The Cabinet of Ministers of Ukraine has approved a list of measures for 2016 the implementation of which aims at increasing Ukraine's positions in the World Bank's Doing Business rating.

The list is approved by cabinet resolution No. 1406 of December 16, 2015 and posted on its official website.

The Justice Ministry is instructed to create the service for registering companies online within 24 hours, introduce the registration of value added tax payers synchronously with the registration of companies.

It is planned to reduce time and spending on the enforcement of court rulings, introduce the relaxed mechanism for hearing cases under minor financial claims and expand the opportunities for the alternative settling of disputes.

The cabinet plans to draw up a bill that would allow borrowers to trust ownership rights to property to creditors to secure the fulfillment of the claims of the creditors (ownership right is returned to the debtor when the debtor fulfills liabilities to the creditor).

The government also plans to introduce free access to the state register of movable property pledges and set the clear time limits for the moratoriums to satisfy claims of creditors for bankruptcy procedures.

The cabinet also approved measures to increase Ukraine's rating in the following areas: protection of investors, recovery of a commercial insolvency, procedures to get connected to the electrical grid, building regulations, registration of a property, international trade and tax regulations.

As reported, Ukraine climbed from 87th to 83rd position in Doing Business-2016.