Parliament of Ukraine abolished the mandatory registration of foreign investments

Parliament of Ukraine abolished the mandatory registration of foreign investments

03.06.2016 News

verkhovnaRadaThe deputies of the Verkhovna Rada of Ukraine (VRU) supported in the second reading a bill amending the law on the abolition of mandatory state registration of foreign investments. For document №2763 on Tuesday, May 31 voted 259 MPs with the required minimum of 226 votes.

This bill will help to create the conditions to attract investment from abroad, and will simplify the procedure for obtaining funding.

The document’s authors claim that the mandatory registration of foreign investments creates obstacles for business. The investment information was duplicated in different registers and the constituent documents of the enterprises.

Presentation of a bill was made by the Chief of the Verkhovna Rada Committee on Industrial Policy and Entrepreneurship Viktor Galasyuk. He said that the registration of foreign investment was an unnecessary requirement, which created an additional risk of corruption. The law is the first step that Ukraine needs to take now, without procrastination, in order to facilitate inflows of foreign investment into the country.

The official noted that the abolition of the registration alone is not enough. It is also necessary to create other incentives for foreign investors.

For reference: The amount of foreign direct investment in the economy of Ukraine as at the end of 2015, amounted to $43.371 billion. This figure is less than that of 2014 by 5.19%. This situation encourages the Parliament to review the approach to investment and investors. The purpose of the new legislation is to simplify the system of investment and to attract new investors, who will not fear bureaucratic procedures.

Experts believe that this year Ukraine can count on the $5 billion new foreign investment.

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