Ukrainian parliament has voted “For” the development of innovative business in Ukraine12 Oct 2016

September 8 has become an important day for Ukraine investment industry. Thus, the Parliament considered legislative amendments # 3719 and # 2764.

Legislative amendment #3719 was adopted on the basis of the reduced drafting period. Amendment is aiming to stop the pressure of law enforcement agencies and finally ban the seizure of servers. The adoption of this amendment will allow companies to run the business without being threatened. It is important to mention that no one deputy vote against and 287 voted "For".

Olga Afanasyeva, the Executive Director of Ukrainian venture capital and private equity association UVCA: "Finally we see the real job has been done by legislature. Adoption of this bill is an another important step towards freedom of entrepreneurship in Ukraine. UVCA has also appealed to the President of Ukraine during a personal meeting on July 6, 2016 asking for his personal control of adoption and observance of the bill."

The legislative amendment #3719 was referred to considering on January 2016 and just now it has been finally adopted. As it was admitted before - IT industry in Ukraine is the fastest growing one and it already ranks third in terms of exports. Stopping the pressure on IT companies will further accelerate the development of the sector and attracts more investments (according to the Ukrainian venture capital and private equity overview 2015 released by UVCA investments in IT companies increased by 237% compared to the year 2014 and amounted to 132 mln. USD).

Unfortunately, the amendment # 2764 about ensuring the right to convert the cash requirements of the company for its contribution to the share capital have not passed the second reading yet and was sent for further revision. It can be an important tool in facilitating all activities of investors, entrepreneurs and startups.

Andrew Kolodyuk, the Chairman of UVCA: "The adoption of these laws will not only reduce the outflow of Ukraine entrepreneurs, but also can let those who had left the country come back. We express our big gratitude to all Members of our Association, especially to the Legal Committee, that has applied big efforts to the formation of the laws in their current form. We hope that the Amendment #2764 will be adopted soon."