2019 was a year of several substantial developments in Ukrainian corporate law and practice. Here is a glance over some of the most interesting developments from our Corporate Law team.
On October 23, 2019, the Cabinet of Ministers of Ukraine (hereinafter – CMU) adopted Resolution No.928 on amendments to Resolution No. 615 on the procedure for granting special permits for subsoil use, approved by the CMU on May 30, 2011. Resolution No.928 entered into force on November 21, 2019.
Since 2001 the sale of agricultural land in Ukraine has been prohibited. Most land plots used in the agricultural sector are done so based on long-term lease agreements.
On the 13th September 2019 the Parliament of Ukraine adopted the draft law No.1054-1
Raiding, or the illicit acquisition of property, has become one of the most critical bottlenecks of the Ukrainian economy and a major deterrent for investment. According to the statistics of the General Prosecutor Office of Ukraine, over the last seven years there were more than 3 200 raider attack incidents in Ukraine and, on average, about 400 raider attacks per year.
In September 2019 the Parliament of Ukraine commenced a large scale legislative overhaul of the country’s tax system through draft laws No.1208, No. 1080, No.1051, No.1057, No.1073, No.1053-1 and No.1210. Overall, these drafts attempt to unify tax innovations and to eliminate any contradictions in the tax system.
On 11 September 2019 the Parliament of Ukraine adopted the draft law No.1031 “On Amendments to Certain Laws of Ukraine Relating to Expropriation of Illegal Assets from Persons Authorised to Execute Functions of State” on its first reading.
On 19 September 2019 the Parliament of Ukraine upheld the Draft Law No. 1070 On Amending Laws of Ukraine Regarding the Improvement of Conducting Financial Restructuring Procedure (‘the Law’), which was stated by the President of Ukraine to be urgent, and adopted it in its 2nd reading.
On August 21, 2019, the Cabinet of Ministers of Ukraine approved new procedures for state supervision and control of compliance with labor legislation. On August 30, 2019, these new procedures entered into force.
On the 16th of July 2019 the law “On ensuring the functioning of the Ukrainian language as the State language” №2704-VIII (hereinafter referred to as the “Law”) was adopted.
The National Bank of Ukraine (NBU) has announced the annulment of all restrictions on the repatriation of dividends.
From July 19, 2019, the cost of registration of intellectual property (IP) rights in Ukraine will increase three-fold on average.
The National Bank of Ukraine ( has abolished a rule that required businesses to exchange 30 of their foreign currency earnings into Ukrainian hrivnia ( on the currency exchange market on the day following receipt of foreign currency on their bank account in Ukraine The new regulation took effect on 20 June 2019.
On June 10, 2019, the President of Ukraine submitted to the Parliament Draft Law No. 10376 (“Draft Law”) on amending the Law of Ukraine “On the Electricity Market”.
In recent years, Ukraine has created favorable conditions for the development of green energy, most specifically by means of establishing the highest feed-in tariff among countries on the European continent.
Clearstream, the international central securities depository of Deutsche Börse Group ICSD) has connected Ukraine to its electronic network and made Ukraine’s government securities available for purchase in its system since May 27.
Ukraine is one of the members of the World Intellectual Property Organization (WIPO), and has ratified major international treaties in the field of Intellectual Property (IP) that are in effect in Ukraine.
According to the 2018 Law of Ukraine “On Limited Liability and Additional Liability Companies” (“the LLC Law”), the deadline for bringing the wording of Ukrainian LLC charters in compliance with the LLC Law will expire on 17 of June 2019.
The Law of Ukraine on ratification of the MLI Convention came into force on the 2 nd of April 2019 Accordingly, we should expect modification of Ukraine’s international treaties for the avoidance of double taxation (“double taxation treaties”, or “ in the nearest future What is the MLI Convention and what is the purpose of its development?
While the Code of Ukraine on Bankruptcy Procedures (‘Bankruptcy Code of Ukraine’) is still awaiting the signature of the President of Ukraine, we continue analyzing the forthcoming changes and developments that will come with the launched bankruptcy law reform in Ukraine.
Global tendencies and intensively developing restructuring & bankruptcy legal environment across the globe make it impossible to stay aside from such processes. Ukraine is not an exception.
Ukrainian banking regulation on cross-border transactions has been radically liberalized with the new Law of Ukraine “On Currency and Currency Operations” taking force on February 7, 2019.