Georgia to improve business climate on legislative level
BAKU, Azerbaijan, August 14
By Tamilla Mammadova – Trend:
The government of Georgia has approved the Law on Entrepreneurs, that soon will be sent to the Parliament of Georgia and if approved will come into force on January 1, 2021, Trend reports via the Ministry of Justice of Georgia.
"The new law has been developed to improve the business climate and aims to improve the legal framework, regulate internal corporate relations and, while promoting entrepreneurial freedom, increase transparency in this area. Also, the purpose of the bill is to bring Georgian legislation closer to European standards, to fulfill the requirements of the Association Agreement between the EU and Georgia", reads the press-release published by the Ministry of Justice.
Once approved the new law will regulate issues related to the conflict of interest of business managers, the obligation of good faith, the fulfilment of obligations of the entrepreneurial community, reorganization and liquidation of the company.
The bill introduces rules that will allow business parties to better regulate corporate relations, and in cases of non-regulation of a separate issue, there will be a normative basis to overcome difficulties that the parties face as well as the court to properly resolve the disputes.
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