World Bank Research Names Georgia as Most Open Country to Foreign Direct Investments among Eighty Seven Countries
According to the World Bank Report "Investing across the Borders 2010" Georgia, one among 87 countries, is one of the most open countries for the direct foreign investments. According to all indicators of the mentioned research, Georgia is totally open to the foreign capital and there are no limitations against the foreign companies.
In order to initiate the foreign business, the company should apply the Public Register for the registration of the company. Among other countries in the world the establishment of the limited liabilities company is the fastest process in Georgia. The foreign company does not require presenting or having approved additional documents stating that the existing company is an affiliate of the foreign company abroad.
The company can fill the documents necessary for the registration and receive an identification number online on the website of the Public Register. The companies are allowed to open the foreign currency bank accounts in the country. There are no minimal capital requirements for local or foreign companies.
Company can start business operations in less than one week (4 days) in Georgia. According to the mentioned research, starting of business operations in Poland requires 33 days, in Russia - 31 days, in Greece - 22 days, in Bulgaria - 20 days, in Armenia 18 days, in Turkey - eight days. The business startup procedures require the longest, over 6 months in Angola (263 days) and Haiti (212 days). It needs to be mentioned that the business startup in less than four days is not possible in any other country of the world.
According the law accepted in 2008, the registration issues related to the land ownership in Tbilisi were significantly simplified and speeded up. It is possible to lease or purchase the land and in this sense there are no limitations to the ownership of the land plot. In order to lease a land plot in Tbilisi, it requires 1 week, while in Poland the same procedure requires 5 months. The lease of the land under the ownership of the state is possible within 50 days, and in Bulgaria it requires up to one year (351 days).
The World Bank research "Investing across the Borders 2010" analyses the direct investments in 87 countries of the world. The research indicators are focused on four thematic subjects, in particular how does the foreign company manage to invest in the country, how do the business operations start, and settlement of the claims related to the business and the land ownership issues.