OREANDA-NEWS. March 28, 2011. The Government approved the draft Law of Ukraine "On amendments to some legislative acts of Ukraine on facilitation of legal entities and individual entrepreneurs closure" developed by State Committee on Entrepreneurship. The First deputy Minister of Economic Development and Trade Vadym Kopylov said this.

"Today to register a new company or to register an individual entrepreneurs is much simpler than to close the business because the procedure of closing a business is too complex and burdensome", Vadym Kopylov said, adding that about 10% of registered individuals - entrepreneurs do not actually carry out any activity and are only counted as businesspersons.

The First Deputy Minister noted that the proposed changes, in particular, provides for reducing the number of documents to be submitted to initiate and complete the suspension procedure (from two to one document to start the procedure, and from seven to five - to complete the closure), and the State Registrar to register record about business activity closure procedure is also shortened - from three to one day.

Vadym Kopylov said that the proposed set of thirty day period to review the decision and sending notice to each creditor to satisfy their requirements, while today that term is unlimited.

Also, he said, that it is proposed to abolish the mandatory confirmation of the liquidation balance sheet by the audit report, which would allow legal persons to save from 5 thousand to 10 thousand UAH. And also to cancel the obligation of the notarization of signatures on the liquidation balance (saving time and money will be around 150 UAH).

As Vadym Kopylov said, the bill provides also for introduction of "the principle of tacit consent at civil registration" according to which the entry will be made to the Unified State Register on state registration of the closure of business by decision of the entrepreneur.

"This bill will reduce the amount of time associated with the procedure of business entities closure, and create conditions to reduce corruption by the applicant's contacting absence with the State Registrar and officials of the State Tax Service and the Pension Fund of Ukraine", the First Deputy Minister said.