
A
trust in Georgia is established as a
fiduciary relation between three parties, in which a
party grants a trustee the right to
manage various assets. In order to
open a company in Georgia set up as a
trust, the parties will need to conclude a
trust document, generally referred to as a
trust deed.
Our team of company formation representatives in Georgia can offer in-depth assistance on the legal requirements for establishing a
Georgian trust.
Parties to enter a trust in Georgia
As mentioned above, the
trust in Georgia has to be established between three parties. The procedure of
company formation in Georgia in this case will include the following:
• the grantor – or the person who wants to establish the trust;
• the trustee – the entity that will have the right to manage the assets under the respective trust;
• the beneficiary – the person who is entitled to obtain benefits from the respective trust.
It is important to know that the
trustee can be represented by either a natural person or a
legal entity operating in Georgia. At the same time, persons who want to
set up a trust should know that the
trust’s assets can be represented by various
types of properties or parts of a property. If the latter option applies, it is necessary to
specify the parts of property that are included in the
trust.
Our team of company formation agents in Georgia can provide further assistance on this topic.
Trust property in Georgia
• non-material property;
•
material property, which can be further categorized as
movable or immovable.
The main characteristic of a tangible property included in a trust refers to any type of property which can be passed on from one person to another, with the main purpose of providing a financial gain for the trust’s owner.
It is important to know that a Georgian trust is available only during the lifetime of the trust’s owner and that the trust relations are to be stopped following the death of the owner.