Ukrainian President Petro Poroshenko has signed law No. 191-VIII on amendments to certain legislative acts of Ukraine on the simplification of business practices (deregulation), the presidential press service has reported.

The main purpose of this law is to deregulate economic activities and to bring legislation in some fields in line with the EU legislation, which will allow Ukraine to improve its position in the World Bank's Doing Business rank.

This law simplifies the process of opening and maintaining economic activities, reduces licensing and conciliation procedures and the influence of state authorities on business entities, increases investors' rights protection, and improves the mechanism of funding the activities of the State Registration Service.

The law specifically relates to the interests of central and local executive authorities, which are licensing bodies, and may have a positive impact on the development of the regions, reduce the risk of corruption, and positively affect the labor market.

The implementation of the law will ensure the adaptation of Ukrainian legislation regulating the execution of administrative procedures (providing administrative services) associated with business entities' obtaining the right to perform certain types of economic activities to EU legislation, as well as basic Ukrainian legislation regulating relations in the licensing field.

It will also reduce functions and optimize the administrative regulation of economic activities wand ill contribute towards creating more favorable conditions for doing business in Ukraine and improving the level of business entities' protection. It will reduce the number of functions and improve the administrative regulation of the economy, introduce transparent and uniform rules for all economic entities, and conditions to improve their protection.

The Verkhovna Rada adopted the law on February 12.