Georgia Ranks High in Business Friendliness Index

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Georgia, a South Caucasus republic, has emerged as a beacon of economic growth and business-friendly environment. This transformation began in earnest following the 2003 Rose Revolution and has continued to this day.

The Doing Business report, a comprehensive evaluation of regulatory best practices, ranks Georgia highly. In the 2023 index, Georgia secured the 7th position, surpassing the United Kingdom. Remarkably, Georgia's overall score of 83.7 out of 100 is significantly higher than the OECD high-income economy average and the global average.

Georgia's success story doesn't end there. The country has been recognised as one of the top 10 improvers for three consecutive cycles in the Doing Business rankings. One of its standout achievements is ranking second in the world for starting a business, with the fewest number of required procedures.

Registering a new business in Georgia is a breeze. The process takes only two days, with two procedures, and a standard registration fee of 100 GEL ($38). This efficiency extends to property registration as well, with Georgia consistently performing well in this sector.

The ease of doing business score in Georgia evaluates adherence to regulatory best practices across 41 indicators and 10 topics. The country's economy experienced a 7.3% growth in the first four months of 2023, primarily driven by the services sector.

Georgia's economic growth is not just a recent phenomenon. Since 2003, the country has made the most impressive economic improvement of any country, as stated in the 2016 report. The private sector in Georgia has taken off, with new construction projects and business ventures appearing frequently.

The government has also taken proactive steps to streamline business operations. For instance, an electronic filing system for commercial court claims has been introduced, improving efficiency, lowering costs, and reducing processing time.

Moreover, Georgia has been recognised for its regulatory reforms in business startup and property registration, typically alongside economies such as New Zealand, Singapore, and Rwanda, which have consistently ranked highly in the Ease of Doing Business index.

Lower international commodity prices and the strengthening of the national currency, the Lari, have led to a significant drop in inflation in Georgia. The official wait time to receive a decision on a permit application for new construction projects in Georgia is around ten days.

For individuals looking to find the best locations for their business and personal needs, applying to become a Nomad Capitalist client can be beneficial. Georgia's economic stability, coupled with its business-friendly environment, makes it an attractive destination for entrepreneurs and investors alike.