The new Law establishes the procedure for the state registration of legal entities operating on the basis of a standard charter. It also abolishes the requirement for legal entities to obtain a certificate of state registration.
At the same time, the Law restricts the state registration of new business entities by legal entities and individual entrepreneurs that have outstanding arrears in the payment of wages and remuneration.
The Law also provides for the introduction of external administration in cases where the reorganization of a legal entity is declared invalid and the entity is restored to its previous legal status.
In addition, the Law amends a number of other legislative acts (six codes and twenty-three laws), including amendments necessitated by the adoption of the Code of Civil Procedure and changes to civil legislation, including provisions relating to entrepreneurial activity.