An amendment has been proposed to the Ukraine Transaction Law in order to address the increasing demands of Ukrainian companies to more efficiently and effectively conduct business abroad. This amendment seeks to introduce a new, more transparent and effective legal framework to the existing Ukraine Transaction Law to better facilitate cross-border business transactions.
The purpose of the amendment is to improve cross-border transactions by introducing a set of legal tools for Ukraine companies to effectively engage in such transactions. The objectives of the proposed amendment can be summarized as follows:
1. To provide better legal certainty and security for transnational business transactions by allowing Ukraine companies to enter into valid and enforceable contracts with foreign entities.
2. To ensure a simplified and efficient procedure for conducting business abroad by eliminating unnecessary bureaucratic and costly procedures for conducting business in foreign countries.
3. To reduce the risk associated with cross-border transactions by introducing mechanisms which provide safeguards to Ukraine companies in case of disputes.
4. To create a more transparent process for conducting business abroad by facilitating access to information regarding foreign contracts and transactions.
5. To provide better legal protection and security for Ukrainian companies by introducing targeted measures to combat fraud and other illegal activities related to cross-border business transactions.
The amendment seeks to improve the existing legal framework for Ukraine companies and give them a better-structured framework to engage in sustainable cross-border transactions. In this way, the amendment can help to improve the competitive position of Ukrainian companies abroad as well as facilitate the continuation of existing and future business relations.
For further clarification, the amendment has established a specialized regulatory body, the National Bureau of Ukraine for Trade and International Business, which will be responsible for developing and implementing the proposed amendment’s regulations. It will also be responsible for handling the registration and licensing of Ukrainian companies wishing to conduct business abroad.
The proposed amendment has the potential to significantly improve the ability of Ukraine companies to more quickly and effectively transact business abroad. Through this proposed amendment, Ukrainian companies may finally have the same legal certainty, security and access to information which can help them better engage in cross-border business activities, which can ultimately lead to greater success and more sustainable business relations abroad.