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Business Environment

Business Environment

Doing Business in Georgia

Georgia has a friendly business environment and is a great destination for investors and companies from all around the world with stable economic development, liberal and free market oriented economic policy, low tax rates, significantly simplified administrative procedures, low level of corruption and bureaucracy, significantly decreased number of licenses and permissions, competitively priced workforce, lack of language barrier, advantageous geographic location and access to 2.3 billion consumer market through its solid FTA network including both EU and China.

Georgia is a member of the United Nations, the Council of Europe, the World Trade Organization, the Organization of the Black Sea Economic Cooperation, the Organization for Security and Cooperation in Europe, the Community of Democratic Choice, the GUAM Organization for Democracy and Economic Development, and the Asian Development Bank.

Georgia’s impressive progress in improving business environment is well reflected in a number of international indices. Country is considered as a politically stable, corruption-free investment destination with low business costs.

Georgia is maintaining its position among the world’s top 10 economies in the World Bank Group’s annual Doing Business report, which measures ease of doing business. In 2019 Georgia has moved up to 6th place in the global rankings and is currently the highest ranked economy in the Europe and Central Asia region.

                           Source: World Bank (2020)   

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  • In Georgia it is easy to start a business Georgia by simplified post-registration procedures (tax registration, social security registration, licensing)
  • Georgia has special tax exemptions for virtual zone entities, free industrial enterprises, special trading companies, tourist enterprises, etc.
  • Georgia has double tax avoidance treaties with more than 50 countries, including the China, Germany, UK and Spain.
  • Georgia has almost no custom duty, with 90 % of goods being exempt from import tariffs, with no quantitative restrictions. The average time for customs clearance is currently about 15 minutes – one of the fastest and most efficient in the CIS.
  • In Georgia almost all tax, financial reporting and customs clearances administration procedures are online/web-based
    In Georgia it is easy to pay taxes by significantly revised tax laws, simplifying tax compliance processes and decreasing the number of tax fillings or payments
  • In Georgia it is easy to enforce contracts by expanding court automation through introduction of electronic payments and processes, automatic assignment of cases to judges and by publishing judgements

Source: The Heritage Foundation (2019)
Source: World Bank (2020)
Source: Transperency International (2013)

china-and-georgia

On June 27th, 2014, in Brussels the Prime Minister of Georgia signed the Association Agreement. From September 1st, 2014, the DCFTA (Deep and Comprehensive Free Trade Area – DCFTA) part of the Association Agreement was entered into force, which implies the liberalization of trade in both goods and services with the EU.. The remaining part of the Association Agreement was entered into force by the EU in July 2016.

In addition to the European Union, China is one of the five largest trading partners of Georgia. From January 1, 2018, the free trade agreement between Georgia and China entered into force. As a result, 94% of Georgian products will be exempt from customs duties; Wine export data from Georgia to China is growing sharply and there is a growing trend of visitors from China. Georgia is the first country in the region to sign a free trade agreement with China.

Georgia has bilateral free trade agreements with Russia, Azerbaijan, Armenia, Ukraine, Moldova, Kazakhstan, Uzbekistan, Turkmenistan, Turkey and China. And, the multilateral international trade agreement has: the CIS, GUAM, the European Union and the European Free Trade Association.

Relevant studies are nearing completion and a new free trade agreement with India and Israel is planned in the near future.

Georgia – Business Friendly Country!

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