Georgia
Financial Reporting Obligations for Companies in Georgia
1. Registry for Submission of Financial Statements
In Georgia, companies are required to submit their financial statements to the Public Registry of the National Agency of Public Registry (NAPR) (https://www.napr.gov.ge), locally known as "საჯარო რეესტრის ეროვნული სააგენტო". For accounting and reporting supervision (including the electronic filing environment), see the Service for Accounting, Reporting and Auditing Supervision (SARAS): https://www.saras.gov.ge and its reporting portal: https://reporting.saras.gov.ge.
2. Legal Forms Obligated to Publish Financial Statements
Legal Forms Obliged to Publish Financial Statements:
- შეზღუდული პასუხისგებლობის საზოგადოება (შპს) — Limited Liability Company (LLC)
- აქციონერული საზოგადოება (სს) — Joint Stock Company (JSC)
- სოლიდარული პასუხისმგებლობის საზოგადოება (სოლიდ.пს) — General Partnership (GP)
- კომანდიტური საზოგადოება (კმდს) — Limited Partnership (LP)
- კოოპერატივი — Cooperative
- საქმიანი საწარმოები — Business Enterprises (which include many of the above types)
Legal Forms Not Obliged to Publish Financial Statements:
- ინდივიდუალური მეწარმე (IM) — Sole Proprietorship: Sole proprietors are not required to submit financial statements to the registry, as their financial reporting obligations are significantly simplified.
- პარტნიორობა — Partnership: Small partnerships may have relaxed requirements unless they meet the threshold for larger businesses.
These distinctions are based on whether the companies meet thresholds related to size, turnover, and public interest, which determine whether they are obligated to publish financial statements. Sole proprietorships and some small partnerships generally have lighter obligations unless they exceed certain criteria for audit and reporting.
3. Audit Requirements
Audit Requirements Based on Legal Form:
|
Legal Form (Original and English Translation) |
Audit Requirement |
Criteria (Turnover, Total Assets, Employees) |
|
შეზღუდული პასუხისმგებლობის საზოგადოება (შპს) - Limited Liability Company (LLC) |
Required if specific thresholds are met |
Any two of: Turnover (more than) GEL 20 million, Total Assets (more than) GEL 20 million, Employees (more than) 100 |
|
აქციონერული საზოგადოება (სს) - Joint Stock Company (JSC) |
Mandatory for all JSCs |
All JSCs must be audited regardless of size |
|
კომანდიტური საზოგადოება (კმდს) - Limited Partnership (LP) |
Required if thresholds are met |
Same as LLC: Turnover (more than) GEL 20 million, Total Assets (more than) GEL 20 million, Employees (more than) 100 |
|
სოლიდარული პასუხისმგებლობის საზოგადოება (სოლ.პს) - General Partnership (GP) |
Required if thresholds are met |
Same as LLC: Turnover (more than) GEL 20 million, Total Assets (more than) GEL 20 million, Employees (more than) 100 |
|
კოოპერატივი - Cooperative |
Required if thresholds are met |
Same as LLC: Turnover (more than) GEL 20 million, Total Assets (more than) GEL 20 million, Employees (more than) 100 |
Criteria for Audit:
- Turnover: If the company's annual turnover exceeds GEL 20 million.
- Total Assets: If the company holds assets totaling more than GEL 20 million.
- Number of Employees: If the company has more than 100 employees on average throughout the year.
If a company meets any two of these criteria, it is legally obligated to have its financial statements audited. See the Law of Georgia on Accounting, Reporting and Auditing on the official legislative portal: https://matsne.gov.ge/en/document/view/3243202.
4. Stock Exchange Listing Requirements
If a company is listed on the Georgian Stock Exchange (GSE), it is required to publish its financial statements on the exchange. Official website: https://www.gse.ge.
5. Submission Deadlines
All legal forms must submit their annual financial statements by April 1st of the following year (as guided by SARAS — see saras.gov.ge).
6. Partial Financial Statements
Certain smaller entities and those not meeting the full audit criteria may submit simplified or partial financial statements. The exact conditions are specified in the "Law of Georgia on Accounting, Reporting, and Auditing".
7. Consequences of Late Submission
Failure to submit financial statements on time can result in fines, penalties, and even the possibility of the company being struck off the register. The penalties depend on the length of the delay and whether the failure to comply is repeated. See SARAS guidance: https://www.saras.gov.ge.
8. Foreign-Owned Branches and New Companies
Foreign-owned branches operating in Georgia must adhere to the same reporting requirements as local entities. New companies must submit their first financial statements within the same deadlines as established companies, with no special extensions unless specifically legislated. Filing is typically done via the SARAS reporting portal: https://reporting.saras.gov.ge.
Sources
| Source | Link |
| National Agency of Public Registry (NAPR) | https://www.napr.gov.ge |
| Service for Accounting, Reporting and Auditing Supervision (SARAS) | https://www.saras.gov.ge |
| SARAS Reporting Portal | https://reporting.saras.gov.ge |
| Law of Georgia on Accounting, Reporting and Auditing (Matsne) | https://matsne.gov.ge/en/document/view/3243202 |
| Georgian Stock Exchange (GSE) | https://www.gse.ge |
| Start Companies Search | Order Credit Report |
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