Ukraine climbs up in World Bank business ranking.

By bne IntelliNews October 24, 2012
Ukraine climbed by 15 notches from the 152nd to the 137th place in a World Bank business ranking. In its "Doing Business" report, the World Bank noted positive changes in Ukraine in terms of starting businesses, registering property and getting electricity. However, Ukraine lost ground in dealing with construction permits and protecting investors, the study shows. Within the Commonwealth of Independent States, Georgia offers the best business environment and ranks the 9th, the report said. The PM Mykola Azarov attributed the rise in the ranking to the result of reforms recently undertaken by Ukraine. First of all, this is the reform greatly facilitating registration of businesses, which allowed Ukraine to fly up by 66 positions at once in this ranking and move from the 116th to the 50th place, believes an expert with the capital markets department of the investment holding Pro Capital Group, Dmytro Kovalenko. As the expert explained, under this reform, the minimum amount of capital for creating a company was determined, as well as changes were made in the field of notarizing corporate documents. Also, the expert pointed out the reform in property registration (moving from the 168th place to the 149th): this reform has helped to speed up the transfer of property rights through the establishment of effective time limits in the use of the land cadastre. Lastly, the tax reform (moving from the 183rd to the 165th place) - the introduction of electronic forms of filing tax reports for large and medium-sized enterprises, the expert said. At the same time, it was noted that there was a deterioration of positions by the following criteria: work with building permits (from the 182nd to the 183rd place), protection of investors (from the 114th to the 117th) and controlling international trade (from the 145th to the 144th).
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