Georgia
Marekh Amirashvili
Amirashvili, Gogishvili & Shengelia, GP
Tbilisi, Georgia
Introduction
Over the last five years, Georgia has launched deep reforms in various areas.
Aggressive economic reforms implemented by the new government resulted in
rapid growth of the real estate market, construction industry, banking, and other
sectors of the Georgian economy. Progress made in economic development did
not remain unnoticed by international financial institutions. In the World Bank’s
Doing Business 2010 report, Georgia was listed among the top countries, with
an overall ranking of 12.
Georgia also made significant changes to its regulatory environment in order to
create a more conducive business climate in the country. Since 2005, Georgia
has adopted new tax, customs, and labor codes. With the aim of attracting
private capital to state property, the Georgian government implemented a new
privatization policy guaranteeing fairness and transparency in the privatization
process. By introducing the new law for protection of the rights of investors, the
state vigorously promoted Georgia as a favorable investment destination. The
modified company law abolished minimum capital requirements for
incorporation of companies. As a result of a simplified registration procedure,
the number of new companies has increased significantly.
Establishment of Enterprises
Law on Entrepreneurs
The Law of Georgia on Entrepreneurs regulates establishment (registration) and
operation of enterprises and provides for the following legal forms of
enterprises: an individual entrepreneur (enterprise), joint liability company,
limited partnership, limited liability company, joint stock company
(corporation), and cooperative.
Pursuant to the Law on Entrepreneurs, any enterprise must be registered. An
enterprise is deemed established from the moment of its registration in the
Entrepreneurial Register.
Marekh Amirashvili, Amirashvili, Gogishvili & Shengelia, GP, Tbilisi, Georgia
