On July 2 in Cambridge, the Centre for Business Research presented an up-to-date study of Ukraine's legal framework for venture capital investment. We are pleased to be among the contributors to the report including Chairman of the Supervisory Board Andriy Kolodyuk, the CEO Dmytro Kuzmenko, several members of the Association and the UVCA Legal Committee headed by Taras Dumych. Here are several conclusions:

• Ukrainian startups typically choose to incorporate under US law (Delaware) or through an American parent company, and generally use procedures that have been tried and tested in foreign jurisdictions;

• The use of foreign law for corporate and commercial transactions, combined with a favourable tax and labour regime at the national level, offers a pragmatic way to develop the venture capital sector in Ukraine, at least in the short term;

• In the medium to long term, inshoring of legal and professional services will contribute to the development of a broader venture capital ecosystem;

• While the substance of Ukrainian legislation is moving closer to what is needed to facilitate the development of venture capital, the broader institutional environment is currently less conducive;

• Over the past decade, Ukraine has made relatively slow progress in improving its rule of law indicators in line with the standards of other Central and Eastern European countries.

The full version can be downloaded from Google Drive using this link.