Shortly there will be no open or closed joint-stock companies in Ukraine. As envisaged by the new law “On joint-stock companies” all of them shall be made public and private by the 30th of April, 2011. Thus, Ukrainian companies have to meet European business standards and raise attraction as an investment of its domestic enterprises. Over the past 3 years Ukraine has ranked 182-184 for its business policy among 190 countries of the world. Amongst all former Soviet republics, it’s only Kirghizia that ranks lower than Ukraine, while Georgia ranks 11 and the Baltic countries are among first 30 countries on the list.

On the 6th of July this year, in order to improve the situation, the Supreme Council of Ukraine moved amendment to the law of Ukraine “On joint-stock companies” (to improve the business mechanism). The Law aims at enhancing investments and protecting shareholders’ rights. In total, 17 thousand companies are to be reorganized  in Ukraine It should  be mentioned that the changes of joint-stock companies work are rather significant. They pertain not only to the domestic rules of joint-stock companies functioning but also to the securities turnover in the stock market. The reorganizing process is rather difficult, Companies will have to move amendments to their statutes and release them in a new wording which results in extra spending on seals, stamps and printed forms replacement. It’s also necessary that numerous normative legal documents be corrected where OJSC or CJSC were formerly used. The reorganizing process of “Rud” company to meet the requirements of the legislation in force is well under way. “Zhytomyr butter plant” OJSC became PJSC on the 20th of September 2010.