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Georgia


Financial Sector Enabling Environment in Georgia


 

Georgia
Ease of doing business (rank) 9
Starting a business (rank) 7
Starting a business - Cost (% of income per capita) 3.8
Starting a business - Procedures (number) 2
Starting a business - Time (days) 2
Starting a business - Minimum capital (% of income per capita) 0
Dealing with construction permits (rank) 3
Dealing with construction permits - Cost (% of income per capita) 17.7
Dealing with construction permits - Procedures (number) 9
Dealing with construction permits - Time (days) 74
Registering property (rank) 1
Cost (% of property value) 0.1
Procedures (number) 1
Time (days) 2
Protecting Investors (rank) 19
Getting credit (rank) 4
Trading across borders (rank) 38
Enforcing contracts (rank) 30
Enforcing Contracts - Cost (as % of claim) 29.9
Enforcing Contracts - Procedures (number) 33
Enforcing Contracts - Time (days) 285
Resolving insolvency (rank) 81

Source: World Bank Doing Business 2013 (RANK: Best=1; Worst=185)

Getting credit

Georgia strengthened its secured transactions system through an amendment to the civil code allowing a security interest to extend to the products, proceeds and replacements of collateral.

Paying taxes

Georgia made paying taxes easier for companies by enhancing the use of electronic systems and providing more services to taxpayers.
 
Trading across borders

Georgia reduced the time to export and im-port by creating customs clearance zones.

Enforcing contracts

Georgia made enforcing contracts easier by simplifying and speeding up the proceedings for commercial disputes.
 
Resolving insolvency

Georgia expedited the process of resolving insolvency by establishing or tightening time limits for all insolvency-related procedures, including auctions.

Conclusion

Georgia was a new entrant to the top 10 of 185 economies worldwide regarding ease of doing business. In the registration of property Georgia compares favorably, for the simplicity and reasonable cost of its processes. Enforcing claims in Georgia remains a time-consuming and somewhat costly effort.

The most problematic factors for doing business in Georgia:
  • Access to financing
  • Inadequately educated workforce
  • Inflation
  • Poor work ethic in national labor force
  • Tax regulations
  • Policy instability
  • Inadequate supply of infrastructure
  • Tax rates
Detailed PFS Georgia High Level Financial Sector Overview Oct 2012 can be downloaded here.
Detailed PFS Regional Benchmarking Report Oct 2012 can be downloaded here.



IFTF Members from Georgia

  • Ketevan Ketevan         
  • Nino Nino         
  • Tamar Tamar         
  • Tamar Tamar         
  • Vera Vera         
  • Nina Nina         
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