The President of Ukraine signed the law No.191-VIII On Changes to Some Enactments of Ukraine introducing simplification of doing business (de-regulation) requirements, which was adopted by the Verkhovna Rada of Ukraine on February 12 this year, the presidential press-office reports.

The main purpose of this law is de-regulation of economic activity, bringing the relevant legislation into compliance with the EC legal framework enabling Ukraine to improve its score in Ease of Doing Business rating.

This law simplifies the procedures for starting and running business, reduces licensing and approval procedures, reduces an impact of public authorities on economic entities, increases protection of investor rights, and improves the financing mechanism of the National Registration Service.

The law is applicable to the central and local executive bodies that make licensing, and can positively influence the development of regions, decrease the risk of bribery and corruption exposure, and has a positive impact on the labour market as far as the law is aimed to expand entrepreneurship.

The law in place will allow adjusting the Ukrainian laws to the EC legislation, which regulates administrative procedures (provision of administrative services) and sets out the powers bestowed on economic entities, specifies actions to be undertaken for running business of different types, and will bring the basic legislation of Ukraine covering the licensing system into conformity with the EC regulations.

Reduction in functions, government regulatory and administrative streamlining create more favourable conditions for doing business in Ukraine and enhance the protection of business entities.

So, it will also help to introduce transparent and uniform rules for all business entities and enhance their protection.