13:44 24.05.2017

Rada passes bill in support of foreign investment in Ukraine

The Verkhovna Rada of Ukraine has cancelled the registration of foreign investment and simplified the procedure for issuing permission to employ foreigners, as well as the procedure for issuing temporary residence permits.

Some 239 deputies voted in favor of the draft law in its second reading on Tuesday.

The bill cancels registration of foreign investment, replacing it with formal notification for state statistics purposes.

It also spells out the basic aspects of applying for permission to hire foreigners and persons without Ukrainian citizenship. The changes are expected to simplify procedures for attracting foreign managers and qualified foreign workers, who are necessary during the first stages of setting up subsidiary operations in Ukraine.

In addition, the adopted bill changes procedures for issuing temporary residence permits, giving foreigner investors the right to reside in Ukraine, as well as foreigners working at (and not necessarily for) Ukrainian enterprises. Deputies expect the new law will make it easier to reside in Ukraine while monitoring enterprise activities.

According to Samopomich Party faction deputy Serhiy Kiral, the legislation applies specifically to four categories of highly-paid IT specialists – graduates of the world's top 110 universities, as well as artists. According to Kiral, there are currently 9,000 such [foreign] employees in Ukraine today.

Petro Poroshenko Bloc faction deputy Viktor Pynzenyk said the current law obliges foreign employees to receive work permits each year.

'The [new] law provides permission for three years, and ensures that low-qualified workers are not hired. The law also establishes minimum salary requirements," he said.

Pynzenyk said the new law would not revolutionize the country's investment climate, but should be viewed as a small step on the path to creating a more favorable climate for foreign investment in Ukraine.

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