Ukraine is ranked 71 out of 190 countries in the global ease of doing business index.
On 31 October 2018, the 16th edition of the World Bank Doing Business 2019 report was published (Report). The Report aims to evaluate 11 areas of business regulation in terms of their quality and efficiency. Notably, Ukraine has climbed five places from the previous year's ranking.
What are the main changes in Ukraine highlighted in the Report?
- Ukraine strengthened minority investor rights protections by increasing the requirements for the disclosure in the annual reports of related party transactions.
- Trading across borders became easier because of elimination of the verification requirement on auto parts from the State Service of Export Control. The Report underlined the significant progress of Ukraine in this field by grading it 77.62 out of 100. Ukraine has climbed 41 places from the previous year's ranking and is now ranked 78th.
- Ukraine made enforcing contracts easier by introducing a simplified procedure for small claims and pretrial conferences as part of the case management techniques used in all commercial courts.
- Ukraine was ranked 30th by a grading of 76.91 out of 100 for dealing with construction permits. The Report highlighted that dealing with permits was simplified because of the elimination of the requirement that investors obtain clearance from the State Service of Ukraine for Emergency Situations.
- According to the Report, Ukraine was ranked 54th in paying taxes by a grading of 79.35 out of 100.
- The overall grade for starting a business in Ukraine is now 91.07 out of 100.
The Report underlines the significant progress of Ukraine in certain areas of business regulation and indicates directions for further improvement.
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