The Cabinet approved a bill to simplify the procedure for registering businesses by legal entities and private entrepreneurs. The bill also reduces the period of time needed for registering a business from five to three workdays, IPN reports.

Minister of Justice Oleg Efrim said the bill is aimed at optimizing the work of the one-stop shop when registering businesses, setting a single registration charge and improving the legislation concerning the regulation of entrepreneurial activity by authorization.

Under the bill, the applicant will pay only one visit to the one-stop shop for starting and/or developing a business to submit and recieve information about state registrtaion. The one-stop shop will check the name of the legal entity, will register the constitution documents and will issue an extract from the State Register. The information will be published in the Official Electronic Bulletin of the State Registration Chamber.

The applicamnt will be free to choose between state registrtaion at the one-stop shop or outside it. The charges on state registration and services provided will be set in an annex to the Law on the State Registration of Legal Entities and Private Entrepreneurs. The information from the State Register of Legal Entities and Private Entrepreneurs will be available gratis on the website of the State Registration Chamber.