According to the World Bank report INVESTING ACROSS BORDERS 2010,Georgia leads the list of 87 of states, which is open for foreign investments. Minister of Economy and Sustainable Development, Ms. Vera Kobalia said the assessment and the ratings by the World Bank were very significant and influential for improving investment environment in any country.
Georgia is one of the most open countries to foreign equity ownership as measured by the Investing Across Sectors indicators. All of the 33 sectors covered by the indicators are fully open to foreign investment. There are neither sectors with monopolistic or oligopolistic market structures nor any perceived difficulties in obtaining any required operating licenses.
With only 4 procedures and 4 days, Georgia (Tbilisi) is among the fastest countries in the world in terms of establishing a foreign-owned limited liability company (LLC). A foreign company requires no additional procedure other than the authentication of the parent companys documents abroad. According to the new order on the Approval of Instruction on State and/or Tax Registration Procedure of Taxpayers and Branches, a company must be registered on the same day of filing or the following day. The application is available online. Registering with the Entrepreneurial Register and obtaining an identification number and a certificate of state and tax registration are required in order to commence the companys activities. Companies in Georgia are free to open and maintain bank accounts in foreign currency. There is no minimum capital requirement for foreign or domestic companies. Since 2008, evidence of contribution to the companys capital is no longer required.
Investors pay great attention to the ratings on investment environment in any country, the ratings by the World Bank are particularly reliable for them and in these ratings we are leading the list of 87 states, which indicates to the best environment for making business in Georgia for investors. That`s why we must be prepared and meet the investors with new projects and packages,` Economic Minister said.
According to the abovementioned report, Georgia is open for foreign investments with any criteria and indicators by the survey and the country has no restrictions for foreign business.
