Starting a business has become easier
By Messenger Staff
Monday, February 9Starting a business has become easier in Georgia and in the World Bank Ease of Doing Business rating Georgia is now tenth worldwide.
In 2005 eight formalities and 21 days were needed to complete the procedure for registering a new business. In 2008 only 5 formalities and 11 days were necessary. Furthermore, due to the implementation of new recommendations provided by the US Business Environment Reform Project, only three days are now needed to start a new business in Georgia.
Due to the Business Environment Reform Project business has saved USD 12 million, while tax revenues have increased by 60%. Ease of registration has saved money and time for businessmen, but starting and registering a business are one thing while business support is another, and this still needs to be perfected. An improved taxation system, an arbitration court and other facilities necessary to achieve success in business should be developed as soon as possible.