Ukrainian Insurance Industry

July 15, 2013

The insurance market in Ukraine started in 1991. The number of insurance companies operating in Ukraine has fallen since 1994, when there were more than 700. However, this reduction had a positive effect, as most insolvent companies and pseudo-insurance firms were removed from the insurance market. This process was partly the result of the legislative regulation of the insurance business, strengthening of state control over the insurance market and tougher requirements for the size of insurance companies’ authorized capital.

Last Updated on Tuesday, 16 July 2013 15:09

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Foreign Work Permit Update

 

On July 5, 2013, the Cabinet of Ministers’ Resolution No. 437 regarding “Issuance, Prolongation of the Validity Term and Annulment of Permissions for the Use of Labor of Foreigners and Stateless Persons”, dated May 27, 2013 (the “Resolution”), came into force. The Resolution establishes the new list of documents required for obtaining work permits for foreign individuals hired for labor in Ukraine. 

The Resolution placed new documentation burdens on the foreign employees by once again including the requirement to submit documents issued by a medical institution evidencing that the individual is not ill with chronic alcoholism, drug addiction or other infectious diseases.   Some years ago this requirement was removed from the work permit application procedure, much to everyone’s relief. While there has been no official clarification by the Ministry of Health Protection of Ukraine as to the form and procedure for obtaining such document, this document can presumably be received in Ukraine by visiting several doctors at one medical institution. Nevertheless, this requirement raises practical questions as to (a) which medical institutions abroad will issue the required documents, and (b) what form will be acceptable for the Ukrainian authorities (besides the required certification by Apostille)?

Last Updated on Sunday, 14 July 2013 19:00

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Doing Business in Ukraine: Yesterday, Today and Tomorrow with Yuri Yekhanurov

July 10, 2013 

We are delighted to invite you to a presentation on July 10, hosted by our law firm and Frydays W, where three panelists will discuss “Doing Business in Ukraine: Yesterday, Today and Tomorrow”.

Last Updated on Monday, 08 July 2013 15:36

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Article "Ukrainian Government Simplifies List of Documents Required for Temporary Residency"

May 24, 2013

Once again, the Ukrainian government has introduced amendments to the Ukrainian immigration rules. This time, the amendments are designed to decrease the volume of documents required for foreign work permits and temporary residency permits.

Last Updated on Thursday, 23 May 2013 22:59

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Article "Ukraine Extends Tax Privileges for IT Sector"

May 23, 2013  

Acknowledging the importance of the IT sector in Ukraine’s economy, the government has provided tax breaks to qualified companies and individuals in the IT sector that fall under the category of "subjects of the software product industry". From the period of January 1, 2013 until January 1, 2023, qualified IT companies and individuals are subject to a reduced profit tax rate of only 5%, provided they maintain a separate accounting of income and expenses of their activity in this sphere.

Last Updated on Thursday, 23 May 2013 22:49

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