13 January 2016

On 1 January 2016, a new edition of the Law of Ukraine “On State Registration of Legal Entities, Individual Entrepreneurs and Non-Government Organizations” (hereinafter - the “Law”) entered into force.

The Law introduces the following changes:

1. List of persons performing state registration will be expanded

Function of state registration of legal entities and individual entrepreneurs will be assigned from Ministry of Justice’s bodies to executive committees of local councils and local state administrations. The transition period lasts until 30 April 2016.

Notaries and accredited public entities will be also able to perform state registration.

1. Exterritorial principle of state registration

State registration can be performed irrespective of registered address of legal entities and individual entrepreneurs.

1. List of data included into Unified State Register of Legal Entities, Individual Entrepreneurs and Non-Government Organizations (hereinafter – the “USR”) was extended

According to the Law, information about licenses and other permitting documents shall be included into the USR. Statistics authorities have to transfer balance sheets and financial reports to the USR as well.

1. Annual confirmation of data about a legal entity was abolished

Before the Law entered into force legal entities were obliged to confirm data in the USR annually.

1. Personal virtual cabinet will be introduced

Personal virtual cabinet is a web page designed to enable legal entities and individual entrepreneurs to submit electronic documents, control consideration of submitted documents and provide access to the documents from a registration file.

Although the Law has entered into force, it is expected that its provisions will be implemented during the next months. To illustrate, majority of notaries has not yet started to perform registration due to organizational and technical problems.

In case advice is required on the above issues, please do not hesitate to contact Sergey Popov (+380444929681) or contact us at the general office number (+380444905507).