Simplification of Procedure for Opening New Businesses

On 6 November 2014, Law of Ukraine "On Amendment of Certain Legislative Acts of Ukraine to Simplify Procedure for Opening New Businesses" No. 1206-VII of 15 April 2014 (the "Law") came into force. The Law, inter alia, eliminates the mandatory use of corporate seals by private business entities in their economic activity, in particular, for sealing official documents, certification of contracts and so on. Thus, according to the Law, business entities may autonomously decide the issues of the production and use of corporate seals, however, the parties may decide by a written agreement whether a contract must be sealed.

Moreover, the Law introduces the following amendments to the rules governing electronic workflow and the state registration of legal entities and private entrepreneurs, including: cancellation of the fee for carrying out the state registration of legal entities and private entrepreneurs; establishment of a mechanism of electronic submission of documents required for state registration of legal entities and private entrepreneurs without digital signature; exclusion of digital signature from the list of mandatory elements of an electronic document.

For further information please contact Asters' partner Vadym Samoilenko
and counsel Oles Kvyat.

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