Law of Ukraine
Date of Entry into Force:
March 1, 1991
On January 1, 2004 the present Law has become invalid, except for Article 4
(according to the Commercial Code of Ukraine
N 436-IV of January 16, 2003)
This Law determines general legal, economic and social provisions of performing entrepreneurial activity (entrepreneurship) by citizens and legal entities within the territory of Ukraine and establishes guarantees of freedom of entrepreneurship and state support thereto.
Entrepreneurship shall be defined as direct independent, systematic activity, exercised at one's own risk, directed at production of goods, performance of works or providing services with the purpose of generating profit, which is fulfilled by natural persons and legal entities, registered as subjects of entrepreneurial activity in accordance with the procedure, established by the legislation.
Subjects of entrepreneurial activity may be citizens of Ukraine, citizens of other countries and stateless persons, not limited by law in their legal capacity and capability, legal entities of all forms of ownership, associations of legal entities, operating in Ukraine on terms of product distribution agreement.
The Law restricts the right to conducting entrepreneurial activity of certain categories of citizens, that in particular include the military, officers of the Public Prosecutor Office, court, bodies of state power and administration, which are called for to exercise control over activity of enterprises.
The Law also established restrictions for conducting entrepreneurial activity, associated with production and sale of certain products, which in particular include weapons and ammunition, mixed motor fuels, high-octane oxygenic additives.
Conditions for conducting entrepreneurial activity shall include state registration of the subject of entrepreneurial activity. The Law established the procedure for performing such registration and the exhaustive list of documents for its performance. After state registration is completed, the subject of entrepreneurial activity shall receive a certificate on state registration. The certificate on state registration shall be the basis for opening accounts with any banks of Ukraine and in other countries.
Foreign citizens and stateless persons, performing entrepreneurial activity within the territory of Ukraine, on its continental shelf, and within the exclusive (maritime) zone, shall have rights and liabilities equal to those of Ukrainian citizens , unless otherwise arises from the Constitution of Ukraine, this Law and other legislative acts of Ukraine.
If an international treaty of Ukraine establishes rules differing from those, envisaged by Ukrainian legislation on entrepreneurship, the rules of the international treaty shall apply.