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April 15, 2016 in Kyiv URE Club initiated and hosted the meeting on the improvement of the investment climate and protection of the rights of foreign investors in Ukraine. Among the speakers of the meeting were Tatiana Korotka, deputy Business Ombudsman, Mikhail Merkulov, CEO at Arricano Real Estate, Marina Krestinina, head of real estate advisory services at EY, Oleg Mistiuk, head of Kyiv Investment Agency, members of URE Club and other entrepreneurs. In total, the meeting brought together 39 participants.
In general, guests of the meeting consider some reforms in the country as positive. Among one of such discussed changes is improvement of doing business in the country in terms of legislation. However, the experts note that still there is a need in reforms of justice, law enforcement and executive systems. Moreover, fight against political corruption needs to be intensified at all levels and the economic environment should provide investors with fewer risks and more opportunities.
Today entrepreneurs have to spend efforts, time and money to protect their companies from illegal asset takeovers, numerous inspections and bureaucratic runarounds, rather than develop and optimize their businesses.
The main message of the speakers is that there should be no difference between the international and local investors in terms of equal rights and condisitons for doing business in the country.
To sum up the discussion the investors addresses to the Ukrainian Government with series of proposals:
1) Governmental organizations should cooperate with international news agencies and provide them with real information about positive changes for doing business in Ukraine;
2) Reduce number of inspections and control of public companies, which keep reports in accordance with international standards;
3) Simplify currency control and associated regulations;
4) Abolish the practice of share contribution (up to 10% of the budget for the city infrastructure and supply system development) as an outdated atavism to attract investments;
5) Simplify employment authorization and increase the duration of the residence permits for the foreigners living in the country from 1 to 2 years;
6) Liberalize the regulation of transactional and corporate relations through implementation of internationally recognized methods and tools of payments;
7) Keep reforming urban planning and land sector, including zoning, transparency of urban planning documentation and architectural control (GASK).
By uniting over 100 leading companies running their business in Kyiv and beyond Ukrainian Real Estate Club expects that consolidated business opinion will be considered by the government and believes that solution of at least above mentioned issues will improve investment climate and attractiveness of Ukraine for the international and local investors.
Ukrainian Real Estate Club publish these recommendations and forwarded them to the Verkhovna Rada of Ukraine and to the Business Ombudsman Council for the further consideration and resolution. We will keep drawing more attention to the topic.
