36, 530 businesses were registered in Georgia during Jan-Nov 2020, down from 45, 475 as of the same period of the prior year. 276 businesses registered during the current year already got liquidated.
According to the National Statistics Office of Georgia, 36, 530 businesses were registered during Jan-Nov 2020. The figure is by 8, 945 units or 24% less than the number of registered entities during the reporting period of 2019.
Out of the total, 36, 530 entities registered during the current year, 11, 395 are already active, while 276 already announced liquidation.
As for the prior year, out of 45, 475 entities, 23, 601 or 9% are active and 505 entities or 0.5% announced liquidation.
Georgia is well-known for the simplicity of the business registry. In a meantime, terms and procedures for commencing liquidation/reorganization are also simple. In this regard, an interested person should apply to the territorial office of the National Agency of Public Registry, Public Service Hall, or Authorized Persons of the Public Registry.
At the general meeting, the partners make a decision on the commencement of the enterprise liquidation process, followed by the process of creditors’ satisfaction.
In case of demand for the commencement of the entity reorganization, it is required to specify in the registration documentation a type of the reorganization and information on the results of the reorganization.
Along with the request for registration of the commencement of the enterprise liquidation/reorganization process, there should be submitted to the registration agency the information on terms of satisfaction of all known creditors of the enterprise.
The decision of the partners to commence a process of the enterprise liquidation/reorganization should be registered in the entrepreneurial and non-entrepreneurial (non-commercial) legal entities registry. The process is considered to be commenced since the moment of its registration.
