The Ukrainian Parliament recently adopted a new act which increases the minimum wage. This move has direct consequences for corporate registration, since the minimum paid-up capital requirement is calculated on the basis of the minimum wage. The Cabinet of Ministers has also named the government authorities with power to certify official documents.
The popularity of limited liability companies has waned in recent years because of a stringent requirement that all important corporate decisions be made unanimously. A new law has abolished this requirement, and decisions now need only be approved by a simple majority in order to be valid.
New amendments provide that general shareholders meetings must now be held in the territory of Ukraine, and as a rule at the location of the joint stock company. The new rules are aimed at protecting minority shareholders who cannot afford to travel abroad to attend these meetings.
A new law prohibits the registration of companies whose names include the names of state or governmental bodies, or are identical to those of previously registered companies. Business entities are also entitled to reserve company names for a specified period before registration.
The new Law of Ukraine on Mutual Investment Institutions specifies the types and organizational forms of mutual investment institutions, as well as regulations for their establishment, registration, reorganization and liquidation. This update highlights its key provisions.
Including: Formation; Licences; Corporate Structures; Contracts
A new act clarifies the procedure through which a licence may be applied for and obtained. It establishes a single licensing procedure for certain economic activities and provides an exhaustive list of 60 categories of activity which may only be pursued with a licence.