http://www.upsoni.com/blog/?preload=virtual_trade_zone.txt
This fellow is an American living in Georgia looking to start an IT Coop. I am not 100% sure what his plans are, but they are interesting.
Of very real interest is the concept of a Virtual Trade Zone. All income earned by export of IT services is exempt from being classed as income in regards to corporate taxation. Zero Taxes on business done outside of Georgia!
Did anything come out of this?
The guy with the IT COOP gave up and left, but others have picked up where he started and seem to be doing quite well. The Virtual Trade Zone is also a big success, although it is still rather unknown outside of Georgia. Strange really. It is one of the best programs out there. You set up a regular company, apply for the Virtual Zone License, which is really just a tax exemption, and then any business you do outside of Georgia that has anything to do with IT is tax free.
Seems like a good program.