New Law on JSC Entered into Force, extract from the USR through DIIA Portal

New Law on Joint-Stock Companies Entered into Force

On 1 January 2023, the Law of Ukraine No. 2465-IX “On Joint-Stock Companies” dated 27.07.2022 entered into force.

The Law establishes:

  • a mechanism for holding general meetings of a joint stock company using electronic voting: along with face-to-face and remote general meetings, the Law introduces a completely new way of holding meetings – through electronic absentee voting. Electronic meetings shall be held using an authorized electronic system.

However, it should be noted that the provisions of the Law on holding electronic meetings and the functioning of an authorized electronic system (Articles 36-55 of the Law) will enter into force on 1 January 2024;

  • the possibility for a joint-stock company to freely choose a management structure: the Law offers two options of a management structure – one-level structure (management and control functions are assigned to one body – the board of directors) and two-level structure (provides for the division of company management functions between a collegial / sole executive body and a supervisory board);
  • liability of the officials of the joint-stock company: according to the Law, the officials of the company who are guilty of violating the obligations stipulated by this Law are liable for the damages caused to the company by their actions or inaction;
  • the reduction of the minimum amount of the authorized capital of a joint-stock company from 1 250 to 200 minimum wages and the abolition of the minimum amount of the reserve capital of a joint-stock company;
  • bringing the legislation of Ukraine on the regulation of the activities of joint-stock companies into compliance with the EU legislation.

Extract from the USR through DIIA Portal

According to the statement of The Ministry of Digital Transformation of Ukraine, from now on it is possible to get an extract from the Unified State Register (USR) through the Diia Portal in few clicks.

In order to get an extract from the USR, the following actions must be made:

  • entr into Diia Portal;
  • select “Extract from the USR” service;
  • review the data contained in the Register and confirm it;
  • paym an administrative fee (100 UAH);
  • receive an extract in pdf format.