Doing Business 2011 pioneers a new measure showing how much business regulation has changed in 174 economies since 2005.
By this measure, Georgia has been the most active worldwide in reforming business regulation and is number one on the list. Among 174 economies covered by the Doing Business change score, 85 percent of the economies have made it easier for local entrepreneurs to operate, through 1,511 improvements to business regulation.
This year, Georgia made yet another step forward progressing to 12th rank globally from 13th in accordance with changed methodology and remains the only Eastern European country in top 15, setting the pace for business regulatory reforms. Georgia reformed in the following areas of business regulation: Closing a business, Enforcing contracts, Getting credit (legal rights), and Protecting investors.
In particular, Georgia improved insolvency proceedings by streamlining the regulation of auction sales. It made the enforcement of contracts easier by streamlining the procedures for public auctions, introducing private enforcement officers, and modernizing its dispute resolution system. In addition, it improved access to credit by implementing a centralized collateral registry, with an electronic database accessible online.
Georgia also strengthened investor protections by allowing greater access to corporate information during a trial.
