New law helps Ukraine attract investment
Rada to cancel mandatory state registration of foreign investments
Today at 14:10 | Ukrainian News
The parliament intends to cancel mandatory state registration of foreign investments. The parliament approved the first reading of the relevant draft law No. 6122 proposed by parliamentary deputies Yurii Poluneev of the Yulia Tymoshenko Bloc and Serhii Kliuev of the Party of the Regions was approved by 254 votes (only 226 votes were required for its approval).
In particular, the draft law provides for cancellation of the relevant provision of Article 13 of the law “On the Foreign Investment Regimen,” which stipulates that state registration of foreign investments is compulsory.
The draft law No. 6122 also provides for cancellation of the provision that stipulates that state registration of foreign investments in the form of currency values is to be effected in accordance with the procedures established by the National Bank of Ukraine.
In addition, the document provides for lifting several restrictions on foreign investments and international loans that were imposed by the anti-crisis law No. 1533.
In particular, the draft law provides for cancellation of the restrictions on obtaining foreign-currency loans and fulfillment of obligations to foreign investors.
According to the authors of the draft law, its adoption will make the Ukrainian economy more attractive to investment and lift the unjustified restrictions on loans and investments (thus allowing funds to be attracted more actively from abroad in the forms of loans and investments).
As Ukrainian News earlier reported, the parliament re-adopted the draft law No. 3585 proposed by Parliamentary Deputy Yurii Poluneev on October 22, 2009. This draft law provides for imposing restrictions on obtainment of foreign-currency loans from nonresidents and fulfillment of obligations to foreign investors.
Former president Viktor Yuschenko signed this law (given the No. 1533) in mid-November 2009.
