Doing business in Georgia has become easier than in America
02 November, 2018
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year. Currently Georgia is the highest rated country in the European and Central Asian region and it’s now easier to do business in here than in Britain or America.

In regards to the report, Georgian Prime Minister Mamuka Bakhtadze and World Bank’s Regional Director Mercy Tembon
held a joint press conference on Thursday. As Mamuka Bakhtadze noted, promotion in such important and prestigious international ratings will help strengthen the economy of Georgia, which will ultimately be the prerequisite for overcoming poverty in the country.

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A satisfied Prime Minister at press conference with World Bank’s Regional Director Mercy Tembon, Photo courtesy: www. agenda.ge

"Such progress means a very big step for our country in the direction of integration with the world economy. This proves that the reforms being carried out by the government successfully serves the development of our country's economy”, Mamuka Bakhtadze said.

Doing Business 2019 report analyzes business environment of local firms


The Doing business report provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. It captures several important dimensions of the regulatory environment as it applies to local firms.

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Georgia ranked 6th among 190 countries, Graphic courtesy: The World Bank

The report analyzes different topics such as starting a business, getting electricity or resolving insolvency. However, it’s worth to cast a glance at some specific topics. Georgia reached the second place in regards to starting a business and is consequently very close to the best performing country New Zealand, also the overall winner in this year. New Zealanders can set up a business in a few hours, Georgians need two days, whereas in Laos PDR for example, it takes 174 days.
geotv.ge
Within two days Georgian can set up a business, Graphic courtesy: The World Bank


Reforms make an impact


The report highlights the reforms that Georgian government instituted recently and that help starting a business.
  • Georgia made starting a business easier by allowing voluntary value added tax registration at the time of business incorporation.
  • Georgia made paying taxes easier by levying income tax on distributed profits rather than on taxable profits. At the same time, Georgia made paying taxes more difficult by requiring value added tax to be imposed on advance payments for goods and services.
  • Georgia made enforcing contracts easier by introducing random and automatic assignment of cases to judges throughout the courts.


There is still upside potential for Georgia


In respect of resolving insolvency, Georgia ranked only 60 out of 190. This means that within two years after insolvency, creditors in Georgia get back 40 percent of their investments through reorganization, liquidation or debt enforcement.

geotv.ge
Georgia has to improve regarding resolving insolvency, Graphic courtesy: The World Bank


In Japan, by contrasts, creditors need about seven months to recover 90 percent of their money.

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