As part of the implementation of the Donetsk International Investment Forum’s resolution on forming a new economic model for the development of Donbass, the DPR Ministry of Economic Development has elaborated a Roadmap to create a favorable investment climate, which will be an effective tool for capital raisings to the economy of the Republic, the press service of the Ministry reports.

This plan provides for 48 proposals on 11 priority areas of development of investment activity and is broken down into several sections, which are aimed at improving business climate in the Republic, since it is one of the key factors of the formation of the state’s investment attractiveness.

The main activities of the Roadmap’s first section are aimed at reducing the regulatory impact of government agencies on the business environment. It primarily involves reducing the number of authorization procedures and the time it takes for an entrepreneur to obtain permits to conduct business activities.

The Roadmap provides for the elaboration and implementation of an electronic document flow system, the establishment of an administrative services center based on a stop-shop principle, as well as an Internet portal that allows entrepreneurs to carry out permitting procedures remotely. In addition, we are considering the possibility of introducing an electronic system for collecting taxes and fees related to the registration and operation of a company.

The second section of the Roadmap provides for reducing the number of inspections the regulatory agencies conduct.

In addition, the document provides for the development of an Electronic Inspector System, a mobile app for small and medium-sized businesses, which will allow employers and employees to verify compliance of their companies with the requirements of employment laws.

This section especially focuses on the need for drawing up a draft law introducing a two-year moratorium on the inspections in relation to individual entrepreneurs and mitigation of their liability for breaching the established procedure of reporting to the control authorities on the use of payment transactions recorders.

The Roadmap’s third section contains an action sheet aimed at calling off certain types of licensing activities, developing engineering infrastructure and applying a mechanism for allocating land plots for the implementation of investment projects, granting an unconditional property right to investors in the case of implementation of greenfield projects (building from the scratch), creating favorable conditions for foreign economic activities, validating the blockchain infrastructure.

The efficiency of the Roadmap’s implementation will depend on the adoption of a corresponding legislative framework in the field of investment activities, on which the authorities are actively working to date.