President Petro Poroshenko signed Law of Ukraine "On Limited Liability Companies" during a meeting with representatives of domestic and foreign business.
The Head of State noted that the given legislative act was a long-awaited one, since till now the activity of limited liability companies in Ukraine was regulated by the law on business partnerships adopted in 1991.
"And so, today the Parliament voted. And the legal form that has been working since 1991 has stopped," Petro Poroshenko said. According to him, the new Law applies to the majority of small and medium businesses and provides an opportunity to effectively protect members of such companies.
According to the President, the new Law introduces modern principles of effective regulation, creation and conduct of business. "These procedures will become simpler and clearer. The law should provide the members of the company with a comfortable legal space to regulate their relations. Reduce the risks of seizing control over the company, actually eliminating the risks of raider attacks. Restrictions on the formation of the registered capital are withdrawn, the procedure of registration, inheritance of the share in the registered capital of the company is simplified, the right to receive a loan or financing on bail of a stake of the company is provided, which will facilitate the attraction of additional funds," he explained.
"It becomes impossible to exclude a minority partner for the so-called systematic non-fulfillment or inadequate fulfillment of duties, which was actively used by certain raiders," the Head of State added.
"According to some experts, the adoption and signing of this Law will allow us to significantly increase Ukraine's positions in the Doing business rating. I already emphasize that we have made tremendous progress in the rating over the past three years, now taking the 76th position. But I emphasize that we are not going to stop here," the President said.
"Many of you expected this. Finally it happened. This is the fruit of our joint work with you. The President, Prime Minister, parliamentary coalition and experts who have made a huge amount of efforts to do this," the Head of State added, congratulating the attendees.