The draft Entrepreneurship Code (the “Draft”), developed by the Ministry of Justice, was brought up for discussion on May 30, 2022.
The Draft consists of 8 sections, 34 chapters and 385 articles and combines 9 existing laws, 2 draft laws and 10 legal acts regulating the organization and termination of business.
The Draft provides:
- the division of business entities into small, medium and large;
- the reduction of the base of organizational and legal forms of economic entities, the abolition of the organizational and legal form of “economic company”;
- the definition of the types of activities that individual entrepreneurs cannot engage in. They are granted the right to carry out any activity not prohibited by law;
- the definition of boundaries and forms of state regulation of entrepreneurship;
- the approval of 146 control functions of 43 government agencies and a list of 18 types of inspections carried out in order to notify the Business Ombudsman, etc.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.