Georgia is inviting international and local companies to base their export-oriented businesses in a special tax-free area in capital Tbilisi that offers business-friendly regulations and a favourable tax system.
Today authorities behind the Tbilisi Free Zone (TFZ) presented the project to representatives from the business society, chambers of commerce, diplomatic corps and the media.
"We extend an invitation to all investors who are planning to start doing business in Georgia to visit the Tbilisi Free Zone first, which is an ideal tenancy destination for international and local companies in East Georgia,” said Giorgi Tabidze, director general of Georgia’s Technology Park. The Technology Park was created by the Georgian National Agency and BitFury Group, a Bitcoin Blockchain infrastructure provider and transaction processing company."
Mega Data Centre by the BitFury Group was the first major company to locate itself in the Tbilisi Free Zone. The firm set up its roots in December 2015 when the Tbilisi Free Zone officially opened.
Tabidze said the Tbilisi Free Zone was the only free industrial zone of East Georgia.
Spread over 17 hectares of land, the Tbilisi Free Zone is located in Gldarin, 17km from the city centre.
Tbilisi Free Zone is prepared to welcome companies from all areas of business including technology, trading and services, light industrial manufacturing, logistics, warehousing and more.
"The Tbilisi Free Zone will be the perfect place for developing the IT industry and specifically for developing data centres, a lighting industry, pharmaceutical manufacturing, and many other areas,” said Tabidze.
Companies who base their export-oriented businesses in the Tbilisi Free Zone will benefit from operational and tax advantages, said Tabidze.
As a result companies will make significant tax savings on:
- Corporate tax – 15 percent of the taxable profit base;
- Property tax – one percent of the average book value of property;
- Import tax – up to 18 percent of import value;
- VAT – 18 percent; and
- Dividend tax – five percent.
In general, businesses will enjoy reliable infrastructure, low rental prices, easy company set-up, low costs of utilities and communications, and many other advantages.