On 12 March 2018 Ukrainian President Petro Poroshenko signed a new Law on limited liability companies at the meeting with domestic and foreign business representatives. According to experts this Law would facilitate progress in the business environment and contribute to favorable business climate in Ukraine.
The activity of limited liability companies in Ukraine has been regulated by the Companies Act adopted back in 1991. With the introduction of the new Law the small and medium-sized businesses are now ensured with the effective remedies for company participants. The modern principles of effective regulation, setting up and conduct of business make the companies less vulnerable to raider attacks and render a higher level of discretion authorities to owners. The legal status of limited liability companies would be regulated more effectively. Now the participants of LLCs are not limited in number, thus paving the way for existing joint stock companies to change their form of business organization.
The adoption and signing of this Law would increase the position of Ukraine in the Doing Business ranking. Over the last three years Ukraine has significantly progressed in the ranking of Doing Business, having risen to 76th place in the ease of doing business. Yet I’d like to notice that we have no plans to stop there…
The Law shall provide the company participants with the comfort legal framework to regulate their relations, reduce the risk of upward control over the company … the risk of raider attacks would be practically eliminated…
Ukrainian President Petro Poroshenko