Georgia to simplify business dispute rules
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Georgia is creating special groupsdedicated exclusively to resolving commercial matters with specially-trained judges and rules designed to promote rapid resolution of business disputes.
Today it was announced specialised commercial chambers will be created in Georgia to make the business dispute resolution process easier and help improve the investment environment of the country.
This morning the Ministry of Justice of Georgia hosted the second meeting of the inter-agency coordination council for the private law reform.
Members of the inter-agency coordination council and invited guests discussed several issues related to the opening of the specialised commercial chambers, which will be completely oriented on resolving tax and business related disputes.
The private law reform aimed to improve the speed and quality of justice in terms of solving commercial disputes, which would help Georgia to attract more investors, say officials.
The legislative package on creating the specialised commercial chambers will be presented to Parliament of Georgia in the second half of 2017.
To promote ease of doing business in Georgia, the Government is further simplifying duty tax rules for imported goods.
Georgia is simplifying its land land registration procedures and removing the barriers facing private owners who want to officially register their land.
Georgia enjoys simplified and liberal Tax Code
A new Tax Code that aims to improve the investment climate, attract more investors and additional capital to Georgia has come into force.
The Government of Georgia is addressing a problem facing dozens of investors who purchased state-owned assets but were unable to complete the privatisation process.
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Georgia is establishing the International Court of Arbitration in order to resolve commercial matters with specially-trained judges and rules designed to promote rapid resolution of business disputes.
Georgia’s capital of Tbilisi will be the second city in Europe after Paris where the International Court of Arbitration will resolve commercial disputes.
Georgia plans to promote mediation as alternative to solving disputes without lengthy and costly judicial procedures. The Justice Ministry believes, it is “a natural and more favourable way” of solving business and civic disputes.
Over 40 countries, including Georgia, have today signed a mediation convention in Singapore to settle trade disputes, announces the Ministry of Justice of Georgia. Justice Minister Thea Tsulukiani signed the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation.