2 Martin Luther King Jr. Drive ● Suite 317 West Tower ● Atlanta, Georgia ● 30334
The Office of Secretary of State
Securities and Charities Division
GEORGIA INTRASTATE EXEMPTION: INVEST GEORGIA EXEMPTION (“IGE”)
Created in 2011.
In its original format, IGE allowed for-profit businesses formed under Georgia law to raise up to $1
million from Georgia resident investors.
October 15, 2015 amendment: increased the aggregate limit to $5 million.
July 11, 2017 amendment: reflects the SEC’s expansion of Rule 147 and the creation of Rule 147A as
follows:
 Removed the requirement that IGE filers be formed under the laws of the state of Georgia.
 Maintained the requirement that the filers be for-profit businesses registered with the Georgia
Secretary of State.
Issuers that meet the residency requirements prescribed in amended Rule 147 and Rule 147A are
eligible for filing under IGE.
Issuer must be a “resident” of Georgia – can be foreign filed if deemed a “resident”
 “Doing Business Test” – must meet one of the following to be a “resident”:
o 80% of its gross revenues are derived from Georgia;
o 80% of its assets are held in Georgia;
o 80% of the offering’s proceeds are used in Georgia; or
o A majority of the issuer’s employees are based in Georgia
IGE filers are limited to selling no more than $10,000 in securities to non-accredited Georgia investors,
but there is no selling limited to accredited Georgia investors.
All funds received during the offering must be deposited into a bank or depository institution authorized
to do business in Georgia
IGE does not set limitations on the underlying offering, as long as it does not violate state and federal
law. Gives the issuer the freedom to set his own valuation for issuing equity or convertible notes, loans,
etc.
Bad Actor disqualifiers apply (Rule 590-4-2-.06)
Noula Zaharis
Director
Brad Raffensperger
Secretary of State
Commissioner of Securities

2 Martin Luther King Jr. Drive ● Suite 317 West Tower ● Atlanta, Georgia ● 30334
FILING REQUIREMENT
An issuer must file a notice with the Georgia Securities Division, electronically or via mail, BEFORE
conducting an offering.
Form: File Form GA-1.
No additional documents required – no financials, no investor list, prospectus, marketing material.
Amendment Filing: For material changes, 30 days. No continuing reporting obligations.
General Solicitation: allowed for its offering but only to GA residents
Internet Portal: allowed but not required.
TARGET GROUP
IGE is designed in mind for emerging business who are struggling with traditional ways of getting
funding and seeking ways to raise capital.
The majority of IGE filers are small and emerging businesses that conduct an offering without the use of
brokers, internet portals, or other “middlemen.” As a result, these issuers are responsible for the
solicitation, offer, and/or sale of the underlying securities and potentially not eligible for the broker-
dealer registration exemption. GA reduced the regulatory burden on IGE issuers by expanding the
broker-dealer registration exemption.
WHO USES
Breweries, medical technology firms, real estate firms, manufacturers, restaurants, entertainment,
movie/television support businesses, cybersecurity firms, insurance firms, tax companies, movie
productions, clothing companies, employment agency for film industry.
There are 86 filers.
16 use portals: Sterling Funder, Spark Market, Groundfloor, Crowdvested
ADVANTAGES
Creates a new avenue for Georgia entrepreneurs to connect to additional sources of capital and for
Georgia investors to support Georgia businesses.
Allows new and small Georgia-based businesses the opportunity to raise capital from interested Georgia
investors.
Provides Georgia based entrepreneurs to develop new business ventures, expand existing operations and
create more jobs in Georgia.
Creates a new avenue for Georgia entrepreneurs to connect to additional sources of capital and for
Georgia investors to support Georgia businesses.
Allows new and small Georgia-based businesses the opportunity to raise capital from interested Georgia
investors.
Provides Georgia based entrepreneurs to develop new business ventures, expand existing operations
and create more jobs in Georgia.