News

Substantial changes took place in the sphere of state registration of legal entities and private entrepreneurs

The President of Ukraine signed the Law on state registration of legal entities, private entrepreneurs and community groups, which provides the reformation of administrative services system in the sphere of state registration of legal entities and private entrepreneurs.

This Law foresees the decentralization of state registration authority. In particular, the functions of state registration of legal entities and private entrepreneurs will be transferred to:

-local governments;

-state administration;

-notaries;

-banks.

However, the state registration of community groups continue to be implemented by justice authorities.

The provisions of Law also introduce:

- The possibility of submitting electronic documents for the registration of all actions;

- Reduction of the amount of documents that are needed to be submitted for the state registration;

- The cancellation of demand on annual filing of financial statements ( now it will be obtained by the state registar from the statistic body);

- Establishing the Electronic Portal of  services ( that means there won’t be  paper extracts anymore as they will exist in electronic form )

- Replacement of six state registers to the unified one- Unified State Register of Legal Entities and private entrepreneurs and community groups;

- Introducing responsibility of state registrars for infringement in the sphere of state registration (Ex. temporary blocking and revocation of access to the registry, cancellation of the accreditation of the bank as the subject of state registration).

- Establishment of the state registration administrative fee directly in the Law .

The adaptation period will last till April 30, 2016.

Reforming the system in the sphere of state registration ensures its openness and transparency, and above all - operational efficiency.

The Law comes into force on the day following the day of its publication, except for some items which take effect on the 1^st of January 2016 and 1^st of January 2017.