Legal expert Andrew Savarets explains in a column for the ‘Business’ media outlet the consequences of the passing the bill № 4496 – cheapening of doing business for the Ukrainian exporters, increasing Ukraine`s foreign currency earnings, making Ukrainians comfortable partners for foreigners.
The adopted bill № 4496 creates conditions for services` exporters to return the currency earnings back to Ukraine instead of using electronic payment systems.
The bill also allows for simplification of the procedures for entering into foreign trade agreements (contracts), including through the billing invoice or by taking public offer. All this may be carried out in electronic form. The business accounting and financial reporting are being significantly simplified, because the same invoice now is considered as a primary document and not a completion certificate as it is provided in the current order.
No one needs translation of documents, which are not written in English. This burden has to be put on the banks` shoulders.
The adopted law will create impetus for returning of the foreign currency earnings while exporting services. It is important for the stabilization of the UAH rate. Doing business easing is also significant for the small and medium enterprises (SMEs). Firstly, Ukrainians become more attractive business partners for foreign customers whom no one needs to explain why they must send to Ukraine documents with ‘wet’ stamps and signatures. Secondly, existing administrative barriers will not be an additional impetus for IT-developers (for instance) to move to countries with a more favorable regulatory environment.
Read the full text [in ukrainian]