On 8 September 2020, the draft law "On Entrepreneurs" and related draft laws were submitted to the Parliament of Georgia. The draft law regulates following issues: 

Issues related to the directors of legal entities: 

• Mandate agreement is concluded between the Limited Liability Company / Joint Stock Company / cooperative and the director. The provisions of labor law do not apply to the agreement. 
• The director is appointed to the position for a period not exceeding 3 years, with the right of reappointment, unless otherwise provided by the charter. 
• If after the expiration of the term no amendment is made in the registry, the term of the registered director is deemed to be extended indefinitely. 

Company name of the entity: 

• Company name of the entity, other than an individual entrepreneur, must be different from the already registered entity. 
• The company name shall be changed if needed for distinguishing from the name of another entity. 
• Under the law, if the registered data of the entity does not comply with the mandatory requirements of registration by the Law of Georgia on Entrepreneurs, the registry on its own initiative identifies the defect and considers entity defective. 

According to the draft, the law will become effective on 1 January 2021 (not yet in force). Entity registered before the enactment of the law shall bring the registration data in compliance with the requirements of the law within 2 years from becoming the law effective.