New law on entrepreneurs

A new law on entrepreneurs has come into force as of 1 January 2022 after being adopted by the Georgian parliament in August 2021.

As opposed to its previous version, which allowed the relevant parties to agree (through the company charter or otherwise) on major aspects of corporate relations, the new law takes a vastly different approach, regulating even the minor aspects of day-to-day life for a corporate entity. Because the new law will influence every business operating in Georgia, BLC has created a guideline outlining some key legal changes that every businessperson or manager should be aware of.