Elimination of barriers to export of services in Ukraine

Recently president Petro Poroshenko has signed the law «On Amendments to Certain Legislative Acts of Ukraine concerning Elimination of Administrative Barriers to Export of Services».

In accordance with this Law it is possible to conclude international business contracts not only in written (paper) form but also by electronic means.

If we are speaking about  export of works (services) international business contract in this sphere may be concluded by:

1) accepting of  public offer of the agreement (offer);

2) electronic communications;

3) in any other manner, including by issuing invoice by electronic means.

Invoice is recognized as the primary document, so procedures of financial reporting and accounting will be rather simplified.

New law also establishes prohibition for banks to require translation of documents which were settled in origin in English into Ukrainian language. So the parties is not obliged to provide a Ukrainian translation of the contractual documents. Invoices are  recognized to be  primary documents and  they may be signed by a handwritten signature, analogue of a handwritten signature or electronic signature. In addition, the law provides lifting of exchange control for export of services.

So such improvements simplify contracts concluding and financial statements for Ukrainian exporters of services, such as IT specialists, consultants, accountants and so on.