OREANDA-NEWS. February 21, 2011. Cabinet of Ministers of Ukraine session approved the draft law on amendments to some legislative acts of Ukraine on introduction of the principle of state registration of legal entities on the basis of the model charter, which will soon be submitted to the parliament. The First Deputy Minister of Economic Development and Trade Vadym Kopylov said that at a briefing after the session.

"We had a complicated procedure for starting a business. This draft law would correct this situation", Vadym Kopylov said.

He said following the current system it is necessary to prepare constituent documents and make their state registration. "But this bill proposes to provide the opportunity to register and operate under the model statute", the First Deputy Minister underlined.

Under the draft law, the model charter is a legal act approved by the Cabinet of Ministers for the creation and activity of legal entities of relevant organizational and legal forms. It regulates and fixes the statutory rules governing the legal status, rights, responsibilities, and relationships related to creation, management, and business activities of entities. Model charter is the constituent instrument.

Vadym Kopylov noted that the said bill if adopted will improve, simplify the procedure for entities creating and operating, will reduce material costs for documents creation, will provide more rational use of working time for state registrars, and will prevent counterfeiting of constituent documents.