Law No. 4618-VI “On the development and state support of small and medium-sized businesses in Ukraine.”

This Law defines the legal and economic principles of state policy in the field of support and development of small and medium-sized businesses. The terms small business entities and medium business entities are used in this Law in the meaning given in the Law No. 436-IV Economic Code of Ukraine, taking into account that for the purposes of this Law, the term small business entities covers micro-business entities. The goal of state policy in the field of development of small and medium-sized businesses in Ukraine is: (a) creating favorable conditions for the development of small and medium-sized businesses; (b) ensuring the development of small and medium-sized businesses in order to form a competitive environment and increase their competitiveness; (c) stimulating investment and innovation activity of small and medium-sized businesses; (d) facilitating the activities of small and medium-sized businesses to promote their manufactured goods (works, services) and intellectual activity results on domestic and foreign markets; and (e) ensuring employment of the population by supporting the entrepreneurial initiative of citizens. The main directions of state policy in the field of development of small and medium-sized businesses in Ukraine are: (a) improving and simplifying the procedure for keeping records for taxation purposes; (b) introduction of a simplified system of taxation, accounting and reporting for small businesses that meet the criteria established in tax legislation; (c) involvement of small businesses in the implementation of scientific, technical and socio-economic programs, the supply of products (works, services) for state and regional needs; (d) ensuring financial state support for small and medium-sized enterprises by introducing state lending programs, providing guarantees for obtaining loans, and partial compensation of interest rates on loans; (e) promoting the development of infrastructure to support small and medium-sized businesses; (f) guaranteeing the rights of small and medium-sized businesses during state supervision (control) in the field of economic activity; (g) facilitating the simplification of permitting procedures and procedures for state supervision (control), obtaining permits for small and medium-sized businesses, and reducing the time for carrying out such procedures; (h) organization of training, retraining and advanced training of personnel for small and medium-sized businesses; and (i) introduction of mechanisms to promote and stimulate the use of innovative technologies in production by small and medium-sized enterprises as well as technologies that ensure an increase in the quality of goods (works, services). This Law contains V Sections divided into 22 Articles. Section I lays down general provisions. Section II defines state policy in the field of small and medium-sized entrepreneurship development. Section III lists the bodies that provide the development of small and medium-sized enterprises and establishes. Section IV regards state support for small and medium-sized enterprises. Section V lays down final provisions.