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Ukraine – Legislation

Ukraine continues to struggle to build a legal system that facilitates easy interaction with the international community. Many issues are not dealt with by a single piece of legislation, so it may be necessary to piece several laws together to develop a full understanding of an issue (although the 2011 Tax Code is an exception). The various laws may also be ambiguous or contradictory, which further complicates matters. The following major pieces of legislation – in addition to the Tax Code – affect foreign investment into Ukraine:

  • The law On Foreign Investment Regime sets out in broad terms Ukraine’s policy on inward investment and the rights and obligations of foreign invest
  • The Civil Code regulates civil relationships, the establishment of legal entities, and personal property r
  • The Commercial Code (enacted on the same day as the Civil Code)governs business relationships. The Commercial Code is intended to regulate issues that are not dealt with in the Civil Code, although in practice there is some overlap.
  • The law On Securities and Stock Market governs the public issuance and trading of secur
  • The law On Protection of Economic Competition restricts business The majority of mergers and acquisitions in Ukraine are likely to require pre-approval from the Anti- monopoly Committee.
  • The law On Protection from Unfair Competition aims to protect business entities and consumers from unfair compe
  • The Environmental Protection Law establishes a framework for pollution charges to be imposed on any legal entity that discharges contaminants into the envir

Restrictions on foreign investment

Foreign companies are restricted from owning agricultural land, manufacturing carrier rockets, and some publishing activities.

Repatriation of capital and earnings

Foreign investors are entitled to repatriate profit, income or other funds relating to investments without any restrictions, provided the investment was made in accordance with applicable legislation and after the payment of applicable taxes. Foreign investors are guaranteed the right to prompt and unimpeded repatriation of profits.

Guarantees and rights

Foreign investments duly registered with the state authorities are not subject to nationalisation, expropriation, requisition or any other measure of similar effect, except when it is in the public interest. In such cases, compensation must be provided to the investor based on the market value of the property.

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