Foreign investment in domestic air transportation companies is limited to 49%.
"Article 1. Definition of terms
The terms used in this law have the following meanings: [...]
l) commercial flight (commercial transportation) – a flight performed by an aircraft for the purpose of transporting passengers, baggage, cargo and/or mail on the basis of remuneration or for hire;
m) air transportation certificate – a document confirming the right of the aircraft operator to carry out commercial air transportation of passengers, baggage, cargo and/or mail;
[...]
Article 58 1 . Commercial air transportation
1. The operator of an aircraft registered in Georgia is authorized to carry out commercial air transportation of passengers, baggage, cargo and/or mail, if he has an air transportation certificate.
1.1 For the purposes of this article, commercial air transportation includes commercial air transportation of passengers, baggage, cargo and/or mail by an aircraft operator registered in Georgia, including leasing the aircraft to another operator.
2. The air transportation certificate is issued to a legal entity registered in Georgia, whose main place of business is Georgia and in which citizens of Georgia and/or the state of Georgia and/or a legal entity based in Georgia (whose founder/founders and/or voting rights the direct or indirect owner/owners of more than 50% of the share or shares are/are citizens of Georgia, the state or self-governing unit/units of Georgia), owns/own more than 50% of the share or shares with voting rights, in addition:
a) whose main activity is commercial air transportation, which it carries out separately or in combination with other types of commercial operation of aircraft or its repair and maintenance services; [...]" (Georgian Air Code, October 29, 1996, as amended [google translation])
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"Article 58 1 . Commercial air transportation
1. An operator of an aircraft registered in Georgia shall be authorized to carry out air transportation of passengers, luggage, cargo and / or mail for commercial purposes if he / she has an Air Transport / Carriage Certificate.
2. Air Carriage Certificate shall be issued in accordance with the procedure established by the legislation of Georgia to a legal person registered in Georgia whose principal place of business is Georgia and in which Georgian citizens and / or legal entities established in Georgia and / or the state own / own or manage / hold voting shares or shares more than 50%, am Immediately after the opening:
A) the principal business of which is to carry out commercial air transport, carried out separately or in combination, with other commercial operation or repair and maintenance of the aircraft; [...]" (Georgian Air Code, October 29, 1996, last amended 3 April 2019 [google translation])
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"Article 58 1 . Commercial air transportation
1. The operator of an aircraft registered in Georgia is authorized to carry out commercial air transportation of passengers, baggage, cargo and/or mail, if he has an air transportation certificate.
2. The air transportation certificate is issued in accordance with the procedure established by the legislation of Georgia to a legal entity registered in Georgia, whose main place of business is Georgia and in which citizens of Georgia and/or legal entities based in Georgia and/or the state own/own or manage/manage voting shares or shares. More than 50%, in addition:
a) its main activity is commercial air transportation, which it carries out separately or together with other activities; [...]" (Georgian Air Code, October 29, 1996, last amended 13 June 2018 [google translation])
Georgian Air Code, October 29, 1996, as amended [google translation]
Georgian Air Code, October 29, 1996, last amended 3 April 2019 [google translation]
Georgian Air Code, October 29, 1996, last amended 13 June 2018 [google translation]
[<a href="https://matsne.gov.ge/en/document/view/33298?impose=original&publication=24">Act</a>],[<a href="https://matsne.gov.ge/en/document/view/33298?impose=original&publication=27">Act</a>],[<a href="https://matsne.gov.ge/en/document/view/33298?impose=original&publication=29">Act</a>]