Georgia has experienced an unprecedented growth in the number of companies with Iranian capital. According to the Economic Policy Research Center (EPRC), since 2012 the number of such enterprises has increased by approximately 510%, reaching over 12,800 companies in 2025–2026. This dynamic growth attracts the attention of analysts and regulators who express concerns about the possible use of Georgian jurisdiction to circumvent international sanctions against Iran.
Growth Paradox: Many Companies, Few Investments
However, the most notable feature of this process is a sharp discrepancy between the number of registered companies and the volume of attracted investments. Over the period 2013–2024, the total volume of Iranian investments in Georgia's economy amounted to only approximately $41 million. This means that while the number of companies grew by 510%, investments increased disproportionately, raising questions about the actual nature of these enterprises' activities.
Where Iranian Companies Operate
Registered Iranian companies are concentrated in several key sectors of Georgia's economy:
- Trade and import-export operations
- Real estate
- Services
- Construction
- Logistics
Despite the impressive number of companies, analysts note the absence of notable employment growth in these sectors, which further strengthens suspicions about the true purposes of registering such a large number of enterprises.
Unusual Registration Schemes
An additional cause for concern is an unusual company registration scheme. Dozens of Iranian firms are registered at the same addresses, which is a typical sign of shell or operational companies used for moving capital or financial flows. The Economic Policy Research Center particularly emphasizes that this is not tantamount to accusing Iranian business of illegal activity; however, the scale of international sanctions against Iran significantly increases the risks of abuse of such schemes.
Crypto Company Shelbit as a Warning Signal
A troubling example occurred in practice in August 2026. On August 7, the United States imposed sanctions against Georgian crypto company Shelbit and its owner, accusing them of ties to the Islamic Revolutionary Guard Corps and illegal financial operations. According to the U.S. Department of the Treasury, millions of dollars flowed through crypto addresses linked to Shelbit. This case clearly demonstrates what risks can arise when a jurisdiction attracts a large number of companies without proper oversight of transparency and sources of financing.
EPRC views the Shelbit incident as a typical example of how rapid and uncontrolled growth in the number of companies without a comparable increase in transparent investments, real production, and job creation can become a source of serious risks for the country. The analytical center calls for strengthened oversight of financial flows and stricter verification of capital sources when registering new enterprises with foreign participation.