Iranian companies operating in Georgia up 510% since 2012 – EPRC
Growth in the number of Iranian companies in Georgia
According to data from the Economic Policy Research Center (EPRC), the number of Iranian companies in Georgia has increased by around 510% since 2012, exceeding 12,800 by 2025–26.
EPRC says the figures are based on data from Geostat and the National Bank of Georgia. The organisation also notes that despite the sharp rise in the number of companies, foreign direct investment from Iran into Georgia has remained relatively low in recent years.
“Between 2013 and 2024, Iranian investment totalled $41 million. Although this is more than in the previous period, the amount per company remains quite small,” EPRC said.
According to the organisation, net foreign direct investment from Iran stood at -$0.65 million in 2024. Preliminary figures for 2025 put the figure at around $0.4 million.
EPRC estimates that Iran’s share of total foreign direct investment in Georgia remains small, according to official statistics.
The centre says Iranian companies registered in Georgia are mainly involved in small-scale trade, real estate transactions, services, construction, logistics and re-export.
“Most of this activity involves small and medium-sized businesses and is less connected to large-scale manufacturing, industrial or technology projects,” EPRC said.
The organisation notes that the activities of these companies have not led to significant job creation. It also says that dozens of companies are often registered at the same address.
According to EPRC, tourism has seen the most notable growth in economic activity linked to Iran. Between 2022 and 2024, tourism revenues from Iran rose from $91.1 million to $151.1 million, an increase of 65%. However, tourism revenues fell by 17.8% in 2025.
Why the number of Iranian companies is growing much faster than investment
The centre believes that the rapid increase in the number of companies, alongside relatively low levels of investment and official financial flows, raises questions about the true scale of their activities.
“Why is the number of Iranian companies growing much faster than investment and official financial inflows overall?” EPRC asks.
The organisation says that, given that a significant part of Iran’s financial sector operates under international sanctions, economic transactions may be taking place through alternative and potentially less transparent financial channels.
EPRC notes that if some economic activity takes place outside the traditional banking system or with limited transparency, this makes it harder for the state to effectively monitor financial flows. It also increases the risks of sanctions evasion and money laundering.
The centre also points to international practice, where such models are sometimes associated with nominal or so-called “paper” companies. These companies are officially registered, but their actual economic activity may be very limited.
According to EPRC, such companies are sometimes used for re-export operations, intermediary financial transactions, or to circumvent sanctions and regulatory requirements in different countries.
“When the number of companies grows rapidly but this is not accompanied by a corresponding increase in investment, production, exports or employment, questions arise about the real economic significance of their activities,” the organisation said.
EPRC also points to the visa-free regime between Georgia and the EU, saying that this could make the country more attractive to Iranian citizens and businesses.
According to the centre, the US sanctions imposed on Shelbit, a cryptocurrency company registered in Georgia and owned by an Iranian citizen, highlight the range of possible ways to circumvent sanctions.
EPRC believes that, in light of this case and the sharp increase in the number of companies opened in Georgia by Iranian citizens, the current figures should be viewed with additional risks in mind.
Growth in the number of Iranian companies in Georgia
