Georgia has a population of almost 4 million people, with crucial industries including mining, agriculture, and tourism. There are many types of company formations that can be established, and the corporate tax rate is 15% paid only when profits are distributed.
Labor and Payroll Considerations:
- Employment contracts must be written for 3 months or longer
- Minimum wage is 20 Lari per month for workers in the private sector
- Minimum wage for public sector workers is 115 Lari per month
- Income tax is withheld from employee pay
- A defined contribution scheme was developed in 2019 for social security, with employers and employees both contributing 2% of the employee gross salary
- Foreign workers need a D1 visa and work residence permit
Georgia has recently launched a program to provide international status to companies in the IT and maritime services industries within the country. This new program reduces the profit tax, dividends tax, personal income, and property tax liabilities. This new program only applies to companies registered in Georgia that have a minimum of 2 years of experience in the industry.
To get started or simplify operations in Georgia, Blue Marble provides a cloud-based payroll platform with customized reporting so you can view payroll in real time. Our in-country experts help ensure compliance with local regulations. We also provide money movement services to easily fund payroll in USD and settle in the local currency. To learn more about simplifying your payroll in Georgia, click here