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STATE REGISTRATION OF FOREIGN INVESTMENTS IS CANCELLED On May 31, 2016 the Verkhovna Rada of Ukraine adopted on second reading a draft law № 2763 “On Amendments to Certain Legislative Acts of Ukraine Concerning the Abolition of Obligatoriness of Mandatory State Registration of Foreign Investments”, which cancelled mandatory requirement of state registration of foreign investments. From now, state registration of foreign investments is not required, and business entities (enterprises with foreign investments and banking institutions) have only to submit statistical reports on foreign investments. At the same time, foreign investments registered pending the entry into force of this Law, and foreign investments not registered pending the entry into force of this Law, have an equal right to receive benefits and guarantees provided by the Law of Ukraine ” On the Regime of Foreign Investments”. The adoption of this law, according to the authors, should create favourable conditions for foreign investments in the Ukrainian economy due to the simplification of attracting investment through the introduction of application principle of state recording and prevention of the corruption manifestation in their state registration. The Law enters into effect the following day after its publication. ______________________________________________________________ This Legal Alert is intended as a general overview of latest changes in legislation of Ukraine and does not constitute a legal advice. For further information please contact Antika Law Firm: 12, Khreschatyk Str., 2nd floor, Kyiv, 01001, Ukraine tel./fax: +38 044 390 09 20/21 |
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