“Doing Business 2012” – Georgia is First Among 183 Countries of the World
Georgia was ranked number one among 183 countries of the world in terms of registering real estate as a result of a study by the World Bank and the International Finance Corporation. The above-mentioned study was based on the data collected from June 2010 to June 2011 and greatly influenced by the successfully implemented reforms in Georgia in the relevant sphere.
The reforms implemented in this sphere are assessed based on the number of procedures needed in order to register property as well as the time spent and cost.
Georgia is firmly keeping its position as a leader for the fourth year in a row: Georgia was ranked 2nd from 2008 till today; 11th in 2007; and16th in 2006. Registering real estate has been administered by the National Agency of Public Registry since 2004. Alteration of the law base and adoption of modern technologies have shortened the time and the number of procedures needed to register property. “Doing Business” is an annual report prepared by the World Bank, observing business regulations in 183 countries. Studied regulations consist of 10 categories of doing business: Starting a business, acquiring a construction permit, hiring workers, registering property, getting a loan, protecting investors, paying taxes, operations of import and export, execution of a contract and receiving electricity.