What should entrepreneurs prepare for? Analysis of the Draft Law “On Amending Laws on Entrepreneurial Activities”

1. One of the main changes is the list of activities that entrepreneurs may engage in. The list is planned to be approved by the Government within two months after the Law adoption. The transition period will last until the end of 2025, when previously registered entrepreneurs may carry out “unauthorized” types of activities (a shorter period is provided for organizing cultural and entertainment events - until July 2023).
2. To continue activities not included in the list, a company should be created. A simplified conditions for such transformation will apply.
3. It is determined the moment at which a certain activity may be undertaken without registration as the entrepreneur: handicraft and independent professional activities after notification of the tax authorities, agro-ecotourism after decision of the executive committee.
4. Only small and medium-sized businesses included in the register will have the right to receive state support. The register will be maintained by the Ministry of Taxes and Duties.
5. Companies included in the register with up to 50 employees will be subject to administrative fines for entrepreneurs (such fines are usually less than fines for companies). If a fine is not established specifically for entrepreneurs, then its size is cut in half.