On 15 April 2014, the Parliament of Ukraine adopted the Law of Ukraine "On Amending Certain Laws of Ukraine for Simplification of Business Opening Procedures" (the "Law"), abolishing the mandatory application of seals by the legal entities (the "Seal Requirement"). The Law shall come into force six months after its publication.
The cancellation of the Seal Requirement should simplify, inter alia, establishing business, signing of contracts and notarisation in Ukraine and improve the overall perception of the business environment by putting an end to an odious and longly-criticized formality.
The Law will need to be signed by the President of Ukraine and published in the official parliamentary newspaper.
For further information please contact Asters'
partner Iryna Pokanay and counsel Gabriel Aslanian.