A07-Attachment_14_Starting-a-business-in-Georgia-guide.pdf

Starting a business in Georgia

Starting a business in Georgia

Attachment 14

This publication has been prepared by Ernst & Young LLC (Georgia). It is intended to provide general guidance, and it is not expected to be a substitute for comprehensive research or the exercise of profes-sional judgment on the issues addressed herein. Interested parties are strongly encouraged to seek current, specific and comprehensive advice on relevant matters from experienced professionals neither.

Ernst & Young LLC, nor its employees or agents accept any liability whatsoever for any consequence resultant from the reliance of any person on the information contained in this publication.

Contents Georgia at a glance 1

Forms of business entities 3

Registering a business 4

Opening a bank account 5

Buying & renting property 6

Hiring staff/employment 7

Taxes 8

Ernst & Young Legal services in Georgia 10

Annex 1 Registration application for Joint Stock Company, Limited Liability Company, General Partnership, Limited Partnership, Cooperative 11

Useful contacts & links 12

Georgia at a glance We are pleased to present a legal guide to starting a business in Georgia. This guide presents key legal highlights to starting a busi-ness in Georgia based on an analysis of Georgian law in force as of March 2012. Georgia is a sovereign, mixed presidential1 democracy with legal powers distributed between the Parliament, the President and the Judiciary. The Constitution of Georgia, adopted in 1995, enshrines basic guarantees of human rights, the right to entre-preneurship and the rule of law. Georgia is a civil law country with some elements of a common law legal system.

Strategic location. Georgia is strategically located between Europe and Asia. Thanks to the rapid development of national and regional infrastructure in power sector, oil & gas, ports, railroads, roads and communications, Georgia is becoming increasingly integrated globally. It is emerging as an important hub for Eurasian trade and a solid platform for access to the European, Middle Eastern and CIS markets with more than 1 billion customers.

Area 69,700 km2

Population (2011) 4,469,200

Life expectancy 76 years

Official language Georgian

Capital Tbilisi

Currency (code) Lari (GEL)

GDP PPP (2011) $24.541 billion

GDP PPP per capita (2011) $5,491

GDP real growth (2011) 7%

Inflation (CPI) (2011) 2.2 %

FDI stock (2011) $980.6 million

Total exports (2011) $2.189 billion

Total imports (2011) $7.058 billion

Liberal business environment. Liberalization of the government and the economy, deregulation of markets, improved public governance, and ex-tensive investment in infrastructure has increas-ingly placed Georgia among the most attractive business destinations globally. The 2012 World Bank “Doing Business Report” ranks Georgia the 16th out of 183 economies for the ease of doing business, including the leading position for the ease of registering property and the 7th rank for the ease of starting a business. Reforms have drastically reduced corruption and improved the transparency of public and private institutions, thus earning Georgia favorable positions in global transparency rankings.

Growing economy. During the global economic downturn Georgia has demonstrated consi-derable resilience and growth, with its GDP expanding by 6.4% in 2010 and by 7% in 2011.

In addition to growing opportunities in foreign trade and transit, Georgia’s market has presented considerable growth potential in power sector as well as oil & gas development, mining, banking, production & processing, telecommunications, hospitality, real estate, agriculture and services.

Educated labor force. Thanks to the extensive reform of the education system and continued exchange of knowledge between Georgian uni-versities and the leading educational institutions internationally, Georgia’s educated labor force has created particular attractiveness for invest-ment in a variety of industries. English is becom-ing increasingly popular in business and the government, thus enhancing international trade and investment. In addition, Georgia’s liberal em-ployment law and low average incomes present further opportunities for international businesses involved in manufacturing and processing.

Preferential trade regimes. Georgia has been a member of the WTO since 2000. It enjoys the benefits of the GSP trading regime with the United States, Japan, Canada and Switzerland, and the benefits of the GSP+ trading regime with the EU and Turkey. Georgia is in the process of negotiating a free trade agreement with the EU.

1 According to the Constitutional Amendments of 15 October 2010, which will enter into force in 2013, Georgia, as result of changes in the government form, will become a mixed parliamentary democracy.

3,000

6,000

9,000

12,000

15,000

2011201020092008200720062005

6,411

449.8

7,761.7

1,190.4

10,171.9

2,014.8

12,800.5

1,564

10,767.1

658.4

11,636.5

814.5

14,370.4

980.6

FDIGDP

Amounts, in USD million

Customer-friendly tax system. As a result of extensive tax policy reform, Georgia has simpli-fied its tax system, continuously lowered tax rates and significantly improved tax administra-tion. Evolving as a customer-friendly tax system, Georgia’s tax authorities offer taxpayers a num-ber of important services, including the option to seek an advance tax ruling, alternative tax audit process, services of a dedicated tax agent, as well as electronic tax filing. In 2009, Georgia was ranked the 4th best performer worldwide by the Forbes Tax Misery & Reform Index, and its tax burden is considered one of the lowest in the region. Additionally, a number of incentive-based tax regimes in support of export and investment in several industries were developed. Georgia has treaties for the avoidance of double taxation with 36 countries, and over 50 more are underway.

Free Economic Zones. To foster its export potential and investment attractiveness, Georgia has developed a sound framework in relation to free economic zones. Several types of free economic zones were introduced to benefit busi-nesses involved in production and processing of export goods, international trade, the hospitality

& tourism sector and cross-border financial ser-vices, including:

• Free Industrial Zone Company

• Free Tourist Zone Company

• Tourism Enterprise

• Special Trading Company

• International Financial Company

Incentives and benefits involve tax exemptions -including exemptions from the Corporate Profit Tax, Value Added Tax, Customs Tax and Property Tax, and a simplified licensing process was intro-duced for entities operating in/as free economic zones.

Simplified licensing. As a result of the reform of regulatory legislation, according to the Ministry of Economic and Sustainable Development, the number of licenses and permits for various indus-tries has been reduced by 84%.

Dynamic financial services sector. Georgia’s financial services sector has shown consider-able resilience in times of global financial turmoil and has demonstrated substantial growth from 2007–2012.

Starting a business in Georgia2

Forms of business entities The Law of Georgia on Entrepreneurs is char-acterized by very liberal regulations towards corporate governance.

In this regard, general characteristics applicable to all business entities include:

• Single registration for both the state and tax purposes

• No minimum capital requirement

• Charter (Partnership Agreement) can be in any language, except for the registration application part which is filed with the Public Registry

The laws of Georgia provide the following ex-haustive list of business vehicles to be suited to individual business preferences:

Sole Proprietorship (SP)

A Sole Proprietorship is a business entity without separate assets that is owned by one person who is liable to creditors personally. The owner acts on behalf of himself in legal relations. SP is not a legal entity.

Joint Venture (JV)

A Joint Venture is an association of two or more persons under a partnership agreement who act jointly for the accomplishment of common eco-nomic or other objectives without forming a legal entity. Partners are liable personally. There is no requirement to register a joint venture.

Branch Office (BO)

Joint Stock Company (JSC)

A Joint Stock Company is a legal entity whose liability to creditors is limited to its own assets and whose capital is divided into shares, classes and quantity, which are set by the company charter. Unless otherwise noted in the charter, the corporation can issue ordinary and preferred shares. Shareholders are not liable for corpora-tion’s obligations.

Limited Liability Company (LLC)

A Limited Liability Company is a legal entity whose liability is limited to its assets. The capital of an LLC is divided into shares. Unless otherwise noted in the charter, shares are freely transfer-able. The company may be established by one person.

General Partnership (GP)

A General Partnership is a legal entity in which two or more partners conduct business together under the same company name and are liable to company creditors personally.

Cooperative

A Cooperative is a membership based legal entity whose objective is to serve members’ interests, develop their business and increase their rev-enue. The main priority of the cooperative is not profit-making. A Cooperative’s liability to credi-tors is limited to its assets.

A business entity registered in Georgia or a for-eign company can open a branch office, which is not a separate entity. The founding entity is liable for the debt of its branch office. A branch office of a foreign company must be registered at the Public Registry.

Limited Partnership (LP)

A Limited Partnership is a legal entity in which one or more partners’ liability is limited to his in-vestment in the company, while general partners’ liability is personal.

Registering a business Under the laws of Georgia, a company is estab-lished as legal entity from the moment of its registration at the National Agency of the Public Registry. There is a single registration for both the state and tax purposes. The person actu-ally registering a business at the Public Registry should be an interested party (partner/share-holder, director) or an authorized representative of the interested party. In case the registering person is an authorized representative, in ad-dition to the documents described below, he/ she should provide a valid document of power of attorney duly certified by a notary public.

For the registration of a JSC, LLC, GP, LP or Cooperative, the following documents are re-quired to be submitted to the Public Registry:

1. Copy of the personal identification document (ID card or Passport) of the person submitting registration documents

2. Charter (including registration application) of the company signed by partners and duly certified by a notary public; for the information required by the registration application, please see Annex 1

3. Receipt evidencing payment of the registration service fee (fee can be paid at the Registry also)

The registration service fee for the registration entering into force on the same day is GEL 200, and for entry into force the next day, GEL 100.

For the registration of a Sole Proprietorship, the following documents are required to be submit-ted to the Public Registry:

1. Copy of the Personal Identification (ID card or Passport) of the owner

2. Receipt evidencing payment of the registra-tion service fee

Registration fee for a Sole Proprietorship is GEL 50 for the registration to enter into force on the same day and GEL 20 for it to enter into force on the next working day.

For the registration of a Branch Office of a foreign legal entity, the following documents are required to be submitted to the Public Registry:

1. Copies of the identification document of the person submitting registration documents

2. Charter of the foreign company

3. Proof of registration of the founding foreign company in a foreign jurisdiction

4. Decision of the authorized person regarding establishment of the branch office

5. Decision of the authorized person regarding appointment of the Head of the Branch or power of attorney bestowing executive powers

6. Copy of personal identification document (ID or Passport) of the Head of the Branch

7. Receipt evidencing registration service fee

8. Consent of the person who is to be an autho-rized representative of the branch

The service fee for registrations entering into force on the same day is GEL 200. For registra-tions entering into force the next day, the cost is GEL 100. Note that documents issued in a foreign jurisdiction should be certified by a public notary and legalized in the foreign country or apostiled, translated and notarized in Georgia. For the list of countries that are parties to the Hague Convention on Abolishing the Requirement for Legalization for Foreign Public Documents, please see Annex 1.

In addition to the documents above, if the ad-dress of the legal entity, sole proprietor or branch office indicated in the application registration is not the same as the address of one of the partners/directors/representatives as indicated on the respective identification document, then additionally written consent must be provided by the owner of the real estate on the respective address or contract under which the business entity has the right to use the property (such as lease or rent).

Finally, Georgian legislation allows for re-domicil-iation of the foreign company without interrup-tion of the company’s activities. Re-domiciliated companies can only register as one of the above indicated types of business entity.

Starting a business in Georgia4

Opening a bank account For a JSC, LLC, GP, LP or Cooperative to open a bank account, the following documents must be presented:

1. Excerpt from the Public Registry regarding the legal entity

2. Charter of the legal entity bounded and certi-fied by the notary

3. Note by the authorized representative of the entity regarding names of the partners/ shareholders who have shares in excess of 25% and copies of their personal identification documents

4. Signature samples of all persons authorized to represent the legal entity and signature samples of all proxies authorized to manage the account (certified by a notary or by an authorized employee of the bank)

5. Personal identification documents (ID cards or passports) of all persons authorized to repre-sent the legal entity and manage the account

6. Note regarding the names of the members of the Supervisory Council put on the com-pany’s letterhead and signed by an authorized representative

7. In the case of a corporation, excerpt from the Independent Register or the Personal Register about company’s partners/shareholders

For the Sole Proprietorship:

1. The registration certificate

2. Sample of the signature of the person autho-rized to the manage account (certified by the notary or by the respective bank employee)

3. Personal identification documents of the owner

For the Branch Office of the foreign company:

1. Brief description of the commercial activities

2. Excerpt from the Public Registry of Georgia

3. Duly certified excerpt from the relevant regis-try of the foreign jurisdiction or other docu-ment certifying the legal status of the foreign entity according to the law applicable in the country of the foreign entity

4. A note from an authorized representative of the founding company regarding the founders of the company with shares equal or exceeding 25%, accompanied by copies of identification documents. In case there are legal entities amongst the founders, an additional statement from the directors regarding the founders of the respective companies, accompanied by copies of personal identification documents

5. Signature samples of all the authorized representatives of the branch and the proxies authorized to manage the account, certified by a notary or by the respective employee of the Bank

6. Copies of personal identification documents of authorized representatives and proxies who will manage the account

The fee for opening a corporate account, depend-ing on the bank is, on average, GEL 10.

Buying & renting property Property rights are guaranteed by the Constitution of Georgia. The state can exer-cise eminent domain only in strictly regulated, exhaustive cases determined by the law, and only with appropriate compensation. Under the laws of Georgia, foreigners have equal property rights as the citizens of Georgia.

The Civil Code of Georgia differentiates between movable and immovable property. The ownership title to movable property is transferred along with the passing of physical possession under valid right or under contract.

For the valid purchase of immovable property, the law requires a written sales contract and reg-istration of the property at the Public Registry.

For the registration of the ownership title to im-movable property, the following documents are required to be submitted to the Public Registry:

1. Application (filled in at the Registry)

2. Copy of personal identification document (ID card or Passport)

3. Written, duly notarized contract (or, if both parties appear at the Registry, the authorized employee will certify signatures on the sales contract)

4. Receipt evidencing the payment of the service fee

In case the person registering property is an authorized representative, then additionally valid power of attorney must be presented. The fee is GEL 50 for registration entering into force four working days after submission of all documents, GEL 150 for one working day delay and GEL 200 for same-day entrance into force.

The Civil Code of Georgia guarantees freedom of contract, and parties are free to structure real estate transactions according to their individual business preferences (i. e. they can rent, lease, use the property under usufruct, etc. or devise their own structure). Under the law of Georgia, movable and immovable property also can be used as collateral (pledge and mortgage, respec-tively) to safeguard debt.

Starting a business in Georgia6

Hiring staff/employment The Labor Code of Georgia is one of the most liberal, employer oriented laws in Europe. Under the Code, the employment contract can be oral or written, for a definite or indefinite term. The employment contract may stipulate that internal disciplinary policy is part of the contract. If the employment contract provides for a trial period, the contract should be in writing and the trial period should not be more than six months.

The labor code prohibits discrimination in em-ployment relations based on race, language, na-tionality, age, etc. Differentiation which is based on the specificity of the job and work conditions, having a legitimate aim, will not be deemed as discrimination. There are no affirmative discrimi-nation requirements for employers in Georgia.

There are no minimum wage laws in Georgia and parties to the contract can freely agree on remu-neration. Unless parties agree otherwise, work-ing hours must not exceed 41 hours per week.

An employee has the right to have paid vacation of not less than 24 working days per year and 15 working days of unpaid vacation per year. An em-ployee may request vacation only after 11 months of employment. Maternity leave under the Labor Code is 477 calendar days, from which 126 days must be paid by the employer.

The employer is free to terminate contract anytime, without any reason. Upon such termi-nation, an employer should give an employee at least one month’s pay. For an employee to terminate the contract, he/she should notify the employer in writing not less than 30 days before the termination.

Taxes In recent years there have been huge changes in the tax administration. In particular, it has been simplified and developed, offering a wide range of E-services to taxpayers. Communication between taxpayers and the tax authorities has improved due to the newly introduced Advance Tax Ruling, Private Tax Agent and Tax Deal mechanism. The new position of Tax Ombudsman secures the protection of taxpayers’ rights and takes responsibility for facilitating a healthy tax environment in Georgia.

There are only six types of taxes in Georgia – Personal Income Tax, Corporate Income Tax, Value Added Tax, Excise Tax, Import Tax and Property Tax (local tax). There are no capital gains, inheritance, wealth, property transfer, social, branch remittance or other taxes imposed in Georgia.

1.1 Standard tax rates

Personal Income Tax 20%

Personal Income Tax for Micro Business exempt

Personal Income Tax for Small Business

3% or 5%2

Dividends paid to individuals, organizations and non-residents

5%

Dividends paid to resident companies4 exempt

Dividends paid on free floating securities5 exempt

Dividends paid by an International Financial Company exempt

Dividends paid by a Free Industrial Zone Company exempt

Interest paid 5%

Interest paid to resident banks exempt

Interest paid by licensed financial institutions exempt

Interest paid on free floating securities exempt

Interest paid by a Free Industrial Zone Company exempt

Interest paid on debt securities issued by Georgian legal enti-ties and listed on a recognized foreign stock exchange exempt

Royalties paid to resident individuals

20%

Management fees paid to non-residents6

10%

Payment of income from interna-tional transport7 or international communications8

10%

Insurance premiums paid to non-residents exempt

Lease income paid to non-residents exempt

Payment of income from oil and gas operations9

4%

Payments of other Georgian source income to non-residents not connected to their PE in Georgia

10%

Corporate Income Tax 15%

Value Added Tax 18%

Excise Tax varies

2 If a Small Business has documented expenses (other than salary expenses) up to 60% of its total income, it is subject to taxation at 3%. Otherwise, it is taxed at the 5% rate.

3 A non-profit organization that does not carry out economic activities 4 An entity that carries out economic activities or has been established to perform economic activity in Georgia 5 Debt or equity securities listed on stock exchanges with free float rates in excess of 25% as of 31 December of the current and preceding reporting year, pursuant to the information provided by the issuer of these securities to the stock exchange 6 Payment for management services rendered by a non-resident 7 Any transportation of passengers, goods (including mail) by motor vehicle, rail, sea, river or aircraft between two points in different states, one of which is Georgia, but excluding conveyance of goods through a pipeline and an electrical trans-mission line shall not fall under international transportation.

8 Transmission of information between two points in different states, one of which is Georgia via telephone, radio, televi-sion, interest, etc.

9 Oil and gas prospecting and production in the depths determined under the contract and license. Also, operations direct-ly related to those works (accumulation, preparation, measuring and keeping the produced oil and gas).

Starting a business in Georgia8

Import Tax 0%, 5% or 12%

Property Tax — Corporate up to 1%

Property Tax — Leasing Companies up to 0.6%

Property Tax — Individual up to 1%

Property Tax — Land varies

Other Information

Carry back of losses 0 years

Carry forward of losses (for companies and individual entrepreneurs)

5 years or 10 years (in the latter case the stat-ute of limita-tion increases from 6 to 11 years)

Carry forward of losses (for Small Business)

0 years

1.2 Tax rates for an International Financial

Company

Corporate Income Tax (financial operations and/or financial ser-vices, gain from sale of securi-ties issued by non-residents of Georgia)

Exempt

Value Added Tax (financial operations and/or financial services)

Exempt

Other Information

Carry back of losses 0 years

Carry forward of losses 0 years

1.3 Tax rates for a Special Trade Company

Corporate Income Tax (allowable activities other than supply of fixed assets used in economic ac-tivities for more than 2 years)

Exempt

Value Added Tax (supply of foreign goods in a customs warehouse)

Exempt

Import Tax Exempt

Other Information

Carry back of losses 0 years

Carry forward of losses 0 years

1.4 Tax rates for a Free Industrial Zone

Company

Corporate Income Tax (allowable activities)

Exempt

Value Added Tax (supply within Free Industrial Zone)

Exempt

Import Tax (goods produced in Free Industrial Zone)

Exempt

Property Tax (including on land) Exempt Other Information

Carry back of losses 0 years

Carry forward of losses 0 years

1.5 Tax rates for a Tourist Zone Entrepreneur

Corporate Income Tax Exempt

Property Tax (including on land) Exempt

Ernst & Young Legal services in Georgia Ernst & Young’s law practice in Georgia takes its roots from the early 1990s practice of the leading local advisory firm Georgian Consulting Group, which for years pioneered the country’s legal ser-vices and worked on some of the most significant corporate and commercial transactions.

For years we have been at the forefront of legisla-tive and business developments in Georgia, and have worked with private and public clientele. We have also worked with international companies on a diverse range of legal matters, including in corporate and tax law, M&A, commercial transac-tions, tax law, regulatory law, banking & finance, real estate and construction, intellectual prop-erty and employment law.

With over 100 professionals working across dif-ferent service lines, Ernst & Young is currently the largest professional services firm in Georgia.

As part of our multidisciplinary approach, our lawyers tap into the firm’s wealth of shared ex-perience and knowledge which stretches across all service lines and numerous industries, thus adding significant value to our legal services and making them unparalleled in the local market.

Our network in Europe and the NIS brings to-gether more than 800 lawyers in 20 countries.

We offer legal services in areas of law that are relevant to businesses. Our lawyers have a deep commitment to providing advice with a focus on exceptional quality, speed of service and meeting clients’ objectives.

Our approach

Our approach to serving clients includes a focus on specific industry sectors together with specific areas of legal expertise.

Industry focus

In order to serve our clients effectively, we seek to understand our clients’ markets, their business aspirations and the challenges they face.

This philosophy drives our industry sector ap-proach, where our law professionals work as part of Ernst & Young’s multidisciplinary teams, focusing on specific industry sectors. This helps ensure that we provide our clients with advice that addresses issues of specific relevance to their industry.

Throughout the years we have worked in a range of Georgian sectors, including power & utilities, mining, infrastructure, banking & finance, inter-national trade, oil & gas, government & public sector, telecommunications, real estate, hospital-ity and food & beverage.

Practice areas

Our lawyers provide a wide range of services, including in M&A and Corporate Law, Tax Law, Commercial Transactions, Banking and Finance, Real Estate and Construction, Regulatory Law, Intellectual Property and Employment Law.

Starting a business in Georgia10

Annex 1 Registration application for Joint Stock Company, Limited Liability Company, General Partnership, Limited Partnership, Cooperative The registration application is part of the Charter and it must provide the following information:

a) Company name

b) Type of legal entity (JSC, LLC, GP, LP , Cooperative)

c) Legal address of the company

d) Names of the partners of the company, resid-ing addresses and ID numbers; if a partner is a legal entity: company name, type of legal entity, legal address, registration date, iden-tification number and copies of names of its authorized representatives

e) Indication of the executive body of the company and decision-making procedures; in case of LLC or LP, information regarding the shares of the partners, expressed as frac-tion/percentages the sum of which should be 1 (100%); also, if applicable, information regarding the managers of shares (names, residing addresses and personal identification numbers)

f) In case of LP, which partner is limited and which is the general partner

g) In case of LLC and LP, encumbrances, if any, on partners’ shares

h) Names of the directors and authorized repre-sentatives, residing addresses and personal identification numbers, also the term for which they are authorized

i) Name of the general agent (if applicable), residing address and personal identification number

j) If there are a number of authorized represen-tatives of the company, information on wheth-er they represent the company together or independently

k) If applicable, name, residing address and personal identification number of the person authorized to make amendments to the reg-istration application; if this person is a legal entity, its company name, type of legal entity, legal address, registration date, identification number and information regarding its autho-rized representatives

l) Email and address other than the one indi-cated above, notice sent on which will be acknowledged as received

The registration documentation should evidence consent of directors and authorized representa-tives to be appointed to respective positions in the company. The registration application is not required to be certified by the notary public if an authorized representative signs the document at the Public Registry.

Useful contacts Ernst and Young Georgia

Kote Abkhazi Street, 44

Tbilisi, 0105, Georgia

Webpage: www.ey.com/georgia

Tel.: + (995 32) 243 93 75 (ext. 2110)

E-mail: lawyers@ge.ey.com

Ministry of Economic and Sustainable

Development of Georgia

Address: 12 Chanturia St. 0108 Tbilisi, Georgia

Tel/Fax: +995 32 921 1845

Tel: +995 32 991 088/921 1845

E-mail: ministry@economy.ge

Webpage: www.economy.ge

Georgian National Investment Agency

Address: 12 Chanturia St. 0108 Tbilisi, Georgia

Tel/Fax: +995 32 433 433

Tel: +995 32 106 394/106 391

E-mail: info@investingeorgia.org

Webpage: www.investingeorgia.org

National Agency of Public Registry

Address: 2 N. Chxeidze St., 0102, Tbilisi, Georgia

Hot line: 2 405 405

Webpage: http://www.napr.gov.ge/

Starting a business in Georgia12

Ivan Khokhlov Law Practice Leader, Ernst & Young Georgia Ivan leads the Law Practice of Ernst & Young in Georgia. With over 15 years of experience in the legal profession, Ivan has worked on a variety of local and cross-border transactions in energy and utilities, oil & gas, telecommunications, the financial services sector, real estate, food & beverage and infrastructure development.

Recognized by Chambers & Partners and other research-based guides among the leading corporate and commercial lawyers in Georgia, Ivan also has extensivelt practiced litiga-tion and international arbitration. Ivan holds law degrees from The George Washington University Law School and Central European University.

Ernst & Young LLC

44 Kote Abkhazi Street, Tbilisi 0105, Georgia Phone: +(995 32) 243 93 75 ext. 2110 Fax: +(995 32) 243 93 76 Ivan.Khokhlov@ge.ey.com Website: www.ey.com/georgia

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