Ukrainian President Aims for Top 100 in World Bank's Doing Business Rating

KYIV, Ukraine, January 17, 2013 /PRNewswire/ --

The President of Ukraine Viktor Yanukovych stated that by 2014 Ukraine would secure a place among the first 100 countries on the World Bank's Doing Business  report. According to the President, the country has to simplify licensing procedures and decrease the number of audits of businesses by the authorities.

Importantly, in 2012 Ukraine climbed 15 spots to reach the 137^th place on the easiness of doing business list. Yanukovych, however, believes that the state could have advanced even further. Ukraine needs to adopt European control system of food safety and quality, he emphasized. Moreover, online registration of a new business has to become truly convenient, while entrepreneurs are entitled to the right to close business by declaration.

Ukraine was able to improve its ranking in the World Bank list due to a set of reforms. As noted in the Doing Business 2013 report, released in October 2012, Ukraine made it easier to start business in the country, introduced tax relief measures, and improved property registration procedures.

Ukraine dropped the minimum capital requirement for company incorporation, as well as the requirement to have incorporation documents notarized. Other reforms in Ukraine included alleviation of property registration and paying taxes procedures. Furthermore, Ukraine introduced effective time limits for processing transfer applications at the land registries. As a result, registration time was cut by 48 days, states the report. Among other measures, Ukraine introduced an online filing and payment system for tax payers, mandatory for medium-size and large enterprises. Still, it is quite difficult to obtain a construction permit, get electricity, and resolve insolvency in Ukraine, reads the World Bank report.

According to the document, Poland and Ukraine were the two countries of the Central and Eastern Europe that demonstrated most improvement in the area of doing business.

Interestingly, in July 2012, another international financial institution - the IMF - welcomed Ukraine's progress in the reformation process. The IMF Executive Directors acknowledged the rebound in economic growth in Ukraine since the crisis of 2008-2009, as well as decline in inflation and general government deficit. The IMF welcomed the Economic Reform Plan of the President of Ukraine, which aims at promoting growth, improving business climate, and attracting investment in the country.

SOURCE Worldwide News Ukraine