HOW TO OBTAIN A STATUS OF THE VERY IMPORTANT INVESTMENT

THE GUIDELINE FOR INVESTORS

Chapter IV of the Law of Georgia on State Promotion of Investments from 2006 stipulates the rules and procedures for obtaining a Status of the Very Important Investment.

1)      An investor who thinks his investment qualifies for a Status of the Very Important Investment, as defined in Article 9 of the Law of Georgia on State Promotion of Investments, can apply for a Status of the Very Important Investment;

2)      For this he needs to send a letter to the Government of Georgia describing in detail the intended or actual investment in the Georgian economy (this can include the company profile, the volume of investment, the number of jobs created, the benefit for the local economy, etc.). The letter should be submitted to the Government Chancellery at Ingorokva Street 7, Tbilisi, Georgia;

3)      The Government of Georgia (a respective ministry) will review the application within one month from the submission date (Paragraph 3, Article 10) and will make a decision on granting of a Status of the Very Important Investment. The term of one month can be extended by the decision of the Government of Georgia, of which the investor shall be duly notified (Paragraph 3, Article 10);

4)      Upon granting the status of special importance to an investment an agreement shall be made between the Government of Georgia and the investor, specifying the conditions of the investment;

5)      From the point of granting the status of special importance to the investment, the investor shall be required to deposit the investment guarantee, totaling 2% of the investment, or the submission of a bank guarantee with a view to ensuring the discharge of obligations under the agreement;

6)      The Georgian National Investment Agency shall maintain the registry of special importance investments.