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Tuesday, August 22, 2017

Entrepreneurial climate improves in Ukraine despite turbulence

Even with the stresses of an economic crisis and political turbulence, the World Bank reported that Ukraine was able to improve the regulations on entrepreneurial ventures on Wednesday.

The largest improvements made by the legislators in Ukraine came in the arenas of property registration and simplified methods to pay business taxes, according to the report. These allowed the country to break into the top 100 economies for starting a business at 96, up 25 spots from the previous report.

While these moves improved conditions, there is more work to be done in how quickly an enterprise can connect to the power grid and boarder trades.

“At the same time, more needs to be done in the areas of getting electricity, trading across borders and resolving insolvency, where Ukraine ranks at the bottom in Europe and Central Asia," World Bank Director for Belarus, Moldova and Ukraine Qimiao Fan said.  "We stand ready to continue helping the authorities accelerate reforms and make Ukraine a better place for entrepreneurs.” 

On average it takes 277 days for a new enterprise to connect with electricity, the sixth longest time of all countries included in the study.

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