This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs