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.