Recent Changes in the Sphere of Business Regulation

On 26 April 2014, the Law of Ukraine "On Amendments to Some Legislative Acts Regarding a Reduction of the Number of Permissive Documents" took effect and introduced certain changes aimed at the implementation of the business deregulation policy.

The Law annuls the requirement of obtaining a number of permissive documents, which had previously been required for conducting various types of business activities. Moreover, the Law simplifies the procedure of obtaining the rest of the permissions by business entities, and sets out an exhaustive list of permissions which may be required of business entities, save for areas, which are subject to special regulations (e.g. state secrecy protection, state export controls etc.).

On 15 April 2014, the Parliament of Ukraine adopted the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding the Simplification of Business Establishment Procedures". The law aims at simplifying the procedure for establishing and operating a business. In particular, it annuls the requirement for legal entities to affix corporate seals to their documents. Thus, the affixation of seals by legal entities shall become discretionary.

Furthermore, the Law provides free of charge on-line access to most of the information recorded in the Unified State Registry. Currently only limited information is available via the on-line Registry. Full extracts from the Registry can only be obtained in hard copy following an individual application to the State Registrar. This law will take effect on 31 October 2014.

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