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30 June 2003
The act sets out new conditions for the registration of legal entities and private entrepreneurs, and modifies the procedures for amending the company bylaws and terminating commercial activities. The act will come into force on July 1 2004.
The act regulates the conditions of state registration for all types of legal entity, although special registration regimes may be specified by law for certain entities, such as trade unions, political parties, state bodies, banks, chambers of commerce, financial institutions and stock exchanges.
The act introduces an important new procedure for the incorporation of businesses. At present, in order to incorporate a business, the legal entity or private entrepreneur must be registered with a number of agencies, including the state administration, the local tax administration, several social security funds and agencies, the Pension Fund and the statistics authorities. As a result, the registration process takes up to four weeks.
Once the new act comes into force, however, companies will be able to apply to a single state registrar, which will act as a 'one-stop shop' for registration. As a result, registration will take just three business days for legal entities and two business days for private entrepreneurs. The official fee for state registration will stand at UAH170 (about $30) for companies and UAH34 ($10) for private entrepreneurs.
In addition, the new act stipulates that the founders of a company may reserve the name of their future company for two months, upon payment a fee. The founders of an open joint stock company may reserve the company name for up to nine months.
For further information on this topic please contact Sergei Konnov or Galina Zagorodnyuk at Konnov & Sozanovsky by telephone (+380 44 490 5400) or by fax (+380 44 490 5490) or by email (firstname.lastname@example.org).
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Sergei V Konnov