Verkhovna Rada Committee for Industrial Policy and Entrepreneurship recommends Ukrainian Parliament adopt on the whole draft law "On introduction of amendments into some Laws of Ukraine" (as to data on end-beneficiary owner (controller) of a legal entity)

Information Department of the Verkhovna Rada of Ukraine Secretariat
21 May 2015, 10:15

At its regular meeting, the Committee eyed the draft law No. 2896 on introduction of amendments into some Laws of Ukraine as to the data on end-beneficiary owner (controller) of a legal entity.

The draft law is aimed at settlement of the problem as to Form No. 4 entrepreneurs are now facing.

In compliance with effective law before May 26, they will have to submit data on end-beneficiary owner (controller) of a legal entity. Over 1,100,000 entrepreneurs are risking to get stuck in long queues or face a fine of UAH 8,500 in case of untimely passing of the procedure.

The adoption of the draft law will eliminate tension and lower justified concerns of entrepreneurs and legal entities; lower the risks of corruption; protect disciplined entrepreneurs; ensure effective use of working hours of state registrars and economic entities.