Draft Law of Ukraine

"On Amendment of Some Legislative Acts of Ukraine in Connection with Establishing the Economic Register"

This draft envisages creation in Ukraine of the Economic Register. This register will contain information on the state registration of legal entities and natural person being the subjects of entrepreneurial activity. Therefore, any registration with any other register of body will not be needed. This register shall be kept by bodies of the Ministry of Justice of Ukraine.

At the same time this draft determines that the information of the Uniform State Register of enterprises and organization of Ukraine (now it is kept by the State Statistics Committee of Ukraine) shall be passed to the Ministry of Justice of Ukraine in order to fix this information in the Economic Register.

The Economic Register shall contain the information on:

• organizational-legal form of a legal entity, its name, whereabouts, purpose of creation;
• administration bodies, branches and representative offices thereof;
• assignment of the head of a legal entity, his/her authorities;
• natural persons being subjects of entrepreneurial activity;
• persons, whom the general power of attorney is issued to;
• other information as determined by law.

The Economic Register will be of public nature. That is, any individual will be able to:

• familiarize him/herself with the Economic Register;
• familiarize him/herself with the documents submitted for registration;
• receive an abstract from the Economic Register and from the documents submitted for registration.

It can be refused in making abstract only if the request to give such abstract fails to bear any features allowing identification of the registered natural person/legal entity.

Data entered into the Economic Register will be published in the Bulletin of the Ministry of Justice of Ukraine during one month from the date they have been submitted for registration. At the same time bodies of the Ministry of Justice of Ukraine may provide access to the information cited in the Economic Registers thought Internet.

According to this draft needed amendments shall be made to the Civil Code of Ukraine and to the Law of Ukraine "On Entrepreneurship" in order to implement the above provisions.