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Poti Free Industrial Zone


Poti Free Industrial Zone
Poti Free Industrial Zone (FIZ) - is the first free trade area in the Caucasian region. It was established in 2008 on the territory of Poti (ancient Georgian town) harbor. There is a golden fleece on the flag of the town, as, according to a legend, argonauts moored at the mouth of Rioni river in the place, where later the town Phasis (now - Poti) was founded.

The creation of FIZ began when 51% of harbor's shares were sold to RAK Investment Authority (RAKIA) - one of the administrating companies in an UAE emirate Ras-Al-Haimah. A subsidiary of RAKIA named Georgia FIZ was established. The project includes a 300-hectare territory, symbolically located on the Great Silk Road. Vast experience of infrastructure development, coupled with favorable location of the harbor was supposed to attract investors from all over the world.

What are the main advantages for Poti investors?

- low rental costs
- zero tax on profit earned in FIZ
- zero rate of excise duty for import and export of raw materials
- low electricity costs
- high-skilled labor
- quick procedure of new companies' registration
- applicability of double taxation avoidance agreement
- the most employer-friendly labor law in the world, according to the World Bank

Poti FIZ invites investors to such industries as production, hi-tech, development of raw materials, wholesale, warehousing, transport and logistics, financial and professional services.

As of today, the existing types of companies in FIZ are as follows:

1) Limited Liability Company (LLC)

1 to 50 shareholders, shareholders' personal financial responsibility is limited to their equity contribution, no equity capital floor requirements.

2) Division

Structural division of another enterprise, which is not a separate legal person and is registered as a regional office.

3) Joint-stock company (JSC)

Share capital floor - GEL 15,000 (approximately USD 9,000)

4) General partnership

Can be established only by private persons, personal financial responsibility of partners is unlimited.

5) Limited liability partnership

Can be established by full partners (unlimited personal responsibility) and limited partners, whose responsibility is limited by the specified insurance amount.

6) Sole proprietorship

Types of licenses in Poti FIZ

- commercial production license (allowed activity: import of raw materials, refinery, package and further export of ready products)
- general trading license (import-export, distribution, warehousing of materials for refinery)
- special trading license (same as general trading license, but for particular types of goods)
- warehousing license (development of warehouses for rent)
- consulting license (services in the fields of management, finance, HR, law and marketing)
- service license (any technical support)
- finance/banking license (activity of financial institutions)
- contractor license (contractor works for Poti FIZ)
Licensing costs depend on the type of license. All the companies rent offices and/or warehouses in Poti FIZ in at prices specified with FIZ official price-list. Registration costs in FIZ are extremely low: for instance, registration of LLC costs only GEL 100 (around USD 60); JSC - GEL 360 (around USD 215).

The company registered in FIZ can open a bank account in any Georgian bank or a foreign bank. To start a bank account in a Georgian bank, one should personally visit the bank.




tags
Free industrial zone, Georgia, Offshore, Poti
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