Cabinet will legally protect business from illegal seizure

With the aim of strengthening protection against illegal seizure of businesses, the Cabinet of Ministers has drafted and submitted a bill to parliament for consideration.

The draft law proposed to regulate the creation, powers and activities of the liquidation committee and procedures for the liquidation of a legal entity.

The document also finalizes the introduction of a "one-stop shop" for state registration of business entities and registration with relevant bodies.

In addition, the bill aims to improve the procedure for state registration of individual entrepreneurs (including foreigners), the definition of force majeure, resulting in work stoppages of the Uniform State Register of Legal Entities and Individual Entrepreneurs.

The document also regulates the jurisdiction of certain categories of cases, introduces criminal liability for forgery of documents submitted for state registration of a legal entity.

If adopted, the bill would help reduce the number unlawful seizures of companies, which in turn should increase confidence of potential domestic and foreign investors.