer significant savings for IT startups.
How do I register an Individual Entrepreneur (IE) in Georgia?
Registering an Individual Entrepreneur (IE) in Georgia is a simple process.
You need to complete the business registration online through the Georgia business registration portal, providing basic documents like your tax identification number (TIN), proof of address, and business information.
The IE status allows you to benefit from Georgia’s tax system, including 1% tax on turnover for small businesses and no VAT on digital services
