GITA works on Legislative Changes to Promote Startups

GITA announces legislative changes to promote startups - said Avtandil Kasradze, head of Technology and Innovation Agency at BM.ge, adding that the goal is to develop a startup ecosystem.He said it would be important for the foundations to create different legal frameworks as well as to determine the legal status of startups to make the funds more targeted.

Kasradze says that GITA will address the parliament with new initiatives in the autumn session.

“We are working on a very important legislative reform - this is the Law on Venture Capital and Investment Funds, which ensures proper legal regulation and simplifies the registration of funds for Georgian businesses.

As for the specific deadlines, we are likely to present the document to Parliament in the fall session.

We are also working on defining the legal status of Startups, this is not about legal form and will remain as a limited liability company or a joint-stock company.

Also, a proper definition of who can be considered a startup should be made. This will allow any government program to be targeted at real startups, innovative companies and not be dissenting in this direction, "Kasradze said.

GITA has funded 57 startups with GEL 100,000 state grants.