Easier procedures for registering or clearing records from State Register

The procedures for registering or clearing records from the State Register will be simplified in compliance with the draft Law on state registration of legal entities and individual entrepreneurs, passed in first reading by Parliament. The draft envisages reducing the time needed for registration procedures from 15 to 5 days, as well as reducing the number of the required documents from six to four. In addition, the draft provides for submitting online registration applications, in agreement with the Law on electronic documents and digital signature. To keep the State Register updated, the draft suggests that the legal entity that will not present tax returns for a period of 12 months will be considered inactive. The area of application of the draft law will extend to the registration of individual entrepreneurs too, area which was overlooked by the current version of the Law on state registration of legal enterprises and organisations. The draft is yet to pass the second reading. When it comes into effect, the Law on state registration of legal enterprises and organisations shall be considered abrogated.