Forbes: Georgia Leads among Countries where Russians Opened Businesses in 2023
Georgia has emerged as the prime destination for Russian entrepreneurs, topping the list of countries where they set up businesses last year, according to the Russian edition of Forbes. From January to December 2023, Russian citizens registered a staggering 13,000 legal entities in Georgia.
Vyacheslav Kartamyshev, the director of Finion, the company whose analysts prepared the data for Forbes, attributes Georgia’s popularity among Russian entrepreneurs to its favorable business regulations and tax system.
For comparison, according to Forbes, from February 2022 to February 2023, about 16,000 Russians registered as individual entrepreneurs in Georgia, while from January 1995 to February 2022, only 7,788 companies were established by Russians in the country.
Georgia was followed by Kazakhstan with 6,100 new companies, while Armenia and Montenegro shared third place, each registering around 3,200 Russian-owned companies during the same period.
Forbes reported that in 2023 about 2,750 companies were established in Turkey, 3,000 in Serbia, and about 950-1,000 in the UAE. By the end of 2023, the total number of companies registered by Russian citizens worldwide reached 23,713 legal entities.
Also Read:
- 14/11/2023 – Russians Dominate as Largest International Visitors to Georgia in Third Quarter
- 15/06/2023 – Report: Russian Capital in Georgian Business
This post is also available in: ქართული (Georgian) Русский (Russian)
