On 26 November 2015 the Parliament adopted the Law “On State Registration of Legal Entities and Individual Entrepreneurs” in the new wording*.

The new Law aims to streamline the state registration procedure of legal entities, private entrepreneurs, as well as to introduce changes to business record keeping.

The key changes are as following:

  • functions of state registrars of legal entities and individual entrepreneurs will be performed by the local authorities, accredited individuals and notaries (hereinafter - “state registrars”);
  • state registration will be performed by any state registrar regardless of the location of the legal entity or individual entrepreneur;
  • the number of documents required for the state registration will be significantly reduced;
  • all paperwork required for the state registration may be submitted electronically;
  • certain liability measures for the state registrars will be introduced (i.e. temporary suspension of access to the state registry, revocation of the accreditation, etc.).

The new simplified state registration procedures are expected to have a positive impact on the business environment in Ukraine.

The Law will become effective after its signing by the President and official publication, except for certain provisions thereof, which become effective on 1 January 2016 and on 1 January 2017.

We will keep you updated on further developments.

*Draft Law No. 2983 dated 02 June 2015

 
Contacts:

Camiel van der Meij, Partner & TLS Leader, camiel.van.der.meij@ua.pwc.com
Slava Vlasov, Partner, Tax and Legal Services, slava.vlasov@ua.pwc.com
Andrey Pronchenko, Legal Director, Tax and Legal Services, andrey.pronchenko@ua.pwc.com

75 Zhylyanska Street | Kyiv | Tel:  +380 44 354 0404 | Fax: +380 44 354 0790 | pwc.ukraine@ua.pwc.com |  www.pwc.com/ua 

This flash report is produced by PricewaterhouseCoopers’ tax and legal services department. The material contained in this alert is provided for general information purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.
© 2015 Limited liability company «PricewaterhouseCoopers». All rights reserved. PwC refers to the Ukrainian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

We will be sending additional Flash reports as issues arise.  If you do not wish to receive these Reports, please advise by return e-mail (pwc.ukraine@ua.pwc.com).  Alternatively, if there is someone else in your company to whom we should send our Alerts, please let us know.

We are pleased to inform that this Flash report is also available in Ukrainian and can be sent to you upon request.
Ми раді повідомити, що цей  Flash report також доступний українською мовою і може бути наданий Вам за запитом.