The procedure of registration and liquidation of economic entities is simplified since 1 February 2009.
The simplification of the procedure is directed to liberalization and simplification of the procedure, withdrawal of administrative barriers during the process of registration. In addition obligatory notarization of constituent instruments is abolished. However the responsibility for provision of false information by incorporators is enhanced. In such case the activity of the company is considered to be illegal and all the incomes are recovered to local budgets.