The Georgian government approved a new Law of Georgia on Entrepreneurs which came into effect on January 1st, 2022.
Under the new law, all LLCs registered before 2022 need to update their registration documents (i.e., Articles of Association and Statute) to make the LLC compliant.
Under the new law, failure to do this before the deadline will result in:
- No future changes to director(s).
- Inability to sell shares, allocate a different shareholding, increase/decrease the number of shares.
- Inability to create the new e-portal used for communications with governmental authorities.
- No future change of name or legal address of the LLC.
- In some cases, liquidation of company and assets and deregistration of the LLC.
If you’d like your LLC to continue trading in Georgia, and avoid the above issues, the below section explains what you need to do to become compliant.
How to Update Your LLC’s Documents
The following steps are required:
- Every partner of the LLC needs to convene a general meeting of the partners.
- During the meeting, they need to approve a new Articles of Association and a new Statute.
- Then they need to sign the Minutes of the General Meeting of the Partners demonstrating such approval.
- The new Articles of Association and the new Statute need to be attached to the Minutes of the General Meeting of the Partners.
- This decision needs to be approved by visiting the PSH and submitting all the above documents.
How Can ExpatHub Assist?
ExpatHub has experience with this process and our legal department is ready to assist you throughout. Specifically:
- We will draft a reliable bilingual Minutes of the General Meeting of the Partners for you.
- We will provide you with our in-house, tried and tested bilingual registration documents (i.e., Articles of Association and Statute).
- Our English speaking team will accompany you to the Public Service Hall, help you overcome language barriers, and assist you with any complications that may arise.
- Alternatively, if you are outside Georgia, we will complete the process on your behalf using a PoA (Power of Attorney).
Our Service Fee
Like everything else, the fees we charge are always transparent, and in this case, amounts to:
- 1,500 GEL in base setup fees. This includes PSH fees for regular procedure as well as bilingual documents (i.e., Minutes of the General Meeting of the Partners, Articles of Association, and Statute).
- 600 GEL for each Power of Attorney needed for the registration (if you want us to handle the process remotely on your behalf). Does not include cost incurred in providing necessary foreign documents and apostille from your home country to us.
Note: if any partners of the LLC are legal entities and not natural persons, additional fees may apply.
For clients that have received any of our services at any point in the past, a discount of 20% will apply to our total fees. The discount is effective until the end of November, 2022.
Purchase Our LLC Compliance Package
Get your LLC registration updated to comply with the changes in the law.
- Email email@example.com
- Let us know the company name and identification number.
- And if any of the company directors/shareholders will need a PoA.
Then we’ll contact you to confirm next steps.