Business Reforms in Ukraine
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Protecting Minority Investors: Ukraine strengthened minority investor protections by requiring interested director or shareholder to be excluded from the vote, by requiring that proposed related-party transactions undergo external review, by introducing remedies in cases where related-party transactions are harmful to the company and also clarifying ownership and control structures.
Enforcing Contracts: Ukraine made enforcing contracts easier by introducing a system that allows users to pay court fees electronically.
Starting a Business: Ukraine made starting a business easier by reducing the time required for VAT registration and by eliminating business registration fees.
Paying Taxes: Ukraine made paying taxes easier for companies by introducing an electronic system for filing and paying labor taxes. On the other hand, it increased the environmental tax.
Starting a Business: Ukraine made starting a business easier by eliminating the requirement for registration with the statistics authority and by eliminating the cost for value added tax registration.
Dealing with Construction Permits: Ukraine made dealing with construction permits easier by introducing a risk-based approval system, eliminating requirements for certain approvals and technical conditions and simplifying the process for registering real estate ownership rights.
Getting Electricity: Ukraine made getting electricity easier by streamlining the process for obtaining a new connection.
Registering Property: Ukraine made transferring property easier by streamlining procedures and revamping the property registration system.
Getting Credit: Ukraine improved access to credit information by collecting data on firms from financial institutions.
Paying Taxes: Ukraine made paying taxes easier for companies by simplifying tax returns and further improving its electronic filing system.
Trading across Borders: Ukraine made trading across borders easier by releasing customs declarations more quickly and reducing the number of physical inspections.
Resolving Insolvency: Ukraine made resolving insolvency easier by strengthening the rights of secured creditors, introducing new rehabilitation procedures and mechanisms, making it easier to invalidate suspect transactions and shortening the statutory periods for several steps of the insolvency process.
Starting a Business: Ukraine made starting a business easier by eliminating the minimum capital requirement for company incorporation as well as the requirement to have incorporation documents notarized.
Registering Property: Ukraine made property transfers faster by introducing an effective time limit for processing transfer applications at the land cadastre in Kiev.
Paying Taxes: Ukraine made paying taxes easier by implementing electronic filing and payment for medium-size and large enterprises.
Starting a Business: Ukraine made starting a business easier by eliminating the requirement to obtain approval for a new corporate seal.
Paying Taxes: Ukraine made paying taxes easier and less costly for firms by revising and unifying tax legislation, reducing corporate income tax rates and unifying social security contributions.
Trading across Borders: Ukraine made trading across borders more difficult by introducing additional inspections for customs clearance of imports.
Enforcing Contracts: Ukraine amended legislation to streamline commercial dispute resolution and increase the efficiency of enforcement procedures.
Resolving Insolvency: Ukraine amended its legislation on enforcement, introducing more guarantees for secured creditors.
Starting a Business: Ukraine eased business start-up by substantially reducing the minimum capital requirement.
Dealing with Construction Permits: Ukraine made dealing with construction permits easier by implementing national and local regulations that streamlined procedures.
Paying Taxes: Ukraine eased tax compliance by introducing and continually enhancing an electronic filing system for value added tax.
Protecting Minority Investors: Ukraine strengthened investor protections through a new joint stock companies law enhancing approval requirements for related-party transactions, increasing disclosure requirements in the annual report and making it easier to sue directors in cases where related-party transactions harm the company.
Dealing with Construction Permits: Dealing with construction permits in Ukraine became more costly because of the introduction of an infrastructure tax and more time consuming because of an administrative backlog.
Getting Credit: Ukraine improved access to credit information by creating a new private credit bureau.
Paying Taxes: Ukraine made paying taxes less costly for companies by reducing employers’ contribution rate to the pension fund—though it also increased their contribution rates to the social security fund and social insurance for work accidents.
Trading across Borders: Ukraine reduced the time for importing by improving port infrastructure and services.