Georgia Decide with Confidence
13 December, 2012
Georgia Decide with Confidence
What is behind the scene, is Georgia open or closed as a business area, which could potentially invest but has not decided yet. This is a scope of questions arising on a day per day basis. I guess from the standpoint of investment climate Georgia is in more favorable conditions as level of corruption tends to be almost zero, police and lawyers are on watch of any breach of the Law, however it takes time to make a decision.
I
take as a snapshot my life and studies in the USA and United Kingdom. Next issue is openness of the business entities, as under Soviet and post-Soviet economy, business was closed and not accountable to the citizens of the country, Corporate websites did not tell you neither who is the founder and the top management, nor have posted Annual Reports. Third issue is definitely Accounting System as the Soviet accounting system or RAS (Russian Accounting System) was a nightmare, standing far from GAAP and logical thinking. A real issue for foreign investors is one legal name of the company and the legal address and different name of operating company. It’s a real puzzle for them, why it’s a new name when you dig out company portfolio, foundation capital papers etc.
Besides this if you are new entrant into the marketplace such as Georgia you need first of all check Dan & Bradstreet on Internet records, in order to check Georgian partners as there should be a record if business is transparent and accountable. This is worldwide accepted format of entering into a new marketplace. D&B (NYSE:DNB) the world’s leading provider of business information, has been enabling business-to-business commerce for 160 years.
D&B’s information and technology solutions help businesses reduce credit risk, find profitable customers and manage vendors efficiently. We have the largest company database available, with information on 212 million businesses and branches worldwide.
Businesses also use D&B’s information and technology to authenticate and verify potential trading partners online, increasing their trust and confidence in e-commerce transactions. That’s why so many companies, including over 90 percent of the Business Week Global 1000, rely on D&B as the most trusted source for information they need to make their business a success.Dun & Bradstreet Global network (D&B) gives the opportunity to receive information on any company in the world and to quickly assess the safety of cooperating with it.
D&B database, established in 1841, has no parallel in its volume (200 mln. companies). It is based on the unique technology of standardization and data verification (DUNSRight®), and on its own global system of business identification (DUNS number).
Interfax-D&B, joint venture set up in 2008 by the Interfax Group and Dun & Bradstreet to operate in Russia and the CIS countries, provides access to the global business database and provides analytical services for credit risks assessment, meeting the highest international standards.
Correct me if I’m wrong, but in my opinion it’s high time to establish similar joint venture between D & B and one of the leading Georgian News Agencies, so that facilitate, improve credibility and set formal requirements for the businesses operating in Georgia.
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