"On licensing of economic activities" - new Ukrainian Law

President Poroshenko signed the Law "On licensing of economic activities"

Law № 222-VIII of 2 March 2015 regulates social relations in the sphere of licensing of economic activities. The law also defines the exclusive list of economic activities subject to licensing, establishes a unified procedure for licensing, supervision and control of licensing, liability for breach of legislation in this area.

The law significantly simplifies the procedure for obtaining licenses, reduces the number of types of economic activities subject to licensing, which will increase the rating of Ukraine according to the World Bank for the creation of more favorable conditions for business development and growth of investment attractiveness of Ukraine.