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EBA Progress
Tuesday, 09 June 2015 12:00

IT



Registration of foreign companies’ representative offices

will be twice as fast

Due to the initiative and efforts of the Information Technology Committee of the European Business Association, the term of foreign companies’ representative office registration has been reduced by half: from 60 to 30 working days. An appropriate separate order of the Minister of Economic Development and Trade of Ukraine has been published on the site of the Ministry.

Background: The Law of Ukraine “On foreign economic activities” №959-XII of 16 April 1991 provides that the registration of representative offices of other foreign business entities are carried out within sixty working days from the date of the foreign business entity providing documents for registration. According to business representatives, the term is unduly long and inhibits foreign companies entering the Ukrainian market. Accordingly, the experts of Association worked out a proposal to reduce the term and appealed to the Ministry of Economic Development and Trade.

We are pleased to announce that the official website of the Ministry of Economic Development has published a separate order of the Minister of Economic Development and Trade of Ukraine which stipulates that the issuance of a certificate of registration for representative offices of foreign business entities in Ukraine should be carried out no later than within 30 working days after payment of the state fee. We sincerely hope that the reduction in time in the registration of foreign companies will accelerate access of foreign companies to the Ukrainian market and will have a positive impact on the investment climate in our country.

The Association would like to express our sincere appreciation to the Minister of Economic Development and Trade of Ukraine and his team for their efficient and constructive cooperation and to all member-companies of the IT Committee of European Business Association involved in the process.

At the same time, the Association will continue to work on creating more favorable conditions for doing business in Ukraine.

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