Ukraine to cancel state registration of foreign investment

The Verkhovna Rada of Ukraine has adopted in the first reading bill No. 2763 on amendments to some legislative acts of Ukraine concerning the abolition of mandatory state registration of foreign investments.
While presenting the bill MP Roman Semenukha said that the document aims to facilitate foreign investments by simplifying the procedure for their attraction.
According to Semenukha, the registration of foreign investments is an unnecessary barrier for foreign investors, making little sense since a foreign investor`s participation in a company is registered in its statutory documents. The abolition of mandatory registration will not necessarily boost investments, but it will send a positive signal that Ukraine is ready to reform and improve the business climate, according to Semenukha.
The explanatory note to the bill emphasizes that mandatory registration of investments creates unnecessary obstacles to businesses. The information about foreign investments in a company is set forth in the company`s statutory documents and is also publicly available at the Unified State Register of Legal Entities and Individual Entrepreneurs.
As UNIAN reported earlier, the amount of foreign direct investment (non-residents` equity) in the economy of Ukraine as of December 31, 2015, amounted to $43.371 billion, which was lower by 5.19%, or $2.373 billion, compared to $45.745 billion as of the beginning of last year.
The volume of assimilated capital investments in Ukraine in January-December 2015 amounted to UAH 251.154 billion, which is lower by 1.7% compared to the same period in 2014.
This year Ukraine expects to attract up to $5 billion in foreign investments.

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